Independent analysis highlights potential impact of further investment at Billy Bishop Airport (YTZ) to local and regional economy
November 25, 2021
November 25, 2021
TORONTO, ON (November 25, 2021) – Nieuport Aviation is proud to release a new independent study highlighting the economic potential of Billy Bishop Toronto City Airport for the Toronto and the southern Ontario region.
The analysis, completed by York Aviation, a leading consulting firm specializing in airport economic impact assessment, demonstrates that future investment at Billy Bishop Airport offers significant economic opportunity for the local, regional and national community, which would be additional and complementary to contributions made by Toronto Pearson Airport.
To complete the study, York Aviation examined the potential economic impacts of Billy Bishop Airport operations that would be unlocked through continued planned investments at the airport, all of which are in line with the PortsToronto 2018 Master Plan for the airport. Highlights of the study include:
The analysis has been reviewed and endorsed by Fred Lazar, Associate Professor of Economics at the Schulich School of Business, York University.
The report reinforces the role of Billy Bishop Airport as a powerful engine for economic growth in the region, facilitating employment and economic development by promoting trade, investment, tourism and generating tax revenues that fund government services. In the wake of the global pandemic, the airport will expedite economic revitalization as the city of Toronto, and the province of Ontario, as the country recovers from the impacts of the pandemic and rebuilds the economy.
The analysis showcases Billy Bishop Airport’s potential to support recovery and facilitate growth across local, regional, and international economies through continued investment in the passenger terminal. This growth will contribute to the GDP, tax revenues, and job creation while also expanding market access, improving trade competitiveness and business productivity. By expanding local air transportation services in an increasingly global market, Billy Bishop Airport will drive to a more robust, faster-growing local and national economy.
Neil Pakey, CEO, Nieuport Aviation said:
“In an increasingly global market, air transport is a gateway to economic growth. York Aviation’s report showcases the substantial opportunity for Billy Bishop Airport to play a key role in supporting economic recovery. By investing in improved passenger options and terminal infrastructure, such as the addition of a U.S. Customers and Border Protection Pre-Clearance facility at Billy Bishop Airport, Toronto can build a runway to a more robust, faster-growing local and national economy.”
Gene Cabral, Executive Vice President, PortsToronto, owner and operator of Billy Bishop Toronto City Airport, said:
“Billy Bishop Airport has long been a valuable asset to the City of Toronto and surrounding region and is uniquely positioned to drive economic recovery as we emerge from the pandemic. The report commissioned by terminal owner Nieuport Aviation and conducted by York Aviation, provides a strong analysis of the positive economic impacts that can be realized by continued investment and improvement in the airport, as contemplated within our 2018 Master Plan. Investments in infrastructure such as a US preclearance facility will drive job creation, support trade and boost GDP and tax revenues, which are all of tremendous benefit as we emerge from the pandemic and set our sights on rebuilding our economy.”
For more information about the Economic Impact Study, click here to review a copy of York Aviation's analysis.
About Nieuport Aviation (http://www.nieuport.com)
Nieuport Aviation is the owner and operator of the Passenger Terminal at Billy Bishop Toronto City Airport (BBTCA). It is owned by institutional investors advised by J.P. Morgan Asset Management, which are core infrastructure investors with a long-term investment horizon and ongoing access to capital, including investments on behalf of millions of Ontario and Canadian families. In addition to managing the Passenger Terminal, Nieuport Aviation offers passengers a free bus shuttle service between the airport and downtown Toronto, helping to provide a seamless travel experience.