The Economic Development Committee received the item for information and thanked the Presenters.

The following persons made Presentations to the Committee and answered Members’ questions:

1.         Janet Ecker, President and CEO, Toronto Financial Services Alliance (TFSA);

2.         David Whitaker, President and CEO, Tourism Toronto;

3.         Lorne Meikle, President and Chair, The Biotechnology Initiative (TBI);

4.         Arlene Gould, Strategic Director, Design Industry Advisory Committee (DIAC);

5.         Tim Poupore, Association of Chartered Industrial Designers of Ontario (ACIDO); and

6.         Susan Wiggins, Association of Registered Interior Designers of Ontario (ARIDO).

Presentations from various Sectors:

1.         Toronto Financial Services Alliance (TFSA) – Janet Ecker, President and CEO

2.         Tourism Toronto – David Whitaker, President and CEO

3.         The Biotechnology Initiative (TBI) – Lorne Meikle, President and Chair

4.         Design Industry Advisory Committee (DIAC) - Arlene Gould, Strategic Director

5.         Greening Greater Toronto – Michael Sherman, Managing Director

No material available.

The Economic Development Committee recommends that:

1.         City Council approve additions and deletions to the The Eglinton Way Business Improvement Areas Board of Management as set out in Attachment 1 of the report (September 28, 2009) from the General Manager, Economic Development, Culture and Tourism.

2.         City Council amend Schedule A of the Municipal Code Chapter 19, Business Improvement Areas, to reflect changes to the BIA Board of Management.

To complement the information it receives regularly on the Toronto economy, the Economic Development Committee periodically hears presentations from researchers and topical experts. At its meeting of September 22, 2009, the Committee heard a presentation from CIBC Senior Economist Benjamin Tal. As a close monitor of trends and leading advisor in the global financial system, Mr. Tal previously delivered a presentation to Councillors and City staff at the Ontario Investment and Trade Centre, in which he discussed economic shifts at the international, national and regional levels. He was again invited to speak before Committee to specifically address issues facing the Toronto economy.

This brief summarizes the issues and general recommendations discussed in Mr. Tal’s presentation and the Q&A session that followed. The presentation focussed on the challenges that the Toronto economy is facing, but offered a generally optimistic view. In particular, an unemployment rate above the national average has attracted a lot of attention, but Mr. Tal suggested that the duration of unemployment is a more important indicator. Toronto fares much better on this measure. Further, Toronto continues to attract immigrants and youth. These two groups face barriers within the labour force but their presence is a tremendous regional advantage.