New study reveals Exhibition Place generates Economic Impact of $594.5 million to Toronto and Province of Ontario

• $594.5 million total direct impact to the economy in 2023
• Over 3,726 jobs created in 2023 from events on Exhibition Place
• Over $80 million in taxes generated in 2023
• Over 1,761 annual events hosted on Exhibition Place

TORONTO, Sept. 18, 2024 /CNW/ - Today Exhibition Place, Canada's premier destination for events and entertainment, has released its 2023 Economic Impact Report, highlighting the significant annual impact of the community hub and events destination on the City of Toronto, Province of Ontario and Canada's national economy.

As part of Exhibition Place's mission to deliver exceptional experiences to visitors through events and on-site animation, the 192-acre site hosts some of Canada's largest events and public celebrations, world-class conferences, exhibitions, and sporting events. In 2023 alone, it hosted a total of 1,761 events with 5.5 million attendees, driving a direct impact of over $594 million to the Canadian economy.

Exhibition Place is an economic powerhouse for the City of Toronto and Province of Ontario and fuels the visitor economy. The 192-acre site boasts world class convention venues including the LEED Platinum Enercare Centre and LEED Silver Beanfield Conference Centre, along with BMO Field, Liberty Grand, Medieval Times, Toronto Event Centre, and Coca Cola Coliseum, among other permanent tenants. It hosts large-scale Business Events like the Collision Conference and the American Water Works Association Convention, as well as iconic, large-scale festivals and cultural events such as the Canadian National Exhibition, Royal Agricultural Winter Fair and Toronto Caribbean Carnival.

Combined with corporate meetings, exhibitions and special events, Exhibition Place supported 3,726 total jobs, including 2,607 full-time equivalent and 1,119 indirect full-time equivalent jobs, and $594.5 million in direct economic impact to the regional and national economy. Ancillary events across the Exhibition Place site (such as film shoots, community programming, and leisure room nights etc.) contributed $16.8 million in economic impact.

The Economic Impact study was conducted through HLT Advisory Inc, a leading consultancy to the convention centre industry utilizing the Economic Impact Calculator (EIC) model developed by Tourism Economics, an Oxford Economics Company and is used by over 300 destinations worldwide.

"Our vision is to become Canada's premier destination for conventions, exhibitions, events and entertainment, and the results of this study are a testament to the joint commitment and dedication of our team members, tenants, and partners." said Don Boyle, CEO of Exhibition Place. "We're dedicated to providing an exceptional experience for visitors and promoting economic activity and investment in the City of Toronto, and as we, along with our valued partners, continue to support and invest in our people and culture, infrastructure and sustainable operations, we expect to see these contributions continue to grow in the years to come."

"The business events industry is a huge driver of the visitor economy, and the 5.5 million visitors to Exhibition Place each year resulted in Economic Impact of $594.5 million in visitor spending and economic activity which fuels the visitor economy of Toronto's ecosystem, from retail, to transport and accommodation, to food and beverage, across the supply chain, said Laura Purdy, General Manager of Exhibition Place. "This significant Economic Impact result demonstrates Business Events' positive and significant contribution to job creation and stimulate our Provincial and Canadian economy."

Total labour income generated by Exhibition Place business event activity increased from $160.2 million in 2019 to $163.5 million in 2023, as well as total taxes generated (including federal, provincial, and municipal taxes) increasing from $77.5 million to $80.6 million over the same period.

Working with HLT Advisory Inc., additional findings from the Exhibition Place 2023 Impact Report for business event activity specifically include:

• Visitors to Exhibition Place generated $174.7 million in direct spending (55.4% of total direct spending), organizers generated $99.8 million in direct spending (31.7%), and exhibitors generated $40.9 million in direct spending (13.0%).
• Total spending (including direct, indirect and induced) increased by around $7 million between 2019 and 2023 ($560.8 million in 2019 and $577.7 million in 2023)
• Lodging in 2023 accounted for the largest proportion of visitor spending with total direct spending of $69.5 million (40%).
• Federal taxes generated by direct economic impacts totaled $20.4 million, while provincial taxes generated were $12.1 million, and local taxes generated were $10.4 million in 2023.
• Total jobs supported (FTE's) by Exhibition Place event activity were 3,948 in 2019 and 3,726 in 2023

The 2023 Economic Impact Report can be accessed here. For more information, visit https://www.explace.on.ca/.

About The Methodology
Exhibition Place engaged HLT Advisory ("HLT") to develop, conduct and facilitate an Economic Impact Study that covered events/shows hosted on Exhibition Place grounds over a full 12-month period for calendar years 2019 and 2023. See 'Methodology' in the report here for more information.

About Exhibition Place
Established in 1879 and located on the shores of Lake Ontario, Toronto, the award-winning Exhibition Place is Canada's largest entertainment venue, hosting 1,761 events and attracting over 5.5 million visitors a year. The 192-acre site is an integral component of Toronto and Ontario's economy, particularly with respect to conventions, sports, festivals, recreation, culture, and tourism. Exhibition Place boasts the award-winning, LEED Platinum Enercare Centre; Canada's largest exhibition and convention centre, and the Beanfield Centre LEED Silver conference venue. Since 2004, Exhibition Place has undertaken an environmental stewardship initiative, entitled GREENSmart; which includes the promotion of sustainable development, environmental initiatives and leading-edge green technologies and practices across the site.

SOURCE The Board of Governors of Exhibition Place