City of Toronto Proposes New Action Plan to Keep the Economy Thriving

October 16, 2024 Danielle Larmond 0 Comments 1 min read

Toronto – The City of Toronto has unveiled a new report and strategic plan, “Sidewalks to Skylines: An Action Plan for Toronto’s Economy” (APTE), outlining a comprehensive 10-year roadmap to boost the city’s economic growth. The plan was introduced at the University of Toronto’s Schwartz Reisman Innovation Campus by Mayor Olivia Chow, alongside Economic Advisory Panel Co-Chairs Councillor Shelley Carroll (Don Valley North) and Zabeen Hirji, as well as contributors from various sectors.

The Sidewalks to Skylines plan emerged from extensive consultations, with input from over 1,000 stakeholders, including businesses, community organizations, and local residents. It sets forth a vision to strengthen Toronto’s economic competitiveness by addressing key challenges such as housing affordability, public safety, and transit efficiency. The plan aims to make Toronto a place with the best quality of life by 2035, supported by high-performing municipal services that attract and retain businesses, while providing opportunities for a growing and diverse population.

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

News release: https://t.co/62ulPXMM0O pic.twitter.com/7SoW9Eiew3

— City of Toronto (@cityoftoronto) October 16, 2024

Key Themes of the Plan:

Strong Main Streets: Supporting thousands of small businesses that anchor Toronto’s neighborhoods, ensuring local prosperity and vibrancy.
Quality Jobs: Fostering job creation and leveraging local talent to promote an inclusive economy.
Global Competitiveness: Investing in high-value sectors such as technology, life sciences, and the creative industries to attract top talent and international investment.

The plan emphasizes collaboration between government, industry, and community partners, recognizing Toronto’s economic importance on a national scale. With the city contributing 20% of Canada’s GDP and over half of Ontario’s, the success of Toronto’s economy is seen as vital for the broader provincial and national landscape.

Next Steps

Recommendations from the APTE report will be reviewed by the Economic and Community Development Committee on October 23, with further consideration by Toronto City Council from November 13-15.

The full report is available at toronto.ca.

SOURCE City of Toronto