|August 29, 2012|
Metro Toronto Convention Centre Generates $4.7 billion In Economic Impact
|"Over our 27 year history, the Metro Toronto Convention Centre has hosted some of the most prestigious meetings and events in the world, which have contributed more than $4.7 billion in direct spending economic impact to the community and introduced many thousands of people and organizations to our destination," said Barry Smith, President and CEO.|
Conventions, like the recent Microsoft Worldwide Partner Conference held at the Centre, attract attendees and organizations from around the world to experience the city and all it has to offer. Therefore, the benefits of these events are multifaceted. Not only do the attendees spend while visiting, but the event organizers and exhibitors invest financially to deliver a successful event. Hotels, restaurants and bars are directly affected by the financial impact of these conventions and tradeshows. In addition, other companies such as transportation services, tour operators, attractions, special event venues, theatres and retail outlets all benefit from these events.
After completing a record-setting 2011-2012 financial year, it has been confirmed that in this year alone conventions and trade shows held at the Metro Toronto Convention Centre have generated a direct-spending economic impact of $523.7 million dollars to the community. This influx of funds into the city of Toronto translates into 6,000 jobs and the total taxes generated are estimated to be $177.5 million dollars. In addition to this, there are hundreds of smaller corporate meetings and special events which also take place at the Convention Centre, which are not included in these calculations. Conventions and tradeshows also have the added benefit of bringing thought leaders in their respective fields to our diverse city. This provides local business and institutions with an opportunity to learn about the advancements in their industry.