Ontario’s economy continued to create jobs and grow, with 34,900 jobs added in December 2015.
This brings the total increase in employment since the recessionary low in June 2009 to 588,100.
Ontario experienced employment growth in a number of key sectors, including manufacturing, finance, insurance, real estate and leasing. Ontario’s unemployment rate also dropped to 6.7 per cent, outpacing the national average.
A recent report from TD Economics predicts Ontario will enjoy a projected 2.4 per cent growth in gross domestic product (GDP) this year based upon the performance of exports due to a favourable exchange rate and rising international demand. Export Development Canada forecasts that exports in the motor vehicle and auto parts sector, as well as metal and ores and other industrial products are expected to experience positive growth throughout 2016.
Ontario’s latest Economic Outlook and Fiscal Review showed that the province remains one of the strongest provincial economies in Canada. As part of the outlook, Ontario announced a new Business Growth Initiative to respond to the challenges and opportunities of rapid technological change and global economic forces.
Priority areas include:
• Modernizing the regulatory system – lowering business costs through regulations that are outcome-focussed and evidence-based.
• Scaling up – helping to catapult more Ontario firms into global leadership.
• Creating an innovation driven economy – accelerating the development, commercialization and adoption of made-in-Ontario disruptive technologies.
“Ontario is supporting a positive environment where the private sector can create good jobs and the economy can grow,” said Brad Duguid, Minister of Economic Development, Employment and Infrastructure. “The job numbers show our economy continues to gain momentum, but there is more work to be done. We will continue to move forward with our efforts to make our economy more globally competitive, growing it and creating jobs in the process.”
A few quick facts:
• According to the 2015 Ontario Economic Outlook and Fiscal Review, real GDP is forecasted to grow at 1.9 per cent in 2015 and 2.2 per cent annually, on average, over the 2016-18 period.
• Ontario retail sales rose 4.5 per cent over the first ten months of 2015, compared to the same period in 2014.
• Ontario manufacturing sales rose 1.1 per cent over the first 10 months of 2015, compared to the same period in 2014.