Item - 2024.EC12.1

The Economic and Community Development Committee:

1. Deferred consideration of the item until the July 4, 2024 meeting of the Economic and Community Development Committee.

This report proposes the endorsement and application of a three-pillar framework to advance city-wide inclusive economic development (IED) and neighbourhood / area focused community economic development (CED) in Toronto. The three pillars of the proposed inclusive economic development framework are (a) inclusive workforce development and sector pathways; (b) inclusive entrepreneurship and asset ownership; and (c) research, monitoring and equity impact.

This framework posits that inclusive economic development occurs when economic opportunities and outcomes improve across Toronto's population and neighbourhoods - including its Indigenous, Black and equity-deserving communities - in parallel to overall growth of the city and regional economy. Inclusive economic development refers specifically to municipal touchpoints with the labour market and Toronto business sectors, particularly focussed on supports for employment pathways, entrepreneurship and business development.

This framework provides definitions of key terms that can be consistently used by City divisions and agencies. Further, it clarifies how existing initiatives being led by different divisions complement each other but also what gaps remain and what tools may not be available to municipal government. Finally, the report positions inclusive economic development as a necessary objective of the City's forthcoming Action Plan for Toronto’s Economy (APTE), where further inclusive economic development actions will be specified.