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News Release - City of Toronto proposes new Action Plan to help keep Toronto’s economy thriving

City of Toronto Media Relations has issued the following:
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News Release

October 16, 2024

City of Toronto proposes new Action Plan to help keep Toronto’s economy thriving

Today, the City of Toronto introduced a new staff report and plan called Sidewalks to Skylines: An Action Plan for Toronto’s Economy (APTE). The report and plan puts forward a comprehensive 10-year strategy designed to guide economic development policies and programs to help businesses keep Toronto’s economy thriving.

Mayor Olivia Chow, along with Economic Advisory Panel Co-Chairs, Councillor Shelley Carroll (Don Valley North) and Zabeen Hirji, were joined by contributors from across multiple sectors at the University of Toronto’s Schwartz Reisman Innovation Campus to introduce the Action Plan.

Developed through significant public consultation and engagement with more than 1,000 interested parties, businesses and community organizations, the Sidewalks to Skylines plan outlines actions that the City and its partners can take to support a prosperous, inclusive and sustainable economy that benefits all Torontonians. The plan sets a long-term vision to enhance Toronto’s competitiveness while addressing current challenges such as housing affordability, public safety and transit efficiency as essential foundations for a strong economy.

The foundation of the Sidewalks to Skylines plan: Getting the basics right

By 2035, the plan aims to support Toronto in having the best quality of life, supported by high-performing municipal services for residents and visitors. These services are essential to foster a competitive environment that attracts and retains businesses, welcomes new residents and provides economic opportunities for a growing and diverse population.

Key themes of the proposed plan:
- Strong main streets - supporting the thousands of small businesses that anchor our main streets to ensure the prosperity and vibrancy of Toronto neighbourhoods
- Quality jobs - creating good jobs and leveraging local talent to build an inclusive economy.
- Global competitiveness - supporting high-value, innovative sectors such as technology, life sciences and the creative industries.

Informed by the insights of a 28-member Economic Advisory Panel, the plan focuses on building partnerships across various sectors - government, industry and the community - to overcome challenges that benefits Toronto’s residents and contributes to national economic well-being. Toronto’s economic prosperity is crucial not only for the city but also for the broader national economy as it accounts for 20 per cent of the national output and 53 per cent of the provincial economy. Taking action today to address these challenges while leveraging Toronto’s strengths can drive future economic growth and shared prosperity for the city, the region and Canada.

Recommendations in the staff report and Action Plan will be considered by the Economic and Community Development Committee at its meeting of Wednesday, October 23 and then at Toronto City Council from Wednesday, November 13 to Friday, November 15.

The Sidewalks to Skylines staff report and action plan can be found at https://secure.toronto.ca/council/agenda-item.do?item=2024.EC16.2

Quotes:

"The Action Plan for Toronto’s Economy is built on the input and vision of thousands of Torontonians across many sectors, setting a clear path toward innovation, inclusivity, and sustainability. I would like to thank the entire Economic Advisory Committee for their leadership and insights, especially Co-Chairs Councillor Shelley Carroll and Zabeen Hirji for their stewardship of this work. This plan lays out decisive steps to support our main streets, create good jobs and ensure that every community can feel the benefits of our economic growth. "
– Mayor Olivia Chow

"The Action Plan for Toronto's Economy directs our efforts to build strong and vibrant main streets, create quality local jobs, and increase our global competitiveness to attract top talent and investment from every corner of the globe. This bold plan is the result of collaboration with over 1,000 residents, businesses and community organizations. Together, we will generate a prosperous, inclusive and sustainable economy that benefits all Torontonians."
– Councillor Shelley Carroll (Don Valley North), Co-Chair of the Action Plan for Toronto’s Economy Advisory Panel and Mayor’s Economic Development and Culture Champion

"Building an inclusive economy means creating opportunities for everyone, particularly those who have been traditionally left behind. The Sidewalks to Skylines plan outlines specific actions to support small businesses, build skills, improve job access and enhance community engagement. It’s about lifting up all Torontonians and ensuring that our city remains a leader on the global stage."
– Zabeen Hirji, Executive Advisor at Deloitte, former Chief Human Resources Officer at RBC and Co-Chair of the Action Plan for Toronto’s Economy Advisory Panel

Toronto is home to more than three million people whose diversity and experiences make this great city Canada’s leading economic engine and one of the world’s most diverse and livable cities. As the fourth largest city in North America, Toronto is a global leader in technology, finance, film, music, culture, innovation and climate action, and consistently places at the top of international rankings due to investments championed by its government, residents and businesses. For more information visit www.toronto.ca or follow us on X at x.com/cityoftoronto, on Instagram at www.instagram.com/cityofto or on Facebook at www.facebook.com/cityofto.

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Media contact: Media Relations, media@toronto.ca

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