Ontario Economic Update

As of February 24, 2017

Economy
  Monthly:
2016 Oct
Monthly:
2016 Nov
Monthly:
2016 Dec
Monthly:
2017 Jan
Quarterly:
2016 Q2
Quarterly:
2016 Q3
Quarterly:
2016 Q4
Year
to Date*
Annual:
2015
Annual:
2016
Real Gross Domestic Product ($2007 millions) - - - - 679,663 684,109 NA 680,746 665,034 NA
Per cent change - - - - 0.2 0.7 NA 2.8 2.5 NA
Current Dollar Gross Domestic Product ($ millions)  - - - - 792,284 800,217 NA 793,977 763,276 NA
Per cent change - - - - 0.4 1 NA 4.8 4.9 NA
Employment
  Monthly:
2016 Oct
Monthly:
2016 Nov
Monthly:
2016 Dec
Monthly:
2017 Jan
Quarterly:
2016 Q2
Quarterly:
2016 Q3
Quarterly:
2016 Q4
Year
to Date*
Annual:
2015
Annual:
2016
Employment (000's) 7,028 7,040 7,046 7,075 6,996 6,985 7,038 6,973 6,923 7,000
Net New Jobs (000's)  25.5 11.9 6.4 28.8 15.8 -10.8 53.3 104.5 45.3 76.4
Per cent change 0.4 0.2 0.1 0.4 0.2 -0.2 0.8 1.5 0.7 1.1
Unemployment Rate (per cent)  6.4 6.2 6.4 6.4 6.6 6.6 6.3 6.5 6.8 6.5
Average Weekly Wage Rate ($), nsa  955.73 954.99 958.17 952.15 958.39 960.1 956.3 952.15 938.09 958.5
Per cent change 1 0.6 0.4 -0.2 2.7 1.2 0.7 -0.2 3.4 2.2
Employment Insurance Beneficiaries (regular) 139,950 137,580 136,820 NA 138,877 136,793 138,117 139,644 148,438 139,644
Per cent change -1.1 -1.7 -0.6 NA -3.6 -1.5 1 -5.9 -1.6 -5.9
Consumers
  Monthly:
2016 Oct
Monthly:
2016 Nov
Monthly:
2016 Dec
Monthly:
2017 Jan
Quarterly:
2016 Q2
Quarterly:
2016 Q3
Quarterly:
2016 Q4
Year
to Date*
Annual:
2015
Annual:
2016
Retail Sales ($ millions) 16,355 16,416 16,269 NA 47,793 48,179 49,040 192,813 184,143 192,813
Per cent change 1.4 0.4 -0.9 NA -0.2 0.8 1.8 4.7 4.2 4.7
New Motor Vehicle Sales (units), nsa 67,149 67,935 53,104 NA 249,784 218,084 188,188 821,762 778,716 821,762
Per cent change 1 11.7 -6.8 NA 6 2.4 2.1 5.5 6.3 5.5
Consumer Price Index (CPI), nsa 130.6 130.2 130 130.8 130 130.1 130.3 130.8 127.4 129.7
Per cent change 2.1 1.8 2 2.3 1.9 1.6 2 2.3 1.2 1.8
Housing
  Monthly:
2016 Oct
Monthly:
2016 Nov
Monthly:
2016 Dec
Monthly:
2017 Jan
Quarterly:
2016 Q2
Quarterly:
2016 Q3
Quarterly:
2016 Q4
Year
to Date*
Annual:
2015
Annual:
2016
Housing Starts (000's)  84.9 59.4 80.7 100 74.3 74 75 6.5 70.2 75
Per cent change 20.3 -30.1 35.9 23.9 -3.3 -0.4 1.4 75.4 18.6 6.8
MLS Home Resales (units)  20,904 20,463 20,709 20,365 60,075 61,123 62,076 11,277 220,567 242,031
Per cent change 0.7 -2.1 1.2 -1.7 2.3 1.7 1.6 10.5 9.5 9.7
Business
  Monthly:
2016 Oct
Monthly:
2016 Nov
Monthly:
2016 Dec
Monthly:
2017 Jan
Quarterly:
2016 Q2
Quarterly:
2016 Q3
Quarterly:
2016 Q4
Year
to Date*
Annual:
2015
Annual:
2016
Manufacturing Sales ($ millions)  24,926 25,057 25,637 NA 74,267 74,934 75,620 300,846 289,325 300,846
Per cent change -0.6 0.5 2.3 NA -2.3 0.9 0.9 4 1.7 4
International Merchandise Exports ($ millions), nsa  17,918 17,839 16,266 NA 50,275 49,812 52,023 205,275 197,030 205,275
Per cent change 0.9 3 -9.5 NA 4.8 -0.6 -2 4.2 10.7 4.2
International Merchandise Imports ($ millions), nsa 28,802 28,341 26,338 NA 84,980 82,995 83,481 333,701 325,393 333,701
Per cent change 0.2 2.1 -2.8 NA 3 0.6 -0.1 2.6 10.1 2.6
Wholesale Trade ($ millions)  29,290 28,811 28,745 NA 85,859 87,128 86,846 345,274 326,783 345,274
Per cent change 1.1 -1.6 -0.2 NA 0.3 1.5 -0.3 5.7 6.5 5.7
Non-residential Building Permits ($ millions)  887 1,115 994 NA 2,503 3,125 2,996 11,899 11,950 11,899
Per cent change 5.6 25.7 -10.9 NA -19.3 24.8 -4.1 -0.4 1.8 -0.4
Private and Public Investment ($ millions) - - - - - - - - 69,611 69,518
Per cent change - - - - - - - - 9.6 -0.1

* Notes: All data are seasonally adjusted unless otherwise specified with "nsa".
Per cent change for seasonally unadjusted (nsa) data is calculated on a year-to-year basis.
Year-to-date averages are generally calculated using unadjusted monthly data. Year-to-date per cent change is calculated on a year-to-year basis.
International merchandise trade is reported on a customs basis.
GDP levels are expressed at annual rates. Monthly and quarterly housing starts are expressed at seasonally adjusted annual rates.
Year-to-date housing starts are based on actual unadjusted urban-area data.
Sources: Statistics Canada, Ontario Ministry of Finance, Canada Mortgage and Housing Corporation and Canadian Real Estate Association.

For further information, please contact us at:
Ministry of Finance
Economic and Revenue Forecasting and Analysis Branch
Current Analysis Unit
6th Floor, Frost Building North
95 Grosvenor Street
Toronto ON M7A 1Z1
416 325-0755
Send us your questions or comments.

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