Growing the city and regional economy

The Toronto region remains the economic engine of our province and our nation. But we have not escaped the ripple effects of the most dramatic economic crisis in a generation. Industries that once formed the bedrock of our economy have been hard hit. Unemployment has escalated. And the City continues to face revenue shortfalls.

The events of the last 12 months have confirmed the need to attract and grow new, leading-edge clusters both in the city of Toronto and throughout the region. At the same time, we must recognize that the interests of the city and its neighbours are intertwined. A unified face must be presented to outside investors. Toronto must look out for its interests, but we cannot go the distance alone. As the representative of the core of the region, Toronto’s next mayor has an opportunity to lead the regional economic development agenda.

Toronto and its neighbours must work together to build a regional economic development agenda. Some key components to consider include:

  • An economic development and branding strategy for the entire region
  • Coordinating various development agencies under a single banner
  • Creating an economic “war cabinet” that includes representatives from all GTA municipalities
  • Synchronizing property tax policy
  • Implementing the regional transportation strategy
  • Cultivating our “green” economy

Discussion questions

  • How can we reduce competition and maximize synergies among economic development agencies, marketing agencies and sector-specific promotion agencies?
  • Should we think even more boldly, revisiting the idea of a region-wide government or authority?
  • Should the issue of property tax competiveness as a means of sustaining and growing Toronto’s commercial and industrial assessment base be tackled more aggressively?
  • What actions must Toronto take to position itself as an investment-attractive hub in the emerging green economy?
  • “Uploading” the TTC, in whole or in part, to Metrolinx could accelerate regional transit integration and free up City resources. Is there a business case for transferring operation of the subway system to Metrolinx?

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