Sidewalks to Skylines: A 10-Year Action Plan for Toronto’s Economy

Priorities & Actions

Getting the Basics Right

The actions under this foundational priority are related to ensuring critical elements and inputs that are necessary to adequately support growth and long-term economic sustainability are readily available. Addressing these actions will ensure that Toronto has a greater capacity to be responsive and adaptive to changing economic conditions, making the city in turn, a more attractive destination for businesses and talent.

Strong Main Streets

The actions under this priority ensure that as Toronto continues to grow and evolve, it can recognize and protect the unique fabric of its main streets, ensuring that they remain vibrant, diverse, and accessible to all. This priority underscores the critical role of small businesses in supporting a locally robust economy and community character in a manner that contributes to making Toronto a dynamic, desirable and inclusive city.

Quality Jobs

The actions under this priority highlight the importance of growing local employment and supporting community wealth building opportunities. Throughout consultations, participants felt that the City can strengthen its support for Indigenous, Black and equity-deserving businesses, while also expanding employment opportunities for youth, people with disabilities, and other equity-deserving populations.

Global Competitiveness

The actions under this priority ensure that businesses across multiple sectors are supported to locate and scale to help boost Toronto’s economic productivity and employment opportunities. A critical component of the actions under this priority is embedded in strengthening partnerships with the private sector and post-secondary institutions.

Implementation

The implementation of the Action Plan will be carried out by an Interdivisional Committee with representatives from the relevant City Divisions, Agencies and Boards.

A progress update will be presented to City Council for each of the implementation years. At the end of five years, the success indicators from the first term of the Action Plan for Toronto’s Economy will be assessed alongside economic trends and relevant macroeconomic indicators to validate the approach, assess overall impact of the actions and identify new actions for 2030 to 2035.

The successes, learnings, and a new five-year action plan will then be presented for City Council’s consideration. This two-term approach allows the Action Plan to adapt to changing economic and political circumstances while setting up long-term priorities and overall success for Toronto’s economy.

Project Process & Engagement Summary

The Action Plan was informed by many stakeholder groups through robust internal and external engagement over the course of a year and a half including 15 City Divisions, Agencies and Boards, as well as four Council Advisory Bodies.

The public was broadly consulted and engaged at many points to solicit feedback from:

• 28 subject matter experts through an Economic Advisory Panel and Report
• 256 sector specific organizations and businesses, including Indigenous engagement
• 222 participants through a public survey
• 429 geographic specific sessions including small businesses, community-based nonprofits, business leaders and entrepreneurs