In May, Ontario experienced employment growth in a number of sectors with the largest gain being in construction with an increase of almost 25,000. Ontario’s unemployment rate also dropped to 6.6 per cent, lower than the national average.
More than 600,000 jobs have been created since the recessionary low in June 2009. Ontario is projected to create more than 300,000 jobs by the end of 2019, which would bring the total to more than 900,000 net new jobs over a 10-year period.
Ontario’s real Gross Domestic Product (GDP) expanded by 2.6 per cent last year, more than twice the national average. Ontario’s Financial Accountability Officer (FAO) recently joined private-sector forecasters, including BMO, CIBC, and the Conference Board of Canada, in predicting Ontario will continue to be a provincial growth leader in 2016 and 2017. The FAO expects Ontario to continue out-pacing US GDP growth, and predicts an improvement in the unemployment rate.
The government’s four-part economic plan includes investing in talent and skills, including helping more people get and create the jobs of the future by expanding access to high-quality college and university education. The plan is making the largest investment in public infrastructure in Ontario’s history and investing in a low-carbon economy driven by innovative, high-growth, export-oriented businesses.
“We know that our plan to invest in our highly-educated and skilled workforce, foster a competitive business environment, and invest in infrastructure is working,” said deputy premier Deb Matthews. “Our economy is leading the country in growth and is on track to remain one of the fastest growing provinces in Canada. Businesses are expanding and choosing to locate new facilities in Ontario. For example, General Electric recently decided to locate a new plant in Ontario, creating good jobs for the people of Ontario.”
A few quick facts:
- Average weekly wages in Ontario were up 3.8 per cent in the first five months of 2016, compared to first five months of 2015.
- According to the latest forecast from Export Development Canada, Ontario’s merchandise exports are expected to grow seven per cent this year – one of the highest rates in Canada.
- Ontario is making the largest investment in public infrastructure in the province’s history – about $160 billion over 12 years for projects such as roads, bridges, transit systems, schools and hospitals. This investment is supporting 110,000 jobs every year across the province. In 2015, the government announced support for more than 325 projects that will keep people and goods moving, connect communities and improve quality of life. Ontario’s unemployment rate declined from a recessionary high of 9.6 per cent in June 2009 to 6.6 per cent in May 2016. Ontario’s five-year, $400-million Business Growth Initiative is helping create jobs by promoting an innovation-based economy, helping small companies and modernizing regulations.