Ontario Economic Update

As of May 26, 2017

Economy
  Monthly:
2017 Jan
Monthly:
2017 Feb
Monthly:
2017 Mar
Monthly:
2017 Apr
Quarterly:
2016 Q3
Quarterly:
2016 Q4
Quarterly:
2017 Q1
Year
to Date*
Annual:
2015
Annual:
2016
Real Gross Domestic Product ($2007 millions) - - - - 684,854 688,474 NA 682,957 665,034 682,957
Per cent change - - - - 0.7 0.5 NA 2.7 2.5 2.7
Current Dollar Gross Domestic Product ($ millions)  - - - - 801,465 809,250 NA 798,218 763,276 798,218
Per cent change - - - - 1.1 1 NA 4.6 4.9 4.6
Employment
  Monthly:
2017 Jan
Monthly:
2017 Feb
Monthly:
2017 Mar
Monthly:
2017 Apr
Quarterly:
2016 Q3
Quarterly:
2016 Q4
Quarterly:
2017 Q1
Year
to Date*
Annual:
2015
Annual:
2016
Employment (000's) 7,075 7,080 7,069 7,067 6,985 7,038 7,075 6,980 6,923 7,000
Net New Jobs (000's)  28.8 4.6 -11.2 -1.6 -10.8 53.3 36.4 95.5 45.3 76.4
Per cent change 0.4 0.1 -0.2 0 -0.2 0.8 0.5 1.4 0.7 1.1
Unemployment Rate (per cent)  6.4 6.2 6.4 5.8 6.6 6.3 6.3 6.4 6.8 6.5
Average Weekly Wage Rate ($), nsa  952.15 956.78 962.92 963.68 960.1 956.3 957.28 958.88 938.09 958.5
Per cent change -0.2 -0.3 -0.2 0 1.2 0.7 -0.2 -0.1 3.4 2.2
Employment Insurance Beneficiaries (regular) 138,960 135,340 135,970 NA 136,793 138,690 136,757 178,507 148,438 139,848
Per cent change 1 -2.6 0.5 NA -1.5 1.4 -1.4 -3.5 -1.6 -5.8
Consumers
  Monthly:
2017 Jan
Monthly:
2017 Feb
Monthly:
2017 Mar
Monthly:
2017 Apr
Quarterly:
2016 Q3
Quarterly:
2016 Q4
Quarterly:
2017 Q1
Year
to Date*
Annual:
2015
Annual:
2016
Retail Sales ($ millions) 17,639 17,619 17,783 NA 50,599 51,976 53,041 45,644 188,893 202,235
Per cent change 1.9 -0.1 0.9 NA 1.5 2.7 2 6.6 5.5 7.1
New Motor Vehicle Sales (units), nsa 46,261 52,347 77,551 NA 218,084 188,188 176,159 176,159 778,716 821,762
Per cent change 3.7 7.4 7.2 NA 2.4 2.1 6.3 6.3 6.3 5.5
Consumer Price Index (CPI), nsa 130.8 131.2 131.4 132 130.1 130.3 131.1 131.4 127.4 129.7
Per cent change 2.3 2.3 1.9 1.9 1.6 2 2.2 2.1 1.2 1.8
Housing
  Monthly:
2017 Jan
Monthly:
2017 Feb
Monthly:
2017 Mar
Monthly:
2017 Apr
Quarterly:
2016 Q3
Quarterly:
2016 Q4
Quarterly:
2017 Q1
Year
to Date*
Annual:
2015
Annual:
2016
Housing Starts (000's)  101.9 87.6 91.3 73.7 74 75.4 89.6 22.5 70.2 75
Per cent change 25.2 -14 4.2 -19.3 -0.4 2 18.8 16.1 18.6 6.8
MLS Home Resales (units)  20,641 22,147 22,513 21,227 61,123 62,076 65,301 78,421 221,715 242,731
Per cent change -0.3 7.3 1.7 -5.7 1.7 1.6 5.2 8.9 9.5 9.5
Business
  Monthly:
2017 Jan
Monthly:
2017 Feb
Monthly:
2017 Mar
Monthly:
2017 Apr
Quarterly:
2016 Q3
Quarterly:
2016 Q4
Quarterly:
2017 Q1
Year
to Date*
Annual:
2015
Annual:
2016
Manufacturing Sales ($ millions)  25,906 25,569 25,893 NA 74,934 75,851 77,368 75,936 289,325 300,990
Per cent change 0.7 -1.3 1.3 NA 0.9 1.2 2 2.3 1.7 4
International Merchandise Exports ($ millions), nsa  16,246 15,903 18,587 NA 49,829 52,090 50,736 50,736 197,030 205,399
Per cent change -8 -8.7 2.5 NA -0.5 -1.8 -4.6 -4.6 10.7 4.2
International Merchandise Imports ($ millions), nsa 26,152 26,480 31,445 NA 83,066 83,368 84,077 84,077 325,393 333,661
Per cent change 1.3 -3.4 8.3 NA 0.7 -0.3 2.2 2.2 10.1 2.5
Wholesale Trade ($ millions)  30,661 30,925 31,010 NA 88,140 88,671 92,596 87,014 328,001 348,870
Per cent change 3.8 0.9 0.3 NA 2.2 0.6 4.4 8.3 6.6 6.4
Non-residential Building Permits ($ millions)  919 855 1,069 NA 3,193 3,003 2,843 2,389 11,950 11,924
Per cent change -7.6 -7 25.1 NA 18.9 -5.9 -5.3 0.4 1.8 -0.2
Private and Public Investment ($ millions) - - - - - - - - 68,473 67,952
Per cent change - - - - - - - - 7.8 -0.8

* 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
Macroeconomics and Revenue Branch
Economic 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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