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Saturday,  May 25, 2024 1:16 PM 

Updated study shows substantial growth in Toronto Pearson’s economic impact

Updated study shows substantial growth in Toronto Pearson’s economic impact

Preliminary findings from a new study by Frontier Economics has found that the economic impact of Toronto Pearson International Airport has "grown substantially" at both the local and national level, following a period of unprecedented passenger growth over the past five years.

The report, Toronto Pearson’s Economic Impact, serves as an update to a study in 2011, which sought to capture the complete picture of the unique contribution that Toronto Pearson makes to the regional and Ontario economies.

Passenger traffic at the airport has grown by more than six per cent in 2014 and 2015, and Toronto Pearson expects to see similar growth in 2016. The airport anticipates that by 2030 it will see passenger traffic numbers of about 65 to 70 million annually; with aviation passenger demand across Southern Ontario growing to 90 million annually by 2043.

Some primary findings show:

  • On-going operation of Toronto Pearson generates 49,000 jobs, up from 40,000 in 2011. These include jobs like taxi-drivers, baggage handlers, flight crew and security staff;
  • Toronto Pearson’s labour force grew 2.6 times faster than the Province of Ontario’s from May 2011 to May 2016;
  • In total, Toronto Pearson generates or facilitates 332,000 jobs, which accounts for six per cent of Ontario’s labour force and $36.7 billion (or 6 per cent) of Ontario’s GDP.

“As Toronto Pearson continues to grow as one of the world’s premier global hub airports, we increasingly see that its economic impact extends beyond its role as an international gateway,” said Howard Eng, president and CEO, Greater Toronto Airports Authority. “This study shows how the growth of Toronto Pearson’s operations – even within a considerably brief period of time – directly correlate to significant job creation and GDP contribution, serving as an important economic engine for all of Canada.”

Toronto Pearson will be publishing the full report later this month.