Montreal, December 10, 2004 The Board of Trade of Metropolitan Montreal today revealed the results of its study titled Public Transit: A powerful engine for the economic development of the metropolitan Montreal area . This document presents numerous facts and statistics demonstrating a close, positive link between public transit and not only economic development but also quality of life.
The study reveals that public transit in metropolitan Montreal generates major economic impacts, including the following:
- operating and fixed capital expenditures of $1.3 billion;
- economic benefits of $937 million;
- almost 13,000 jobs; and
- a 45% return on investment for the provincial and federal governments.
The economic benefits generated by public transit are not limited to the expenditures of transit authorities in the region. In 2003, for example, public transit enabled Montreal households to save almost $600 million in travel expenses. These savings gave additional purchasing power to the households, which could then spend more on shopping, cultural outings, and recreation. This, in turn, generated double the economic benefits for the Montreal area as spending the same amount on car operating expenses to the benefit of a host of local merchants and manufacturers, declared Benoit Labonté, president and CEO of the Board of Trade of Metropolitan Montreal.
Beyond its impact on reducing travel costs, public transit also boosts patronage at business and tourism centres, increases the pool of workers in industrial areas, and facilitates travel to university centres. We should also remember the vital contribution of mass transit to the success of our great sporting and cultural events, concluded Labonté.
This study by the Board of Trade of Metropolitan Montreal was carried out in collaboration with SECOR Consulting and with the financial participation of the Agence métropolitaine de transport (AMT) and the Société de transport de Montréal (STM).
The Board of Trade of Metropolitan Montreal has some 7,000 members. Its primary mission is to represent the interests of the business community of the Greater Montreal and to provide individuals, merchants, and businesses of all sizes with a variety of specialized services to help them achieve their full potential in terms of innovation, productivity and competitiveness. The Board of Trade is Quebec 's leading private economic development organization.