TORONTO, /CNW/ – Marine cargo handled at the Port of Toronto generated $463.5 million in economic activity and 1,989 jobs in Ontario in 2022, details a new report – Economic Impacts of Marine Shipping in the Port of Toronto – published in September 2023 by Martin Associates.
Economic Impacts of Marine Shipping in the Port of Toronto, which uses 2022 data, highlights the economic benefits of the Port of Toronto as a vital part of Toronto’s transportation infrastructure and economic strength. The Port of Toronto moved 2,346,724 metric tonnes of cargo in 2022.
“This study further confirms the Port of Toronto’s role as an economic engine and key piece of infrastructure within the transportation ecosystem servicing the Greater Toronto Area,” said RJ Steenstra, President and Chief Executive Officer, PortsToronto. “Unlocking sustainable marine connectivity into the heart of Canada’s largest city for businesses, the Port of Toronto is also a gateway for cruise travel and hub for film and television production that blends seamlessly into Toronto’s iconic waterfront.”
- The marine cargo handled at the Port of Toronto marine terminals generated $463.5 million in economic activity in Ontario.
- 1,989 jobs in Ontario are supported by the cargo moving via the marine terminals located at the Port of Toronto.
- 673 jobs are directly generated by the marine cargo and vessel activity at the marine terminals at the Port of Toronto.
- The 673 individuals directly employed as a result of the cargo handled at the marine terminals of Port of Toronto received $149.7 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 $79.1 million in provincial and federal taxes were generated by cargo and vessel activity at the Port of Toronto, with $30.2 million generated at the provincial level and $49.0 million generated at the federal level.
This study focuses exclusively on the cargo component of the Port of Toronto and does not reflect the port’s full diversity of uses. The Port of Toronto is also a popular Great Lakes cruising port of call, welcoming a record 54 cruise ships and more than 22,000 passengers in 2023. According to Cruise the Great Lakes, an initiative led by the Conference of Great Lakes Governors and Premiers, cruising in the Great Lakes generated an economic value of over $120 million USD to the region’s ports and communities in 2022. The Port of Toronto also supports Toronto’s $2 billion film industry by providing a production hub for industry players such as Cinespace and Netflix.
Visit PortsToronto’s website to read the full report or take a tour of the Port of Toronto to learn about the important role the Port plays in Canada’s transportation network as well as the environmental benefit of marine transportation.
SOURCE PortsToronto
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