Toronto’s 27.5 million tourists generated a $10.3 billion economic impact last year

"Toronto’s visitors left a huge economic impact on the city in 2018.

The 27.5 million visitors last year generated $10.3 billion for Toronto, according to a new report from Tourism Toronto.

The analysis, titled Toronto’s Visitor Economy: An Economic Catalyst for the City and the Region, showed a significant impact is experienced through “tax revenue, job creation and growth, and overall spend in many industry sectors.”

The revenue, which amounted to $1.8 billion in taxes for all three levels of government, were funds that help pay for essential services and amounts to $1,020 of tax revenue saved for every household in the city, according to Tourism Toronto.

As for employment, nearly 70,000 jobs are supported by visitor spending, generating $3.1 billion in wages for employees and representing 4.6% of all jobs within Toronto."

Click here to read the full article by Yasmin Aboelsaud for the DH News.

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