As the country’s primary connector and a major economic driver, Toronto Pearson helps Canada compete and stay vital.
As one of the world’s premiere global hub airports, Toronto Pearson connects people and goods to all corners of the globe. A recently updated study on the airport's economic impact found that as the airport continues to grow as a hub, so do its enormous economic benefits for the GTA and all of Canada.
Hub airport: An airport with high levels of connecting passengers, which encourages airlines to provide more direct routes and increase frequencies on given routes, reducing travel costs and time. Hub airports help move people, products, goods, and services more efficiently.
In recent years Toronto Pearson has experienced unprecedented growth, now serving as North America’s second-largest airport for international traffic. Today, 41 million passengers travel through Toronto Pearson each year, and by 2043, it can expect to serve 65-70 million per year.
Today, passengers can reach more than 67% of the world’s economies through daily, non-stop flights from Toronto Pearson. No other airport in Canada plays this role - that connectivity gives our region and country a competitive advantage over those without this type of direct link to international markets.
A recently updated study on the economic impact associated with Toronto Pearson found that the number of direct jobs at the airport has grown from 40,000 to 49,000 since 2011. In total, Toronto Pearson generates or facilitates 332,000 jobs in Ontario, which accounts for $36.7 billion or 6% of Ontario’s GDP. Furthermore, Toronto Pearson anchors an Airport Employment Zone where 300,000 jobs are located, making it the second-largest employment zone in the country.
There is a two-way relationship between air connectivity and economic growth – without connectivity, growth will be limited. Without growth, connectivity will be limited. This symbiotic relationship reinforces the value of a strong, vital airport in supporting the economy, but also makes clear that the airport is dependent on the economy’s health to generate a need for connectivity.
As Canada takes on a greater role on the world stage, Toronto Pearson will continue to grow and support and serve the needs of Canadians and their communities – nationally, regionally and locally. The ability to access the world is critical for the country’s future and necessary to ensure a diverse, creative and innovative economy.
Leading research firm Frontier Economics considered direct, indirect and induced economic impacts by focusing on traditional factors including Gross Domestic Product (GDP), jobs, employment income and taxes in the Global Hub Economic Study. It also explored how Toronto Pearson – as a global hub – powers international trade and facilitates economic growth by allowing Canadians and visitors to work together at home and abroad.