$42 billion in economic activity is driven by Toronto Pearson

An independent study commissioned by the GTAA in 2016 concluded that Toronto Pearson contributes about $42 billion annually to Ontario’s economy, or 6.3 per cent of GDP. Key components of this economic activity include:

Expenditures on goods and services by businesses and organizations directly associated with our airport.
The impact of wages paid to the nearly 50,000 people who work at Toronto Pearson and live in nearby communities.
Spending on accommodations, dining, retail shopping, services and attractions by Canadian and international tourists visiting our region.
Foreign direct investment in human resources, real estate, production and distribution facilities, and other aspects of business development facilitated by a global mega hub.
The cascading effect from all of the foregoing factors, as economic expansion sparks further growth in everything from financial and real estate services, to technical and professional consulting, to sales of commercial and consumer goods.

Creating value on the ground

Economic research funded by the GTAA has determined that for every 10 per cent increase in the volume of international flights at Toronto Pearson, commercial property values in nearby communities increase by 6.9 per cent.

Mega hub for a mega region

The connectivity that Toronto Pearson provides has a long-term material impact on the entire Canadian economy. Every province and territory exports goods and services via our airport – and in return welcomes skilled workers, investors, entrepreneurs, tourists and international students. But in fact, the full scope of our economic impact extends even deeper into the heart of the continent, encompassing a mega region comprised of Canada’s most populous provinces, Ontario and Quebec, along with eight key U.S. states.

Toronto Pearson’s total catchment area has a population of nearly 110 million and, within that, a workforce of 50 million – about a third of the combined Canadian and U.S. labour pool. With annual economic activity totalling US$5.8 trillion, or eight per cent of global GDP, there is boundless potential for valuable interconnections and catalytic growth – all within 90 minutes’ flying distance of our airport.

Igniting regional innovation

As rising demand continues to drive traffic growth, Toronto Pearson is constantly seeking ways to expand and enhance our services for passengers, aircraft and cargo – within a physical footprint that has more constraints than most mega hubs. The challenges we face call for innovative thinking, both within the GTAA and among our diverse stakeholders. So to help spark our collective creativity, we’ve launched the Toronto Pearson Innovation Fund.

Over the past year, we developed a detailed business model and policy framework for the new fund while identifying key operational challenges that it could be used to address. At the same time, we began engaging with innovation hubs such as the MaRS Discovery District in Toronto, as well as designated Regional Innovation Centres around the province. We also found welcome support among other members of the Southern Ontario Airport Network, whose valuable insights will help ensure that any projects we finance benefit the whole region.

The GTAA’s Board of Directors has authorized an annual allocation for the Innovation Fund equivalent to one per cent of net income, which in 2018 represented $1.1 million. In the coming year, we expect to see this initiative gain momentum in an array of collaborative research projects, proof-of-concept pilots and experimental “sandboxes” for testing new systems and processes.

Connecting Our Region to Prosperity