In a keynote speech to Toronto business leaders at the Toronto Region Board of Trade, Howard Eng, president and CEO of GTAA revealed details of the Global Hub Economic Impact Study.
The study considers direct, indirect and induced economic impacts by focusing on traditional factors including GDP, jobs, employment income and taxes, and explores how Toronto Pearson powers international trade, opens countless opportunities, and facilitates economic growth by allowing Canadians and visitors to work together at home and abroad.
The study found Toronto Pearson makes a substantial contribution to the economy and facilitates the equivalent of C$35 billion (€24 billion), or almost 6% of Ontario GDP in 2012 and 277,000 jobs.
Additionally, the gateway given forecasted growth in the economy and demand for aviation, it is projected for 2030, Toronto Pearson will facilitate economic value equivalent to almost C$59 billion (€41 billion), or close to 7% of Ontario's GDP and support 457,000 jobs.
Eng explains: “Toronto Pearson plays an important role as a domestic hub, knitting Canada together. It also plays a wider role globally, and helps Canada compete.
“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.”
Toronto Pearson is the second busiest airport in terms of international traffic in North America, and in 2013, handled 36.1 million passengers.