Demographic Profile. Economic and C HAPTER E CONOMIC AND D EMOGRAPHIC P ROFILE

Transcription

1 2 C HAPTER E CONOMIC AND D EMOGRAPHIC P ROFILE 2 Economic and Demographic Profile v

2 2.1 E CONOMIC AND D EMOGRAPHIC P ROFILE Chapter INTRODUCTION This chapter describes the current eco no mic and demographic profile of the area served by Toronto Pearson International Airport with the focus being on the elements that determine the demand for air trans porta tion. Chapter 3 will discuss the forecasts for aviation activity resulting from these elements. Subsequent chapters will examine airport facilities needed to meet the forecast aviation demand. Transportation is not an end in itself; rather it is a means to an end. Transportation is derived from an underlying need to move people from one place to another in order to conduct business, visit friends and relatives or other personal reasons, or to ship goods. The desire to visit the sights and engage in activities offered by a region also creates a demand for transportation through tourism. The amount of travel to or from a region is a function of: the size and composition of the local populace the size, vitality, and composition of the local economy the attractiveness of the region as a place to visit Thus, a large growing and cosmopolitan population with high income will create the demand for leisure and personal travel necessi - tating air services to many destina - tions. Similarly, a large and active economy is the foundation for business travel. There are also people who travel through a region en route to their end destination. Some of this routing is due to the absence of choice such as for travellers from North ern Ontario connecting at Toronto Pearson to other destinations. Other travellers connect through Toronto Pearson due to its geographic location, available air services, regulatory advantages or amenities offered at the Airport Airport Service Area The Greater Toronto Area (GTA) is a 7,125 km 2 area consisting of the City of Toronto plus the neighbouring regional munici - palities of Halton, Peel, York, and Durham, and their 24 con - stitu ent municipalities, as illustrated in Figure 2-1. Surrounding the GTA is an almost equally populous but much larger area (72,306 km 2 / 27,917.5 mile 2 ). Together they make up the Airport s Total Service Area (TSA). The TSA is defined as those census divisions (CD) with ground transportation service to Toronto Pearson, illustrated in Figure 2-2. Toronto Pearson is located approximately at the geographic centre of both the TSA and the GTA. The area served by the Airport is substantial and significant to both Ontario and Canada. It has a large, cosmopolitan and welleducated popu lation. Relative to the size of its population, it has a greater propor tion of immigrants, of high-income households and a lower proportion of low-income households. Toronto Pearson is the principal airport for southern Ontario. The GTA s large and diverse population and economy, supplemented

3 2.2 by those of surrounding areas, enable airlines to profitably serve the Airport with frequent services to many domestic and international destinations. This chapter describes the demographic and economic profile of the GTA and the Airport s TSA. The latter sections of the chapter profile the three municipalities closest to the Airport Etobicoke (now part of the City of Toronto), Mississauga, and Brampton, as well as the economic impact of the Airport Data Sources The main source of data for Chapter 2 is the 2001 Census of Canada (2001 Census), supplemented by other reports prepared by Statistics Canada. It also includes data compiled by other organizations that is based on data from the 2001 Census. Where available, results from the 2006 Census have been incorporated into the profile.

4 2.3 the demand for personal travel. There is also a relationship between higher education and travel demand. 1 Population forecasts are taken from the Ontario Ministry of Finance publication Ontario Popu lation Projection Update issued in April Other sources of data include reports and websites from the City of Toronto, Mississauga and Brampton, Regional Municipalities of Durham, Halton and York, Greater Toronto Marketing Alliance, and Ontario Ministry of Tourism. Some economic data is only published at the provincial level. How ever, given the concen tration of population and economic ac - tivity in southern Ontario, it is reasonable to assume that the province-wide data is driven by southern Ontario and that trends in Ontario reflect trends in southern Ontario. 2.2 DEMOGRAPHIC PROFILE The size of the population is one driver of aviation demand. As the population increases, the demand for transportation also can be expected to increase. In addition to describing the number of people living in the GTA and in Toronto Pearson s TSA, this section also describes immigration and education. These variables are demand drivers as familial ties to international locations underpin Greater Toronto Area Population: In 2006, the population of the GTA was 5.6 million or 46 per cent of Ontario s population and 17.6 per cent of the Canadian total. By 2030, the GTA population is forecast to increase by 47 per cent to 8.2 million. The largest increases in percentage terms predicted between 2001 and 2030 are in York (122 per cent), Peel (97 per cent), and Halton (95 per cent). In absolute terms, the greatest increase is forecast to occur in York and Peel followed by Toronto. Notably the GTA s percentage of total Ontario population is forecast to increase from 45 per cent in 2001 to 50 per cent in Correspondingly, the population density of the GTA is forecast to increase from 713 to 1,149 people per square kilometre by The most densely populated census division forecast for 2030 is Toronto (4,829 persons per square kilometre) while Durham at 330 people per square kilometre is the least densely populated census division. Immigration: In 2001, approximately 2.1 million residents, or 42 per cent of the GTA s population, were born outside of Canada. Countries of origin that account for the highest number of immigrants 1 Statistics Canada; Canadian Travel Survey Cat: XIE Table 2-b

5 2.4 TABLE 2-1 GTA POPULATION BY CENSUS DIVISION GTA GTA % York Toronto Peel Durham Halton Total of Ontario Ontario Population 1996 Census 592,445 2,385, , , ,875 4,628, % 10,753,573 Population 2001 Census 729,254 2,481, , , ,229 5,081, % 11,410,046 Population 2006 Census 892,712 2,503,281 1,159, , ,256 5,555, % 12,160,282 Population Forecast ,064,648 2,698,314 1,389, , ,200 6,281, % 13,260,204 Population Forecast ,348,174 2,903,297 1,699, , ,402 7,308, % 14,892,578 Population Forecast ,616,961 3,048,518 1,943, , ,217 8,188, % 16,361,150 Change 2001 to , , , , ,988 3,107,132 4,951,104 % Change from 2001 to % 23% 97% 67% 95% 61% 43% Land area (sq km) 1, ,242 2, , % 907,573 Population Density Population Density ,840 1, ,149 Based on 100 per cent sample in 2001 Census to the GTA include the U.K. (7.9 per cent), India (7.1 per cent), Italy (6.8 per cent), People s Republic of China (6.5 per cent), Hong Kong (5.3 per cent) and the Philippines (5 per cent). Despite accounting for only 17 per cent of the total population of Canada, 39 per cent of all immigrants to the country reside within the GTA and a disproportionately high percentage of immigrants from certain countries have gravitated to the region. Countries where more than 70 per cent of all immigrants to Canada locate in the GTA include Guyana (82 per cent), Jamaica (79 per cent), Sri Lanka (79 per cent), and Trinidad and Tobago (71 per cent). Thus, if there is a sufficient critical mass in Canada to warrant air service to these countries, Toronto Pearson would be expected to be able to offer a higher level of air service than other airports. Of all immigration to the GTA, 20 per cent has taken place Air Travellers at Toronto Pearson between 1996 and The highest numbers of recent immigrants have come from the People s Republic of China, India, Pakistan, the Philippines, and Sri Lanka. Between 1987 and 2005, Canada received an average of 214,000 immigrants per year. Of these, an average of 85,000 settled in the Toronto area annually, which made it Canada s largest immigrantreceiving area. 2 With 44 per cent of its residents being foreign born, 2 Canada s Global Cities: Socio-economic Conditions in Montréal, Toronto and Vancouver; P. 8 Statistics Canada July 20, 2006; Data for Toronto CMA 3 Ibid P. 8 Toronto has a relatively larger share of immigrants than other major cities. In comparison, 40 per cent of Miami s population was foreign born, 38 per cent of Vancouver s population, and 18 per cent of Montreal s population. 3 Central to the rise in immigration is a change in countries of origin. In Toronto in 1981, 34 per cent of immigrants arriving in the previous 10 years came from the United States or Europe and another 35 per cent came from Central or South America. By

6 2.5 TABLE 2-2 POPULATION OF THE TSA, ONTARIO AND CANADA Total Service Area Ontario TSA % of Ontario Canada TSA % of Canada Population 1996 Census 8,753,173 10,753, % 28,846, % Population 2001 Census 9,394,239 11,410, % 30,007, % Population 2006 Census 10,094,597 12,160, % 31,612, % Population Forecast ,112,020 13,260, % Population Forecast ,613,164 14,892, % Population Forecast ,945,280 16,361, % 2001, sources of immigration had shifted strongly to Asia, in par - ticular South (23 per cent) and East Asia (22 per cent). The importance of immigration in the community is greater still considering the share of people with ties to foreign countries. Altogether, more than 70 per cent of residents over 15 years of age in the GTA are either immigrants or children of immigrants. This condition provides the potential demand for air services to a large selection of countries. Immigration Quick Facts 4 64 per cent mainly use a language other than English or French at home. 61 per cent of immigrants to Toronto enter Canada in economic class professionals or skilled workers compared to 52 per cent in Montreal. Older recent immigrants are more likely to attend school than Canadian-born residents of similar age. University graduation of secondgeneration immigrants is high and the economic out comes often surpass other Canadianborn residents. 4 Ibid P. 8 Education: The GTA has a highly educated population with more than 76 per cent of the population over 20 years of age having a high school diploma or higher level of education. Over 8 per cent of the population has a trade certificate or diploma, with over 16 per cent and 24 per cent having a college certificate or diploma and a university degree respectively. Overall, the level of education in the GTA is higher than the levels in Ontario and Canada Total Service Area Population: In 1996, the population of the TSA was 8.8 million or 81.4 per cent of the provincial total and 30.3 per cent of the Canadian total. By 2006, the TSA s portions had increased to over 83.0 per cent for Ontario and 31.9 per cent for Canada. If the trends continue as forecast, over 85 per cent of Ontario residents will reside in the TSA by Immigration: The population of the TSA in 2001 was 9.4 million. Of this, 30 per cent were born outside of Canada compared to the percentage of immigrant popu - lation of 27 per cent for Ontario and 18 per cent for Canada. Although the TSA s population is 82 per cent of the population for Ontario, 92 per cent of all immigrants to Ontario reside in the TSA. The highest percentage of immigrants originated from the United Kingdom (11 per cent), followed by Italy (6.9 per cent), India (6.0 per cent), and the People s Republic of China (5.4 per cent). Education: The education levels in the TSA are very high. They are similar to Ontario as a whole but higher than the overall Canadian total. Within the TSA, 75 per cent of the population Multicultural Population

7 2.6 power. This section will describe the income characteristics of the population in terms of household income and Personal Disposable Income (PDI). It will also describe the local economy in terms of employment by industry and the Ontario economy in terms of Gross Domestic Product. Central Business District over 20 years of age has a high school diploma or higher level of education compared to 72 per cent for Canada. Close to 10 per cent have a trades certificate or diploma with 17 per cent and 20 per cent having a college certificate or diploma and university degree, respectively. These figures are similar to the Ontario totals, but are higher than the Canadian average of 12 per cent, 16 per cent and 17 per cent. Summary: The area served by the Airport is substantial and significant to both Ontario and Canada. It has a large cosmopolitan and well-educated population. In combination, these factors create a high propensity for air travel and for travel to many destinations. Toronto Pearson is located in the geographic centre of the area, anchored by the GTA. Air carriers offer a wide range of air services that can be expected to increase as the population in its service area grows. Chinatown Toronto 2.3 ECONOMIC PROFILE The potential demand for air transportation generated by a population can only be realized if it is accompanied by purchasing Greater Toronto Area Income: There are 1.78 million households in the GTA, or 42 per cent of all households in Ontario and 15 per cent of all households in Canada. Within the GTA, the average house hold income is $76,298 with 35 per cent of the households having an income equal to or greater than $80,000. Average income for the GTA is 14 per cent higher than the provin - cial average ($66,836) and 31 per cent higher than the national average ($58,360). Similarly, the percentage of households in the GTA having an income greater than $80,000 is higher than its proportion of total households for both Ontario and Canada. Labour Force by Industry Sectors: The North American Industrial Classification System (NAICS) is a systematic arrangement of TABLE 2-3 DISTRIBUTION OF HOUSEHOLD INCOME FOR GTA, ONTARIO, AND CANADA % of GTA % GTA % Geography GTA Total GTA of Ontario Ontario of Canada Canada Number of Private Households 1,780, % 42% 4,219,410 15% 11,562,975 Under $40, ,485 32% 37% 1,541,825 12% 4,918,420 $40,000 to $79, ,900 33% 40% 1,458,220 15% 4,005,440 $80,000 and over 616,125 35% 51% 1,219,355 23% 2,639,120 Average household income $ 76, % 66, % 58,360

8 2.7 TABLE 2-4 GTA EMPLOYMENT % GTA % GTA % Geography GTA Total of GTA of Ontario Ontario of Canada Canada Goods Producing Industries 602, % 40.0% 1,507, % 3,909,965 Service Producing Industries 2,135, % 47.6% 4,485, % 11,666,595 All industries 2,738, % 45.7% 5,992, % 15,576,560 TABLE 2-5 TSA HOUSEHOLD INCOME % TSA % TSA % Geography TSA Total of TSA of Ontario Ontario of Canada Canada Number of Private Households 3,427, % 81% 4,219,410 30% 11,562,975 Under $40,000 1,229,390 36% 80% 1,541,825 25% 4,918,420 $40,000 to $79,999 1,185,060 35% 81% 1,458,220 30% 4,005,440 $80,000 and over 1,013,375 30% 83% 1,219,355 38% 2,639,120 Average household income $ % 66, % 58,360 TABLE 2-6 TSA EMPLOYMENT % TSA % TSA % Geography TSA Total of TSA of Ontario Ontario of Canada Canada Goods Producing Industries 1,293, % 85.8% 1,507, % 3,909,965 Service Producing Industries 3,670, % 81.8% 4,485, % 11,666,595 All industries 4,964, % 82.8% 5,992, % 15,576,560 industries. Industries are structured into 20 sectors, 99 sub-sectors, and 300 industry groups. Within the GTA, the manufacturing and retail trade sectors employ the greatest number of workers. Other notable sectors include information and culture industries; finance and insurance industries; and professional, scientific, and technical services industry. More than 60 per cent of Ontarians and 25 per cent of Canadians employed in these industries are concentrated in the GTA, despite the region accounting for only 46 per cent of Ontario s population and 18 per cent of the population of Canada Total Service Area Income: The average household income for the TSA is $68,087 compared to $66,836 for Ontario and $58,360 for Canada. However, within the TSA 30 per cent of households have incomes of $80,000 and over, with 36 per cent having household incomes less than $40,000. This compares to 23 per cent and 43 per cent for Canada. Labour Force by Industry Sectors: Within the TSA, there are 4.9 million people in the labour force of 15 years of age and older. The sectors with the greatest numbers are manufacturing (17.6 per cent), retail trade (11.2 per cent), health care and social services (8.6 per cent), and professional, scientific and technical services (7.1 per cent). The TSA has 83 per cent of Ontario s labour force but over 90 per cent of the provincial labour force in three industries: management of enterprises, finance and insurance, and wholesale trade. Similarly, the TSA has a disproportionately higher percentage of the total Canadian labour force in certain industries. Examples include management of enterprises, finance and insurance, and manufacturing. Southern Ontario s Automobile Industry

9 2.8 TABLE 2-7 GDP AND PDI Metric PDI Canada $ 21,572 22,121 22,790 23,631 24,382 PDI Ontario $ 23,080 23,480 24,043 24,670 25,230 GDP Canada $Million 1,108,048 11,52,905 1,213,408 1,290,788 1,371,425 GDP Ontario $ Million 453, , , , ,657 Canada Per Capita GDP $ 35,719 36,748 38,307 40,351 42,460 Ontario Per capita GDP $ 38,133 39,478 40,220 41,685 42,810 TABLE 2-8 GDP AND PDI/PER CAPITA GROWTH FORECASTS Period GDP PDI/Cap % 1.3% % 1.3% % 1.1% Gross Domestic Product and Personal Disposable Income Gross Domestic Product (GDP) is one of the primary measures used to evaluate the health of the economy. An increase in real GDP is interpreted as a sign that the economy is doing well, while a decrease indicates that the economy is not working at its full capacity. Personal Disposable Income (PDI) is the residual income left over after payment of personal direct taxes, including income taxes, contributions to social insurance plans (such as the Canada Pension Plan and Employment Insurance premiums), and other fees. It is a measure of the funds available for personal expenditure on goods and services, such as travel and personal savings. Strong and growing economies in combination with high disposable income lead to a demand for transportation. Table 2-7 compares the metrics of Ontario with Canada. Over the period, PDI and per capita GDP for Ontario exceeded the national average. 5 On an absolute basis, the GDP for Ontario is about 40 per cent of the national total. Industry sectors that contribute the most to Ontario s GDP are manufacturing; the combined finance, insurance and real estate (FIRE) industry; health care and social assistance; wholesale trade; and professional and technical services. Both GDP and PDI are used to develop aviation forecasts. Esti - mates of future average annual growth rates for the forecasts are shown in Table Tourism Tourism is an important element of Ontario s economy, particularly southern Ontario. Toronto and the Niagara regions are recognized as international travel icons. Toronto is said to be the most diverse multicultural community in the world. The Niagara Region has the benefit of having one of the Natural Wonders of the World in Niagara Falls, a growing wine industry, and a wealth of natural amenities. 6 Together they attract almost 30 per cent of tourists to Ontario and are a gateway for tourism to the rest of Ontario. From the Kawartha Lakes through to Essex and Bruce counties, southern Ontario appeals to all interests. Outdoor Escapes, Arts and Culture, Festivals and Events, Sports and Gaming, Aboriginal and History are among the themes classified by Tourism Ontario experienced by visitors to the area. The following tables show the overseas countries and world regions which make the greatest contribution to tourism in Ontario. GTA Tourism Cultural Festivals 2.4 NEIGHBOURING MUNICIPALITIES The former City of Etobicoke and the cities of Mississauga and 5 CANSIM Table Ontario Tourism Strategy P. 10

10 2.9 TOP COUNTRIES 2006* Travellers to Canada Travel by Canadians United Kingdom United Kingdom Japan Japan France Germany Germany France Mexico Mexico *Excludes US and same day land via US Top 5 Countries United Kingdom Japan Germany Mexico France *Excluding US Bramp ton are the three municipalities closest to the Airport as illustrated in Figure 2-1. Etobi coke, formerly a separate municipality, is now part of the City of Toronto. Based on the 2006 Census, Etobicoke had a population of 334,491, a decline of 1.1 per cent from year In that year 47 per cent of the population was born outside of Canada with the most frequent countries of origin being India, Italy, and Poland. As the average household income in Etobicoke ($71,268) is the lowest of the three municipalities, it fol - lows that the area has the highest percentage of lower income TRAVEL TO ONTARIO 2006* Growth Countries China South Korea Mexico Brazil India PERSON VISITS TO ONTARIO BY OVERSEAS RESIDENTS* Europe 53% Africa 2% Central America 5% Caribbean 5% South America 2% East Asia 20% Other Asia 8% Pacific 5% *Overnight travel by overseas visitors in 2004 households and the lowest percentage of higher income households. The industry sectors employ ing the greatest number of residents are manufacturing, retail trade, and scientific and professional services. The majority of airport property is located in Mississauga, a community of 668,549 bordering the west and north of the Airport. In 2001, the average household income in Mississauga was $80,444, which was well above the GTA average and the highest among the three municipalities. Over 40 per cent of the households have an income above $80,000. Its immigrant population is the same as Etobicoke s in percentage terms (47 per cent) with India being the most common country of origin, followed by Poland and the Philippines. Brampton is located to the north of the Airport. With a population of 433,806 in 2006 the city grew over 33 per cent between 2001 and Principal countries for immigration to Brampton are India, the United Kingdom and Jamaica. Brampton is a relatively affluent community. With an average household income of $78,063, it ranks above Etobicoke, the City of Toronto, and the Ontarioaverage. While Brampton has the same percentage of households with incomes greater than $100,000 as Mississauga, it has a lower percentage of households with income under $50, per cent, compared to 40 per cent in Mississauga. 2.5 ECONOMIC IMPACT Toronto Pearson is an important component of the economy in southern Ontario. Not only does the Airport generate economic activity in its own right, it GTA Tourism Sports & Gaming

11 2.10 Southern Ontario Tourism Outdoor Escapes supports those businesses and industries that rely on air transportation for their success. Toronto Pearson is an industry in the Transportation and Warehousing sector, as defined by the North American Industry Classification System (NAICS). The businesses in this sector provide scheduled and non-scheduled air transportation services and support services for air transportation such as airport operations, air traffic control, aircraft maintenance, freight forwarding, customs brokerage, shipping and warehousing services, and ground handling. Other sectors generating economic activity due to the Airport include retail trade, construction, and accommodation and food services. The Airport also supports other industries by satisfying the demand for air transportation created by local businesses and residents who travel and ship goods, in addition to travellers from other areas who come to the GTA for business, tourism, and personal reasons. In satisfying the region s demand for air transportation, the Airport and its associated industries make a major contribution to the regional economy. Revenue to businesses, jobs, personal income, and taxes are the major outcomes of airport activity Measuring Economic Impact The economic impact of a business activity is estimated in terms of three types of effects within a regional economy, commonly referred to as direct, indirect, and induced effects. In the context of airport operations, these impacts are defined below: Direct Effects are the immediate results of business activity related to airport operations, in particular airport tenants, airport operators, businesses that require an airport to operate, and businesses that provide direct services to the airport. Direct effects may occur within the airport as well as off-site. The distinguishing feature of a direct impact is that it is an immediate outcome of airport activity. Indirect Effects involve spending related to airport activities on goods and services that are required as inputs for firms to operate. They represent output to other firms further down the production chain. Induced Effects result from the spending on goods and services by the employees of firms directly and indirectly related to the airport. As in the case of indirect impacts, these expenditures represent output to other firms further down the production chain, primarily consumer goods and services. Each of the above effects can be represented in terms of: output, or volume of revenue generated employment (or number of jobs) supported by this output employment income tax revenue received by all levels of government. In 2006, the GTAA conducted a study to update the model used to estimate the economic impact of Toronto Pearson. The estimated impacts for 2005, in $2005, are set out in Table 2.9.

12 2.11 TABLE 2-9 ECONOMIC IMPACTS OF TORONTO LESTER B. PEARSON INTERNATIONAL AIRPORT Output ($B) Jobs (000) Income ($B) Taxes ($B) TOTAL IMPACTS Total Direct Activity Total Indirect Activity Total Induced Activity Total Economic Impact PEARSON IMPACTS Total Direct Activity Total Indirect Activity Total Induced Activity Total Economic Impact AIR TRAVELLER SERVICES Total Direct Activity Total Indirect Activity Total Induced Activity Total Economic Impact The impacts have been grouped into two categories: impacts generated by the operation and development of the Airport, and impacts generated by firms providing services to air travellers in the community, such as accommodation, food and beverage, and entertainment. Toronto Pearson supports the economic growth of the region in three key ways. First, it meets the ongoing passenger and cargo transportation needs of the region; second, as a gateway to other destinations, it attracts people and business into the region; and third, it creates jobs through the redevelopment of the Airport resulting in significant positive economic spin-offs. Toronto Pearson has played, and will continue to play, an important role in supporting the regional economy and the economic sectors that rely on the Airport for air transportation.

13 E CONOMIC AND D EMOGRAPHIC Q UICK F ACTS Quick Facts City of Toronto Toronto s GDP topped $127 bil lion in 2005, 11% of Canada s GDP. Toronto-based businesses export over $70 billion in goods and services. Retail sales are $47 billion annually. Five of Canada s six largest banks have their headquarters near the country s busiest stock exchange. Toronto is North America s third largest financial services centre. 75% of Canada s foreign banks and 65% of the country s pension fund companies are located in Toronto. Three universities and five colleges are located in Toronto. Quick Facts Mississauga 40 of the Financial Post s Top 500 Companies and 59 of Fortune Magazine s 500 US Companies have head offices in Mississauga. 1,177 hectares (2,908 acres) of vacant employment lands. Canada s sixth largest city. A diverse population with 44.2% of the city s population having a mother tongue other than English or French. Quick Facts Brampton The second most active construction market in the Greater Toronto Area. Seventh overall in Canada for total construction, fourth in residential and third in industrial. One of Canada s largest inter modal railway terminals is located in Brampton. The 79 ha (195 acre) terminal operates 5.1 km (16,700 feet) of pad track and 12 storage tracks. Quick Facts GTA The Toronto area is the fifth largest urban region in Canada and the U.S. Approximately 15.5% (162,772) of Canada s businesses are located in the Toronto region, creating an economy that is extremely diverse. Strong employment in both the manufacturing and business services sectors differentiates Toronto from most other major North American cities. This high concentration of economic activity provides employment for 2.8 million people or 18.2% of all employed Canadians. This number is expected to grow to 4.1 million jobs by The region is within an 805 km (500 mile) radius (one day s drive or a one hour flight) of 135 million people. Direct air service between major cities in Canada and the U.S. has nearly doubled in the past six years. FIFTH LARGEST URBAN REGION IN THE U.S. AND CANADA Name of City Population Los Angeles 9.6 million New York 9.1 million Chicago 8.3 million Washington 5.8 million Toronto 5.3 million Philadelphia 5.0 million Atlanta 4.3 million GTA NORTH AMERICAN RANKING Rank Industry 2nd Automotive 3rd ICT 3rd Financial Services 3rd Film & Media 3rd Food & Beverage 4th Biotechnology The Greater Toronto Area is the industrial and financial capital of Canada. Third largest financial centre in North America by employment after New York and Chicago. 85% of the 41 foreign banks in Canada are headquartered in Toronto. Headquarters for six of the top 10 life insurance companies in Canada. Quick Facts Durham Region Headquartered in Oshawa, General Motors of Canada is the leading producer of vehicles in Canada and one of Canada s largest exporters. As the Energy Capital of Ontario, Durham Region produces 30% of Ontario s energy generation needs. Durham companies represent the full energy cycle, from local distribution/ demand-side management companies through transmission equipment manufacturers to companies advancing conservation technologies. 135,974 ha (330,000 acres) of prime agricultural land are located in Durham. Quick Facts York Region Retail sales $6.7 billion estimated for 2007 Value of exported products in 2003: $12.5 billion Regional output in 2004: $37.5 billion Quick Facts Halton Region 33,430 enterprises in 2003 Manufacturing output per worker in 2004: $607,254 Manufacturing value added per production worker in 2002: $252,819