Economically, a sustainable canal community will impact the City of Toronto for generations to come. Whether from an influx of financial investment and return, massive job creation, to anticipated tax generating revenues across all levels of government, the return on investment is immense. The revitalization of The Port Lands’ creates tens-of-thousands of jobs in Toronto, generates billions in revenues and substantially enhance Toronto’s long-term economic growth and sustainability beyond the next century.
The direct benefits to Toronto, Ontario and Canada is increased GDP, job creation and taxes generated from significant increase in tourism and expenditures throughout the development period and post construction. It is estimated that 1-2 million additional tourists per year will visit the city with a continuing growth of 10%-20% annually. These computation are based on similar large scale building projects, such as the Expo 1967 and 1986. The increase and sustained performance of the tourism industry in this Region will be an continuing legacy for future generations; pumping into the local economy an estimated four plus billion dollars in revenues per year.
Some key economic impact examples of the scope and scale of a project this size can be found from other cities that have embarked on similar development projects:
Australia—In Queensland Australia a similar project for land revitalization and the development of canal systems is being developed over the next 30 years with a financial investment of 55 Billion over the life of the project.
Texas—San Antonio Texas is benefiting immensely from their canal system, the River Walk—the number one tourist destination in the city. The San Antonio tourism industry employs more than 75,000 people (56,000 of those jobs depend solely on visitor spending), and brings $2 billion in
visitor spending to the city, generating a total economic impact to the San Antonio economy of more than $4 billion.
World’s Fair 2015—The Toronto Port Lands is easily accessible to a very large North American market and could be a desirable destination point within a single days drive to over 24 million guests. Developing and utilizing The Port Lands for the 2015 World’s Fair is estimated to create 191,000 jobs and generate an estimated additional government tax revenues of $5.6 billion and draw 24 million visitors and over 72 million attendees. Other Expos around the globe have substantiated these numbers and have left a legacy, economic and infrastructure gains that those regions are still benefiting from today.
