Ontario infrastructure projects to take place, selected by OREA
The Ontario Real Estate Association (OREA) released The Ten Infrastructure Projects for a More Competitive Ontario; a research report written in partnership with KPMG Global Infrastructure Advisory, outlining infrastructure projects.
To select the top ten, OREA and KPMG looked at economy-impacting projects across all infrastructure asset classes, then assessed them against specific criteria.
“These large infrastructure projects will support a robust provincial economy by acting as magnets for talent and investment, creating a strong cycle of economic growth,” said Tim Hudak, CEO, OREA. “This allows Ontario to pay for the types of infrastructure and public services that spur productivity and improve quality of life, leading to higher paying jobs, business investment, and more opportunities to increase housing supply and affordability.”
One proposed project is the Pearson Transit Hub. The area surrounding Toronto Pearson Airport, dubbed Ontario’s Airport Employment Zone (AEZ) by economists, is the second largest employment area in the province, boasting 330,000 jobs, behind downtown Toronto’s employment cluster.
“Toronto Pearson is Canada’s gateway to the world and an economic anchor for the region,” said Deborah Flint, President and CEO, GTAA. “Improved transit connectivity in the heart of Canada’s second largest employment zone will fight climate change, improve access to jobs, and contribute economically in a growing province. We stand alongside leaders and experts from across the region to support government as they use the transformative power of transit connectivity.”
The proposed Pearson Transit Hub could nearly double the number of jobs by 2035, increasing the AEZ’s GDP contribution by 2.2 per cent.
“Lack of transit connectivity and traffic congestion often rank as Ontario’s most challenging economic problem, so we need to address this barrier to economic competitiveness if we want to bring the dream of home ownership closer to more Ontarians,” said Hudak. “With the infrastructure project proposals in this report, we hope to inspire future generations and generate sustained prosperity for everyone, resulting in strong and vibrant communities across the province.”