Background on this priority
Governments play an important role, with the private sector taking the lead, in creating conditions that support or discourage economic growth and job creation. New policies, programs and services can create long-term economic growth that will provide additional jobs, increase assessment, and improve the quality of life for residents, business owners and employees within the City. This priority will require the active recruitment and engagement of employers, investors, labour, educators, community groups and the public at large as well as the federal and provincial governments.
The City has experienced declining employment, peaking in 1989 at 1.36 million - our current level of employment is 1.25 million. In comparison, regional employment increased by over 500,000. The City’s new Official Plan sets a minimum target of 540,000 additional jobs by 2031 -- or an average of 20,000 new jobs annually for the next 27 years. This is an ambitious target that will require proactive and cooperative action.
Stimulating economic growth and creating good jobs is key to long-term strategies on a wide range of issues including homelessness, child and family poverty, and neighbourhoods at risk and sustaining quality public amenities, services and public transit ridership.
City Council has adopted an Economic Development Strategy, a Culture Plan, Five Year Tourism Action Plan, an Official Plan that supports economic growth by preserving Employment Districts, Toronto’s first Labour Force Readiness Plan and completed a variety of sector development studies that integrates social, cultural, environmental, city building and economic considerations for the future of the city.
The City has initiated policies, programs and funding strategies to support local businesses and attract economic growth, reduce property tax imbalances, provide assistance, advice and seminars for small business owners, attract foreign investment, encourage redevelopment of brownfields, increase investment in arts and culture, build partnerships between local government, the private sector and the public and, promote Toronto as a local, national and international destination.