A top-flight economic engine
Airport helps keep Toronto airborne with more than $2 billion a year in economic output
For many people, airports are merely gateways – a place to go to get somewhere else. So it’s easy to underestimate the value that an airport has on a region in terms of its economic impact or take for granted the access that it provides for all who come, stay and go.
With a 97 per cent satisfaction rating among Toronto travellers, Billy Bishop Airport is well known for offering convenient options for those wanting to travel to the 23 destinations directly served from the airport by Porter Airlines and Air Canada, and the more than 80 connections that can be made to locales farther afield with partner airlines such as Jet Blue.
But in addition to offering customer convenience and connectivity, Billy Bishop Airport is also a key driver of the Toronto economy and contributor to Toronto’s competitive advantage. Then there is the tourism benefit that comes from being within Canada’s lead financial market a mere two kilometres from the airport. The tourism benefit comes from being within walking distance of the theatre district, fashion district, South Core and key attractions such as Ripley’s Aquarium, Air Canada Centre, Rogers Centre and the CN Tower.
“Key industry clusters, from tourism and aerospace to human health sciences and finance, rely on and are supported by Billy Bishop Toronto City Airport’s critical connections to key markets in Canada and the United States,” said Jan De Silva, President & CEO, Toronto Region Board of Trade. “Many important direct and indirect benefits are associated with the airport, which is a powerful contributor to the economic vitality of our region.”
In addition to serving business travellers and encouraging tourism, Billy Bishop Airport is also a significant economic engine for Toronto. A recent report from InterVISTAS confirmed that the airport generates more than $2 billion in total annual economic output and more than 6,500 total jobs, including approximately 2,000 jobs directly associated with the airport. It also contributes $695 million in Gross Domestic Product (GDP), $385 million in wages, and overall tax revenue and Payments-in-Lieu of Taxes (PILTs) of approximately $74 million annually.
“Our research shows substantial value to the Toronto region from Billy Bishop Toronto City Airport,” said Dr. Mike Tretheway, Chief Economist & Chief Strategy Officer, InterVISTAS. “Among city centre airports around the world, Billy Bishop Toronto City Airport provides unusually high market connectivity, as well as providing 2,000 on-site jobs with above-average wages. That makes the airport an important driver to the Toronto economy and, by virtue of Toronto’s dominant economic role domestically, the country overall.”
With the tunnel now open, the airport will offer even more of what travellers are looking for while continuing to benefit Toronto economically and socially.
Billy Bishop Airport is part of a national transportation infrastructure that makes trade, tourism and investment possible and brings a degree of connectivity to Toronto that increases its competitive advantage and potential for growth.