As a global hub Toronto Pearson facilitates economic growth in Ontario
and across Canada.
TORONTO, Sept. 11, 2014 /CNW/ - In a key note speech to Toronto business
leaders at the Toronto Region Board of Trade today, Howard Eng,
President and CEO of the Greater Toronto Airports Authority (GTAA)
released the findings of their Global Hub Economic Impact Study that
quantifies the economic value of Toronto Pearson to the local and
The study showed that Toronto Pearson makes a substantial contribution
to the economy and facilitates the equivalent of $35 billion, or almost 6 per cent of Ontario GDP in 2012 and 277,000
jobs. Additionally, given forecasted growth in the economy and therefore
demand for aviation, it is projected that, for 2030, Toronto Pearson
will facilitate economic value equivalent to almost $59 billion, or close to 7 per cent of Ontario's GDP and support
"Toronto Pearson plays an important role as a domestic hub, knitting
Canada together. It also plays a wider role globally, and helps Canada
compete," said Mr. Eng. "These findings reinforce the importance of
running Toronto Pearson as effectively as possible to support local,
provincial and national business at every turn. The results also
reinforce the need to plan responsibly to accommodate future growth."
As a global hub, Toronto Pearson provides greater numbers of connecting
passengers, which encourages airlines to provide more direct routes and
increase frequencies on given routes, helping move people, products,
goods, and services more efficiently. For passengers, time is money.
Consequently, as more direct flights and frequencies are added, local
communities benefit from increased choice in terms of airlines, shorter
flight times and availability, as well as destinations.
The study considers direct, indirect and induced economic impacts by
focusing on traditional factors including Gross Domestic Product (GDP),
jobs, employment income and taxes. It also explores and explains how
Toronto Pearson - as a global hub - powers international trade, opens
countless opportunities, and facilitates economic growth by allowing
Canadians and visitors to work together at home and abroad.
For more information about the study and its findings, information is
available at www.torontopearson.com/economicimpact.
The GTAA is the operator of Toronto Pearson International Airport,
handling the most airline passengers and cargo traffic of any Canadian
airport. Toronto Pearson is the second busiest airport in terms of
international traffic (international and transborder) in North America.
In 2013, 36.1 million passengers travelled through Toronto Pearson.
SOURCE: Greater Toronto Airports Authority
For further information:
GTAA Media Office (416) 776-3709