'Pedestrian Tunnel to Enhance Airport's Remarkable Success'
TORONTO, Nov. 9, 2012 /CNW/ - Billy Bishop Toronto City Airport (YTZ) is
a major economic engine for the Greater Toronto Area, generating $1.9
billion in annual economic output and 5,700 jobs, which includes 1,700
directly associated with the airport.
According to an economic study conducted by InterVISTAS Consulting
Group, a leading management consulting company with extensive expertise
in economic and transportation research, Billy Bishop plays a
"significant role in providing critical regional and continental
transportation linkages to support and grow Toronto's economy."
The report was released jointly today by the Toronto Port Authority and
the Toronto Board of Trade.
"The airport has experienced continued double-digit passenger growth and
serves a large concentration of high-value frequent business and
tourism travelers on its routes. It has become an essential facilitator
in the growth of trade and tourism for Toronto," said Geoffrey Wilson,
President and CEO of the Toronto Port Authority. "With the successful
launch of Porter Airlines in 2006 and the initiation of Air Canada
service in 2011, Billy Bishop Toronto City Airport has two world class
airlines to offer passengers and has grown to become the ninth busiest
airport in Canada," he continued.
"Billy Bishop Toronto City Airport is more than a convenient
transportation link into and out of the Toronto Region; it is an
economic driver vital to ensuring our economy remains globally
competitive. Access to a variety of transportation services is
important to facilitating economic growth and the airport will play a
central role in the development of our region's growing economic
clusters," said Carol Wilding, President and CEO of the Toronto Board
"Toronto is rated globally as a top five city in economic clout,
economic potential and infrastructure", said Councillor Michael
Thompson, Chair of the Toronto Economic Development and Culture
Committee. "Billy Bishop Airport and its new pedestrian tunnel are
integral components of our continued success", he said.
"Billy Bishop Airport is making a significant contribution to the people
of the Greater Toronto Area, not only in terms of jobs and economic
impact, but also by making it easier for them to travel for business
and pleasure," said the Hon. Jim Flaherty, Minister of Finance and
Minister Responsible for the Greater Toronto Area. "Our government has
supported the airport's growth and development from the beginning, and
I am pleased to see the positive impact it is having."
The report highlights that ongoing operations at Billy Bishop generate
total annual economic impacts of1:
$1.9 billion in economic output;
Approximately 5,700 jobs representing 5,400 person years of employment
(1,700 of these jobs are directly associated with YTZ);
$640 million in gross domestic product (GDP);
$290 million in wages, and
Overall tax revenue and Payments-in-Lieu of Taxes of approximately $57
The Toronto Port Authority is building a state of the art pedestrian
tunnel that, when completed in the spring of 2014, will link the
popular Billy Bishop Toronto City Airport to the mainland. This tunnel
will be an important, new gateway to the City providing a reliable,
efficient and convenient access route for the airport's two
million-plus passengers to Toronto's downtown airport.
The study included a survey of businesses and organisations located in
the GTA. Seventy-four per cent of the businesses and organisations
contacted responded - a high response rate for a survey of this type2 - representing nearly 97 per cent of total person years of employment
covered by the survey.
An executive summary and a full copy of the report can be found at www.torontoport.com and at www.bot.com
About the Toronto Port Authority (www.torontoport.com)
The Toronto Port Authority (TPA) owns and operates Billy Bishop Toronto
City Airport, the Port of Toronto (Terminals 51 and 52), and Toronto's
Outer Harbour Marina. In addition to moving nearly two million
passengers through the airport this year, the Port Authority provides
transportation, distribution, storage and container services to
businesses at the Port, and owns and operates Toronto's largest
freshwater marina. The Toronto Port Authority was incorporated on June
8, 1999 as a government business under the Canada Marine Act as the
successor to the Toronto Harbour Commissioners.
About the Toronto Board of Trade (www.bot.com)
Founded in 1845, the Toronto Board of Trade is Canada's largest local
chamber of commerce, connecting more than 200,000 business
professionals and influencers throughout the Toronto region. The Board
fuels the economic, social and cultural vitality of the entire Toronto
region by fostering powerful collaborations among business, government
thought leaders and community builders. The Board of Trade plays a
vital role in elevating the quality of life and global competitiveness
of Canada's largest urban centre.
About InterVISTAS (www.intervistas.com)
InterVISTAS Consulting Group is a leading management consulting company
with extensive expertise in aviation and transportation. It has
successfully delivered projects in over 70 countries around the world
and undertakes major studies in airport planning and economics.
InterVISTAS has been at the forefront of research into the catalytic
impacts of airports and is recognized as a leader in this field.
1 Results shown are total impacts, which include indirect and induced
2 The average response rate to a survey of this nature is in the range of
SOURCE: Toronto Port Authority
For further information:
Toronto Port Authority:
Pamela McDonald, Director, Communications and Public Affairs (416) 863-2028 or (647) 405-8185 (mobile) email@example.com
Toronto Board of Trade:
Scott Brownrigg, (416) 862-4514 firstname.lastname@example.org