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TORONTO, Sept. 21, 2018 /CNW/ - Marine cargo arriving and managed at the Port of Toronto generated $377.7 million in economic activity and 1,566 jobs in Ontario in 2017 as confirmed in a new report – Economic Impacts of the Port of Toronto – published in September 2018 by Martin Associates.
These results are part of wider regional study released in July – Economic Impacts of Maritime Shipping in the Great Lakes – that confirmed cargo shipments to ports on the Great Lakes-St. Lawrence River waterway generated 181,000 jobs in Canada and CDN $26 billion in economic activity in Ontario and Quebec. The report, Economic Impacts of the Port of Toronto, isolates the economic impacts created by all cargo and vessel activity at the Port of Toronto and highlights the Port of Toronto's vital part in Ontario's transportation infrastructure and economic strength.
The analysis includes the economic impacts generated by marine cargo activity in the Great Lakes-St. Lawrence River region, including Canadian and U.S. domestic commerce, bi-national commerce between the two countries, and international traffic moving between the Great Lakes-St. Lawrence region and overseas destinations. The impacts are measured for the year 2017 and are presented in terms of total economic impacts at the bi-national regional level, the country level, and the provincial level.
"The Port of Toronto provides Canadian and international businesses with a convenient, sustainable and cost-effective way to bring goods, and people, into the heart of the city," said Geoffrey Wilson, Chief Executive Officer, PortsToronto. "Economic Impacts of the Port of Toronto further confirms the Port's position as a vital component of Toronto's economic and transportation infrastructure."
This report comes on the heels of the best year in more than a decade for the Port of Toronto, which moved 2,172,750 metric tonnes of cargo in 2017.
Key findings of the study:
- The marine cargo handled at the Port of Toronto marine terminals generated $377.7 million in economic activity in Ontario.
- 1,566 jobs in Ontario are supported by the cargo moving via the marine terminals located at the Port of Toronto.
- 482 jobs are directly generated by the marine cargo and vessel activity at the marine terminals at the Port of Toronto.
- The 482 individuals directly employed as a result of the cargo handled at the marine terminals of Port of Toronto received $24.5 million in wages and salaries. These individuals, in turn, used these earnings to purchase good and services, to pay taxes, and for savings.
- A total of $42.9 million in provincial and federal taxes were generated by cargo and vessel activity at the Port of Toronto, with $11.7 million generated at the provincial level and $31.1 generated at the federal level.
Economic Impacts of Maritime Shipping in the Great Lakes was carried out by economic consultants Martin Associates of Lancaster, Pennsylvania, retained to perform this analysis by a coalition of Canadian and American Great Lakes and St. Lawrence marine industry stakeholders. The methodology for this study is based on analysis of a core group of 40 Canadian and U.S. Great Lakes-St. Lawrence River ports. The study team conducted detailed interviews with marine terminal operators, service providers, railroads, port tenants and other stakeholders at each port.
Visit PortsToronto's website to read Economic Impacts of the Port of Toronto or take a virtual tour of the Port of Toronto to learn about the important role the Port plays in Canada's transportation network as well as the environmental benefit of marine transportation.
About the Study
A report entitled Economic Impacts of Maritime Shipping in the Great Lakes-St. Lawrence Region was published on July 18, 2018. Martin Associates of Lancaster, Pennsylvania, was retained to prepare this study by a consortium of U.S. and Canadian Great Lakes-St. Lawrence River stakeholders. Study sponsors include: The Saint Lawrence Seaway Development Corporation, The St. Lawrence Seaway Management Corporation, the American Great Lakes Ports Association, the Chamber of Marine Commerce, the Lake Carriers' Association, and the Shipping Federation of Canada.
The analysis includes the economic impacts generated by marine cargo activity in the Great Lakes-St. Lawrence River region, including U.S. domestic commerce, Canadian domestic commerce, bi-national commerce between the two countries, and international traffic moving between the Great Lakes-St. Lawrence region and overseas destinations. The impacts are measured for the year 2017 and are presented in terms of total economic impacts at the bi-national regional level, the country level, and the state/provincial level.
Economic Impacts of the Port of Toronto, a sub-report of Economic Impacts of Maritime Shipping in the Great Lakes-St. Lawrence Region isolates the economic impacts created by all cargo and vessel activity at the Port of Toronto.
About Martin Associates (http://martinassoc.co/)
Martin Associates of Lancaster, Pennsylvania, is a leading provider of economic analysis and consulting services to the maritime industry. Since 1986, the company has developed more than 1,000 economic impact, strategic planning, financial feasibility and market studies for major ports and waterway systems throughout the United States and Canada, as well as for ports in Europe, Asia and the Caribbean. Martin Associates' clients include port authorities, marine terminal operators, private investment groups, ocean carriers and federal, provincial and state governments, as well as maritime trade organizations.
About the Port of Toronto (https://www.portstoronto.com/port-of-toronto.aspx)
The Port of Toronto, one of Canada's largest major inland ports, is situated on the northwest shore of Lake Ontario. For over 100 years, the Port of Toronto has been connecting Toronto to the world. Located minutes from Toronto's downtown core, the Port provides a seamless network of cost-effective intermodal links to road, rail and air transportation, serving as a unique and crucial piece of economic infrastructure. It was the best year in more than a decade for the Port of Toronto which moved 2,172,750 metric tonnes of cargo in 2017. In addition to moving cargo, the Port also welcomes cruise ships and passengers from around the globe through the Cruise Ship Terminal.
About PortsToronto (https://www.portstoronto.com)
For more than 100 years PortsToronto has worked with its partners at the federal, provincial and municipal levels to enhance the economic growth of the City of Toronto and the Greater Toronto Area. PortsToronto owns and operates Billy Bishop Toronto City Airport, which welcomed 2.8 million passengers in 2017; the Outer Harbour Marina, one of Canada's largest freshwater marinas; and, Marine Terminal 52, which provides transportation, distribution, storage and container services to businesses at the Port of Toronto. PortsToronto is committed to fostering strong, healthy and sustainable communities and has invested more than $10 million since 2009 in charitable initiatives and environmental programs that benefit communities along Toronto's waterfront and beyond. PortsToronto operates in accordance with the Canada Marine Act and is guided by a nine-member board with representation from all three levels of government.
For further information: Media Contact: Sarah Sutton, Manager, Communications and Government Relations, PortsToronto, Cell: (647) 298-0544, E-mail: [email protected]