The board, which polled senior executives, found most named other North American cities, such as Calgary and Chicago, as more competitive than Toronto.
The survey found:
only 26 per cent of respondents rated Toronto more competitive than U.S. cities 29 per cent rated Toronto as competitive against international cities 51 per cent believe Toronto is more competitive than other Canadian cities 70 per cent of executives said there is no overall growth of companies in Toronto
"I can't overstate the need for governments at all levels to begin to show leadership and take action now to restore Toronto's competitiveness on the global stage," said Elyse Allan, president and CEO of the Toronto Board of Trade.
With 44 per cent saying high taxes were a major issue, with a "fair business property tax" and a "reasonable level of overall taxation" crucial to making a city competitive, only 30 per cent said Toronto's tax performance was positive.
Toronto's road and transit systems from downtown to the surrounding area were also criticized by about 30 per cent of respondents.
Fourteen per cent said the economy was the top issue facing the Toronto business community.
Almost everyone surveyed said access to a well-educated and skilled pool of workers, access to quality public education and healthcare are extremely important, but they stressed that Toronto was no longer strong in this area.
"Competitions are won by those with focused and clearly communicated areas of competitive excellence. Toronto is not positioned to win. Many of Toronto's competitors have taken huge leaps forward to address infrastructure challenges and tax competitiveness," said Allan.
"With the right infrastructure investment - in public transit, roads, the waterfront - and with the right economic and tax environment we will improve our competitive position," Allan added.
A total of 320 telephone interviews were done randomly among Toronto Board of Trade members, who are senior executives such as CEOs, presidents and general managers.
In 1996, Toronto ranked number 1 in Fortune magazine's top 10 list of best cities for business. In 2000, it didn't even make the list.
