Briefly: Toronto finance industry calls for better transit

(August 26, 2008) The Toronto Financial Services Alliance has welcomed additional infrastructure funding announced by the Government of Ontario on Monday. The funding will aid in the construction of public works at the municipal level.

“Time and again, in international ratings of financial centres, the quality of infrastructure is cited as a key differentiator,” said Janet Ecker, president of the TFSA. “And Toronto has to continue to make improvements if it wishes to remain competitive.”

The Global Financial Centre Index scores cities based on how well they accommodate the financial industry, and while Toronto’s score has held steady in recent years, other cities’ have gained ground.

Ecker urged the City of Toronto to invest its share of the cash infusion — about $238 million — into the transportation system, which is seen as a key weakness in the city’s GFCI score.

“Ease of doing business is a key competitiveness indicator driving financial business leaders’ opinions of Toronto as an investment location,” said Ecker. “An improved transportation infrastructure will be a positive driver and would provide [a] competitive advantage.”

(08/26/08)

Staff

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