Private sector investments in Ontario, with high quality business support programs of the Government have helped to create and retain 68,501 jobs across the province since 2013, including over 19,000 jobs and $2 billion in investment for the province’s auto sector.
The province released a new report on Wednesday highlighting the job creation and private investments supported by the Jobs and Prosperity Fund (JPF), the Eastern Ontario Development Fund (EODF) and the Southwestern Ontario Development Fund (SWODF). Together, these funds are helping Ontario companies drive innovation and remain competitive in an increasingly global economy.
Brad Duguid, Minister of Economic Development and Growth, said: “Targeted and strategic partnerships, like those supported by the Jobs and Prosperity Fund, are essential in a fiercely competitive global economy. Ontario is well positioned to attract investment based on our highly skilled workforce, climate of innovation and efficient business environment. Direct business support can often be the deciding factor in securing private sector investment in Ontario. We work diligently to ensure government resources are being spent judiciously, effectively, and in a way that will spur continued growth.”
Ontario is also fulfilling a commitment to release business support program investment details through its Open Data catalogue. Data from 2013 to March, 2016 is now available and will be updated annually each June to include projects signed in the previous fiscal year.
Innovation and exports
The JPF helps secure private sector investment in Ontario, allowing the government to partner with businesses to enhance productivity, innovation and exports. So far, $784 million in government support has been committed, which has leveraged $7.32 billion in investment, supporting 37,296 jobs.
The two regional funds support economic development in targeted geographical regions:
- Eastern Ontario Development Fund (EODF): $33 million in Ontario support is securing over $308 million in private sector investment, resulting in commitments to create and retain 6,326 total jobs in the region
- Southwestern Ontario Development Fund (SWODF): $91 million in Ontario support is securing over $949 million in private sector investment, resulting in commitments to create and retain 24,879 total jobs in the region.
August’s job growth brings the total increase in employment since the recessionary low in June 2009 to 599,500. General Motors and Unifor have reached a tentative agreement that will enable new product investments at GM facilities in Ontario — a strong endorsement of the province’s globally competitive and highly innovative manufacturing sector.
Independent, third-party review and analysis of the Southwestern Ontario Development Fund and Eastern Ontario Development Fund determined that they provide lasting benefits and value for participating firms, as well as the province, with the majority continuing to experience both revenue and job growth after projects have been completed.
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