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July 3, 2008
Economic assessment shows 2007 Grey Cup brought $80 million to province
  
The total economic activity (GDP) generated by the 2007 Grey Cup was more than $80 million throughout the province, with $52.9 million occurring in Toronto. These expenditures generated more than $25.6 million in wages and salaries, and supported nearly 625 jobs, of which 475 were in Toronto, as released by the Canadian Sports Tourism Alliance.

“The economic success of the Grey Cup will strengthen the City’s position when it is presented with opportunities to host other similar events in the future,” said Mayor David Miller. “I know that the residents and businesses of Toronto welcome these types of high-calibre events to our city and do everything possible to accommodate not only the athletes, but visitors as well.”

Considerable tax revenues were also produced by the event, totalling nearly $18 million. The event supported federal government tax revenues of about $8.5 million; with an additional $6.3 million in tax revenue for the province of Ontario, and more than $3.2 million for Ontario municipalities, of which Toronto’s share was $2.6 million. The event attracted more than 28,500 visitors to Toronto, each spending an average of $279 per day over the course of their stay.

“Toronto is Canada’s leading tourist destination and major events are an important way we showcase our great city to Canada and the rest of the world,” said Duncan Ross, Senior Executive Advisor, Major International Events and Special Projects. “Internationally, Toronto has developed a reputation for hosting successful events and this contributes positively to the economic prosperity of Toronto, as well as offering a wealth of social and cultural opportunities to all residents.”

“The Grey Cup Festival in particular and sporting events in general are powerful business drivers for thousands of businesses across the Toronto region,” said Brad Watters, COO, Toronto Argonauts, and General Manager, Grey Cup 2007. “When you see this type of positive economic impact, it is clear that not only sports and football fans, but with the diverse line-up of the 2007 Grey Cup Festival, fans of entertainment, music and comedy all had a great time patronizing our hotels, restaurants and shops while enjoying the games and Canadian Football. There is no doubt that Toronto is a Grey Cup city and we look forward to hosting more championship games in the near future.”

The economic impact results were derived from surveys taken during the Grey Cup weekend. A total of 1,913 respondents completed the survey, with 948 indicating they were from Toronto, and 965 stating they were from out of town. The study was commissioned by the City of Toronto in partnership with Tourism Toronto. The full report is available at: http://www.toronto.ca/toronto_international/reports.htm.

Toronto is Canada’s largest city and sixth largest government, and home to a diverse population of about 2.6 million people. It is the economic engine of Canada and one of the greenest and most creative cities in North America. In the past three years, Toronto has won more than 70 awards for quality, innovation and efficiency in delivering public services. Toronto’s government is dedicated to prosperity, opportunity and liveability for all its residents.

Media contact:
Duncan Ross, Senior Executive Advisor, Major International Events and Special Projects, Economic Development, 416-397-5395, dhross@toronto.ca


 

 

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