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From the Star:
Spending, tax policies hurting Toronto: Report
Jun 25, 2008 01:39 PM
RITA TRICHUR
BUSINESS REPORTER
Torontonians are worried that the city is losing its ranking as Canada's top business hub and are reportedly blaming city hall for chasing away companies due to a culture of wasteful spending and unfavourable tax policies, says a new report from the Fraser Institute.
The think-tank's study - entitled Is Toronto in Decline? Worrying Trends from the Census - argues that Toronto is "failing to keep pace with other Canadian cities" as its median income lags the national average and the city haemorrhages coveted management, business and finance jobs.
Accompanying that research is a COMPAS opinion poll that underscores "growing" concern among residents that "city hall is failing to adequately plan for the future." A total of 653 Toronto residents participated in the survey earlier this month. The findings are considered accurate to within 3.8 percentage points 19 times out of 20.
Sixty-two per cent of respondents said the city does not spend money efficiently and 63 per cent believe its tax policies are driving business away. Moreover, 40 per cent of those surveyed worry Toronto is falling behind other domestic business centres such as Calgary or Vancouver.
"The people of Toronto are looking for leadership and a vision for their city and the future," said Mike Harris, Fraser Institute senior fellow and former Ontario premier.
"They are calling for control over their taxes through a referendum, a response to the waste and lack of direction coming from city hall."
Don Wanagas, a spokesperson for Mayor David Miller, declined comment on the Fraser Institute's report.
The study bases its economic analysis on data from the 2006 census. Cities used as "points of comparison" include London, Ottawa, Halifax, Montreal, Winnipeg, Saskatoon, Edmonton, Calgary and Vancouver.
The study found that median income in Toronto grew by a meagre four per cent from 2000. During that same period, Ontario's median income grew by 10 per cent, while the national average was 16 per cent.
Among Canadian cities, Edmonton posted the highest growth in median income at 26 per cent followed by Saskatoon and Calgary at 21 and 20 per cent, respectively, the study said.
"A key marker of a city's economic health is the income level of its residents. Since 2000, Toronto has lagged behind the Canadian average," Harris added.
The study also argues that Toronto is "bleeding management occupations." Additionally, Toronto is the only city among those studied that recorded a loss of business, finance and administration occupations.
The report says that loss stands in sharp contrast to the 9.3 per cent increase in this area across Canada and 9.6 per cent increase in cities other than Toronto.
http://www.thestar.com/Business/article/449218
________________________________________________
http://www.fraserinstitute.org/Commerce.Web/product_files/Toronto_in_decline.pdf
AoD
Spending, tax policies hurting Toronto: Report
Jun 25, 2008 01:39 PM
RITA TRICHUR
BUSINESS REPORTER
Torontonians are worried that the city is losing its ranking as Canada's top business hub and are reportedly blaming city hall for chasing away companies due to a culture of wasteful spending and unfavourable tax policies, says a new report from the Fraser Institute.
The think-tank's study - entitled Is Toronto in Decline? Worrying Trends from the Census - argues that Toronto is "failing to keep pace with other Canadian cities" as its median income lags the national average and the city haemorrhages coveted management, business and finance jobs.
Accompanying that research is a COMPAS opinion poll that underscores "growing" concern among residents that "city hall is failing to adequately plan for the future." A total of 653 Toronto residents participated in the survey earlier this month. The findings are considered accurate to within 3.8 percentage points 19 times out of 20.
Sixty-two per cent of respondents said the city does not spend money efficiently and 63 per cent believe its tax policies are driving business away. Moreover, 40 per cent of those surveyed worry Toronto is falling behind other domestic business centres such as Calgary or Vancouver.
"The people of Toronto are looking for leadership and a vision for their city and the future," said Mike Harris, Fraser Institute senior fellow and former Ontario premier.
"They are calling for control over their taxes through a referendum, a response to the waste and lack of direction coming from city hall."
Don Wanagas, a spokesperson for Mayor David Miller, declined comment on the Fraser Institute's report.
The study bases its economic analysis on data from the 2006 census. Cities used as "points of comparison" include London, Ottawa, Halifax, Montreal, Winnipeg, Saskatoon, Edmonton, Calgary and Vancouver.
The study found that median income in Toronto grew by a meagre four per cent from 2000. During that same period, Ontario's median income grew by 10 per cent, while the national average was 16 per cent.
Among Canadian cities, Edmonton posted the highest growth in median income at 26 per cent followed by Saskatoon and Calgary at 21 and 20 per cent, respectively, the study said.
"A key marker of a city's economic health is the income level of its residents. Since 2000, Toronto has lagged behind the Canadian average," Harris added.
The study also argues that Toronto is "bleeding management occupations." Additionally, Toronto is the only city among those studied that recorded a loss of business, finance and administration occupations.
The report says that loss stands in sharp contrast to the 9.3 per cent increase in this area across Canada and 9.6 per cent increase in cities other than Toronto.
http://www.thestar.com/Business/article/449218
________________________________________________
http://www.fraserinstitute.org/Commerce.Web/product_files/Toronto_in_decline.pdf
AoD
