New data reveals Toronto Region’s businesses are poised for recovery

Data collected by the Board of Trade in January 2022 revealed recent restrictions on business activity drove significant drops in employment, foot traffic, and retail spending across the region. Consumer spending declined most significantly across pandemic-sensitive sectors, including among restaurants, hotels, and the entertainment industry. While reductions in worker volumes and consumer spending were seen across the region, they were most stark in Toronto’s downtown core. 

Data collected by the Recovery Tracker tool prior to closures in December 2021 showed the region’s businesses were undergoing a recovery after withstanding nearly two years of public health measures and lockdowns. 

“This reinforces our consistent position that we need to adopt measures that work to control the virus before more disruptive measures, like business closures, are required.,” said Jan De Silva, President and CEO of the Toronto Region Board of Trade. “That’s why we continue to call on all levels of government to implement policies and collect the data needed to ensure this is the last time the region’s businesses face lockdowns and other restrictive measures.” 

Over the past six months, the Board of Trade has urged all governments to implement reopening plans that enable businesses to remain open and bolster business confidence. It’s why we have urged governments to focus on sensible solutions that ensure future closures or severe restrictions on business activity are not needed. 

“It’s critical that we continue to track economic recovery indicators across the Toronto region as we emerge from the pandemic,” said Marcy Burchfield, Vice President of the Economic Blueprint Institute at the Toronto Region Board of Trade. “This data leads to important insights that inform our advocacy agenda and underline the urgency around providing businesses with the certainty they need to remain open and thrive once again.”