A new report jointly issued by the Tourism Industry Association of Ontario and the Ontario Chamber of Commerce paints a grim picture of a struggling industry about to be knocked on its heels by an economic downturn.
The report, obtained by the Toronto Star, said the tourism industry in Ontario—a $36B sector before the pandemic hit—was "disproportionately impacted by the COVID-19 pandemic" and "is not fully expected to recover until 2025."
The trade groups say that tourism activity has declined 35% from pre-pandemic levels; tourism operators on average are making just 64% of pre-pandemic revenue.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
