Ontario’s economy added 21,600 jobs in May, according to figures released by the government on Friday.
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 outpacing US GDP growth, and predicts an improvement in the unemployment rate.
Brad Duguid, Minister of Economic Development, Employment and Infrastructure, said: “Economic growth and job creation is our government’s top priority. We have worked hard to foster an economic environment that is positive for businesses, and allows the private sector to create good jobs and drive growth. We will continue investing in infrastructure in communities across the province, and I look forward to seeing jobs being created across various sectors, and increased economic growth.”
The government will continue to implement its economic plan to build Ontario up and deliver on its number-one priority to grow the economy and create jobs. The four-part 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. The plan is also helping working Ontarians achieve a more secure retirement.
- 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 to grow the economy and create jobs by promoting an innovation-based economy, helping small companies scale-up and modernizing regulations for businesses. – CINEWS