2/20/2013 6:10:49 PM

February 20, 2013
City Council today endorsed a new Toronto economic growth plan entitled Collaborating for Competitiveness - A Strategic Plan to Accelerate Economic Growth and Job Creation in Toronto.

"Toronto needs to grow the number of well-paying jobs for residents and its assessment base to help fund future services," said Mayor Rob Ford. "Our Economic Strategy is the first part of the plan to focus every City division and agency on helping to achieve these goals."

Council endorsed economic growth and job creation objectives and targets that are geared to increasing employment, job quality and office and property tax revenues.

Council recommended that the City and its affiliated organizations align and harmonize their policies, programs and activities so that they can create a more attractive climate for business and investment.

“The new plan builds on the economic development strategy we established two years ago, and the insights we gained through consultations with private sector leaders,” said Councillor Michael Thompson (Ward 37 Scarborough Centre), Chair of the City’s Economic Development Committee. “We have taken significant steps forward in 2011 and 2012, and we expect our new growth plan to increase the momentum.”

In addition to recommending the establishment of an Economic Growth and Job Creation Advisory Committee led by the Mayor, Council endorsed strategies, recommendations and actions defined in the Collaborating for Competitiveness report.

Items that were reviewed and endorsed by Council, with some amendments, include:
- Accelerate investments in commercial and industrial developments that enhance the City's property tax base and/or create permanent jobs.
- Improve cost competitiveness that enhances the City's property tax base and/or creates permanent jobs.
- Ensure sufficient land is available to accommodate commercial and industrial employment growth.
- Ensure sufficient infrastructure capacity is available to accommodate commercial and industrial employment growth forecasts.
- Help small and medium size enterprises form and prosper.
- Strengthen and grow high-value sectors particularly those with high economic multipliers.
- Strengthen support for retaining and expanding manufacturing.

The economic growth plan and its recommendations, with documentation of Council's actions on the report, are available at http://app.toronto.ca/tmmis/viewAgendaItemHistory.do?item=2013.ED19.4.