Toronto, ON — 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.