New Analysis: Toronto's visitor economy generates $10.3 billion in economic impact

Toronto’s visitor economy is a vital catalyst for the city and regional economy, according to new data prepared for Tourism Toronto and the Toronto Region Board of Trade. The analysis in, Toronto’s Visitor Economy: An Economic Catalyst for the City and the Region, shows that visitors to Toronto generate an economic impact of $10.3 billion annually, from the city’s 27.5 million visitors per year.

Release time : 2020-01-07 17:05:09

source : media.seetorontonow.com

looking at the Toronto region, in 2018, the economic impact of the visitor economy reached $17.6 billion, creating more than 121,000 total jobs, and $5.2 billion in wages. Visitors also provide a significant economic boost for communities outside the Toronto region, as they spend a further $2 billion in communities including Niagara Falls, Ottawa and Muskoka.

“Tourism is central to business growth. Whether a visitor is coming to our region for business, pleasure, or both, that visit is a critical economic driver that crosses multiple industries,” states Jan De Silva, President and CEO of the Toronto Region Board of Trade. “A tourist visit or conference kicks into action a value chain composed of service, hospitality, and event staging sectors, and then reaches beyond to other sectors including technology, healthcare, finance and education.”

The visitor economy is a major growth sector for Toronto. Visitor arrivals to the city have increased 17 per cent over five years. While visitation is on the rise, visitor spending is growing even faster, with a 46 per cent increase from 2013 to 2018. The increase in visitor spending is driven by Toronto’s growing share of the international visitor market. Long haul international visitors stay longer and spend more.

Toronto’s meetings, conferences and events industry is at the heart of a strong visitor economy. Major conventions (over 1,000 delegates) welcome nearly 400,000 business delegates, generating more than $850 million in economic impact.

“We are Canada’s downtown - more and more people want to visit Toronto to enjoy everything our city has to offer. This report makes it clear how important our vibrant visitor economy is to supporting jobs and businesses here in Toronto and across Ontario,” said Toronto Mayor John Tory. “I am committed to working with the federal and provincial governments to ensure we are helping to further grow and strengthen this