Employment in Ontario increased by 28,800 in January — bolstered by gains in manufacturing, finance, insurance, real estate, rental and leasing, and accommodation and food services sectors.
The majority of these net new jobs are in the private sector. Ontario’s unemployment rate was 6.4 per cent in January, and has been lower than the national average for 22 months in a row.
Ontario’s economy is growing and is expected to remain one of the fastest-growing in Canada over the next two years. According to the Economic Accounts, the province’s real GDP (gross domestic product) grew 0.7 per cent in the third quarter (July to September) of 2016, slightly stronger than the average of all G7 countries. Over the first three quarters of 2016, Ontario’s real GDP growth has outpaced that of Canada’s and all other G7 countries.
- Employment growth has occurred in many economic regions across the province, including Muskoka-Kawarthas (19.9 per cent) and Kingston-Pembroke (13.8 per cent).
- Ontario retail sales increased 0.5 per cent in November, the third consecutive monthly advance.
- Ontario new motor vehicle sales rose 9.5 per cent in November, the fourth consecutive monthly increase.
- Since 2013, the Southwestern Ontario Development Fund and Eastern Ontario Development Fund have helped support more than 36,500 jobs and attracted over $1.73 billion in investment in communities across the province.