Ontario’s economy continues to create jobs and grow, with 34,900 jobs added in December. 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 this month, including manufacturing, finance, insurance, real estate and leasing. Ontario’s unemployment rate also dropped to 6.7 per cent, outpacing the national average. “December’s job numbers show our economy continues to gain momentum but there is still work to be done,” Minister of Economic Development, Employment and Infrastructure Brad Duguid said.
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.