HAMILTON, ON, August 27, 2014: A new report from the Hamilton Chamber of Commerce and the Ontario Chamber of Commerce identifies the crucial steps that governments and the private sector must take in order to ensure that the 2015 Toronto Pan Am and Parapan American Games leave a positive, lasting economic legacy in Hamilton and the province.
“As hosts for the Pan Am Soccer tournament, Hamilton will be getting a significant influx of a global fan base and subsequent economic activity, especially near neighbourhoods of the city like Barton-Tiffany and James North that are on the cusp of major revitalization” says Keanin Loomis, President of the Hamilton Chamber of Commerce.
In less than a year, the Games will come to a close. If projections are accurate, they will bring 250,000 visitors to Ontario, generate $3.7 billion in new economic activity, and result in an expected 26,000 new jobs. While the Games are likely to provide a short-term boon to our economy, the lasting impact is much less clear.
According to the report, Beyond the Finish Line, Ontario needs to follow the lead of other major sporting event hosts and market itself more prominently to potential visitors from abroad.
“The Games have the potential to attract as many as hundreds of thousands of visitors from across the Americas,” says Allan O’Dette, President and CEO of the Ontario Chamber of Commerce. “But they won’t arrive unsolicited - we need to step up our marketing game abroad.”
The report also highlights the need to make sure that government’s traffic reduction targets for the Games do not slow the movement of goods in the province by ensnaring transport trucks in gridlock. Congestion already costs the GTHA $6 billion in lost productivity annually. Observers anticipate that congestion in the region will worsen during the Games, partially as a result of the government’s ambitious 20 percent traffic reduction target.
The business group also urges Ontario businesses to leverage the unique opportunity presented by the Games to establish deeper relationships with their Latin American counterparts. Ontario's exports to the region account for only 2.1 percent of Ontario's exports. The group applauds the Government of Ontario for spearheading the Toronto Pan American Economic Summit, a three day conference that will bring together 1,500 business leaders from across the Americas.
“The Chamber is already collaborating with the City of Hamilton on its emerging Foreign Direct Investment Strategy and is fully committed to ensuring we put our best foot forward as a city for the games next year” adds Keanin Loomis, President.
Learn more by reading Beyond the Finish Line: Ensuring a Successful Legacy for the Toronto 2015 Pan Am and Parapan Games. Click here to download.
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For more information contact:
Policy & Research Analyst
Hamilton Chamber of Commerce
T: 905-522-1151 ext: 230