Staying on Track: Sustaining Toronto’s Momentum After the Global Recession
TD Economics has released a report on the state of our region’s economy, and worsening gridlock is highlighted as a major challenge to long-term economic and social prosperity. The special report is titled “Staying on Track: Sustaining Toronto’s Momentum After the Global Recession” and authored by Derek Burleton, Vice President & Deputy Chief Economist, and Sonya Gulati, Senior Economist. They explain that “congestion and gridlock on the roads have a negative impact on the regional economy in the form of productivity loss, more vehicle collisions, but also greater social costs like pollution and unpredictable travel.” After discussing the economic necessity for transportation investment, TD concludes that “despite the growing recognition within the business community that immediate action is now required, a significant challenge for a push to raise new revenues is prevailing public attitude.”
TD Economics also re-affirm their support for the “efficient and transparent use of road pricing and/or a regional sales tax levied in the commuter area to help fund key local services such as transportation.”
The report references other recent studies on GTHA transportation funding, such as those by the Toronto Region Board of Trade and the Residential and Civil Construction Alliance of Ontario.