February 5, 2016
Province Focused on New Business Growth Initiative
Ontario’s economy continued its positive momentum with the second straight month of job creation, adding 19,800 jobs in January. This brings the total increase in employment since the recessionary low in June 2009 to 608,300.Ontario’s unemployment rate remained unchanged at 6.7 per cent, below the national average.
The quarterly Ontario Economic Accounts report shows that the provincial economy posted relatively strong economic growth in the third quarter of 2015. Ontario’s real GDP increased 3.5 per cent (annualized) in the third quarter, driven by gains in household spending and net exports.
The province’s recently announced Business Growth Initiative is helping to grow the economy and create jobs by promoting an innovation-based economy, helping small companies scale-up and modernizing regulations for businesses.
Ontario’s number-one priority is to grow the economy and create jobs, part of the government’s plan to build Ontario up. The four-part plan includes investing in people’s talents and skills, making the largest investment in public infrastructure in the province’s history, creating a dynamic, supportive environment where business thrives, and building a secure retirement savings plan.
- Ontario retail sales advanced 4.5 per cent over the first eleven months of 2015, compared to the same period in 2014.
- Home resales in Ontario rose 9.6 per cent in 2015.
- Ontario manufacturing sales rose 1.6 per cent over the first eleven months of 2015, compared to the same period in 2014.
- Ontario wholesale trade increased 6.8 per cent over the first eleven months of 2015, compared to the same period in 2014.
“Our government is working hard to build on the gains we’ve already made this year, but there is more to do. The Business Growth Initiative is a bold strategy that will accelerate Ontario’s economic growth. It supports and innovative and dynamic business environment and will help create an inviting climate in which to grow the economy and increase our global competitiveness.”
— Brad Duguid, Minister of Economic Development, Employment and Infrastructure
“We have stuck to our plan for helping to make Ontario more productive and competitive on a global scale. Our strategic investments in education and modern infrastructure, together with a competitive tax system, strengthen Ontario and create dynamic opportunities where business can thrive.”
— Charles Sousa, Minister of Finance