TORONTO, ON, May 11, 2021 — Today’s announcement of a $10.7-billion federal investment in Toronto region transit – the largest single transit investment in Canadian history – is a big win for our region’s transit riders, as well as for our business community. The Board applauds the federal and provincial governments for making historic investments in Toronto’s highest priority transit projects: the Ontario Line, Eglinton Crosstown West LRT and the Scarborough and Yonge North subway extensions.
These projects will go a long way toward alleviating the city’s overcrowded transit network and further encourage drivers to stay off our already congested roads. Gridlock costs our region at least $6 billion every year in lost productivity, a primary reason why transit infrastructure continues to be one of the top concerns of the Board’s more than 13,500 business members and partners. These projects also expand the reach of rapid transit to new parts of the city and region, improving access to jobs for residents and talent for employers.
As the fastest growing metropolitan region in North America, the Toronto region urgently needs an expanded transportation network. We’re greatly encouraged to see the partnership of all three levels of government to collaborate on these proposals and guarantee their completion – including Minister Catherine McKenna, Minister Caroline Mulroney, Mayor John Tory and Mayor Frank Scarpitti for hearing the transit priorities from businesses and championing these investments.
For a strong and rapid post-pandemic economic recovery, we cannot be held back by any obstacles to growth. By expanding our rapid transit backbone with projects that serve regional needs and cross municipal boundaries, we will ensure that people and goods can move around our regional economy with ease and efficiency.
About Toronto Region Board of Trade
The Toronto Region Board of Trade is one of the largest and most influential business chambers in North America and is a catalyst for the region’s economic agenda. We pursue policy change to drive the growth and competitiveness of the Toronto region and facilitate market opportunities with programs, partnerships and connections to help our members succeed – domestically and internationally.
Andrew Perez, Media Relations Manager