Powerhouse economy pg 4

January 19, 2005

Building An Economy

As long as people can achieve home ownership, construction of
new homes and renovation of existing homes will continue to
generate jobs, high wages and significant tax revenue..

Housing starts in the GTA alone last year generated 168,113 jobs and $7.14 billion in wages, contributing $11.78 billion to Canada's gross domestic product. The resulting tax revenue helped the provincial and federal governments pay for all the services that support Canada's envious quality of life.

The boom in renovations across the GTA made an equally significant contribution in 2003. Homeowners spent $4.12 billion upgrading and improving their homes last year. That spending translated into $3.26 billion in wages and generated $6.18 billion in additional GDP.

The combined direct and indirect activity sparked by home building and renovation created 244,764 jobs, provided $10.39 billion in wages, and added $17.96 billion to GDP in 2003.

Building and renovating together generated $5.43 billion in taxes to all levels of government last year.

Powerhouse economy image pg 4

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