The City of Toronto is developing a new Action Plan for Toronto’s Economy to guide economic development policies, programming and decision making for the next 10 years. The previous plan Collaborating for Competitiveness: The City of Toronto’s Plan to Accelerate Job Creation and Economic Growth was launched a decade ago and will be succeeded by the new Action Plan for Toronto’s Economy which will be presented to City Council in 2024.
There are many reasons for Toronto to pursue a new economic development plan. The great majority of the directions in the previous plan have been implemented. Over 2010-2020, Toronto’s economy experienced aggregate GDP and employment growth, but this prosperity was not shared equitably across sectors, neighbourhoods or populations. In addition, the COVID-19 pandemic generated many new challenges and opportunities for Toronto’s economy and communities, accelerating technology driven changes which are reshaping city and regional industry competitiveness, supply chains, workforce dynamics and land use pressures.
A New Action Plan for Toronto’s Economy will set a vision for Toronto’s economy and propose actions that the City and it’s partners can take to maintain and enhance Toronto’s competitiveness while supporting more inclusive and sustainable opportunities and investments in communities across Toronto.
Sign up for the BusinessTO Newsletter for updates about the Action Plan for Toronto’s Economy and the resources and supports currently available for businesses.
To support the development of the Action Plan for Toronto’s Economy an Economic Advisory Panel will provide input and subject matter expertise to inform the plan.
January through February 2024
Engagement activities will include virtual consultation sessions, an online survey and engagement with the City’s division heads.
March through April 2024
Spring through Fall 2024
The draft Action Plan and recommendations will be shared with the stakeholders for review and feedback before going forward to City Council in Fall 2024.
In April 2024, the City hosted a virtual town hall to seek input from the creative industries, including film, television, and digital media, to inform both the Action Plan for Toronto’s Culture Sector and the Action Plan for Toronto’s Economy.