Ontario Economic Update

As of January 20, 2017

Economy
  Monthly:
2016 Sep
Monthly:
2016 Oct
Monthly:
2016 Nov
Monthly:
2016 Dec
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 Sep
Monthly:
2016 Oct
Monthly:
2016 Nov
Monthly:
2016 Dec
Quarterly:
2016 Q2
Quarterly:
2016 Q3
Quarterly:
2016 Q4
Year
to Date*
Annual:
2015
Annual:
2016
Employment (000's) 6,993 7,019 7,038 7,047 6,998 6,979 7,034 7,000 6,923 7,000
Net New Jobs (000's)  16.2 25.4 18.9 9.1 15.2 -19.3 55.3 76.4 45.3 76.4
Per cent change 0.2 0.4 0.3 0.1 0.2 -0.3 0.8 1.1 0.7 1.1
Unemployment Rate (per cent)  6.6 6.4 6.3 6.4 6.7 6.6 6.4 6.5 6.8 6.5
Average Weekly Wage Rate ($), nsa  960.82 955.73 954.99 958.17 958.39 960.1 956.3 958.52 938.09 958.5
Per cent change 1.1 1 0.6 0.4 2.7 1.2 0.7 2.2 3.4 2.2
Employment Insurance Beneficiaries (regular) 141,510 139,540 137,670 NA 138,877 136,793 NA 140,792 148,438 NA
Per cent change 0.9 -1.4 -1.3 NA -3.6 -1.5 NA -5.9 -1.6 NA
Consumers
  Monthly:
2016 Sep
Monthly:
2016 Oct
Monthly:
2016 Nov
Monthly:
2016 Dec
Quarterly:
2016 Q2
Quarterly:
2016 Q3
Quarterly:
2016 Q4
Year
to Date*
Annual:
2015
Annual:
2016
Retail Sales ($ millions) 16,158 16,414 16,498 NA 47,793 48,206 NA 174,191 184,143 NA
Per cent change 0.9 1.6 0.5 NA -0.2 0.9 NA 4.8 4.2 NA
New Motor Vehicle Sales (units), nsa 71,339 67,149 67,931 NA 249,672 218,279 NA 768,684 778,364 NA
Per cent change 1.6 1 11.7 NA 6 2.5 NA 6.6 6.2 NA
Consumer Price Index (CPI), nsa 130.1 130.6 130.2 130 130 130.1 130.3 129.7 127.4 129.7
Per cent change 1.8 2.1 1.8 2 1.9 1.6 2 1.8 1.2 1.8
Housing
  Monthly:
2016 Sep
Monthly:
2016 Oct
Monthly:
2016 Nov
Monthly:
2016 Dec
Quarterly:
2016 Q2
Quarterly:
2016 Q3
Quarterly:
2016 Q4
Year
to Date*
Annual:
2015
Annual:
2016
Housing Starts (000's)  70.6 84.8 59.1 80.1 74.3 74 75 71.9 70.2 75
Per cent change -3.6 20 -30.3 35.5 -3.3 -0.4 1.4 5.2 18.6 6.8
MLS Home Resales (units)  20,878 21,296 20,518 20,678 60,880 61,497 62,492 243,400 222,499 243,400
Per cent change 2.9 2 -3.7 0.8 4 1 1.6 9.4 9.5 9.4
Business
  Monthly:
2016 Sep
Monthly:
2016 Oct
Monthly:
2016 Nov
Monthly:
2016 Dec
Quarterly:
2016 Q2
Quarterly:
2016 Q3
Quarterly:
2016 Q4
Year
to Date*
Annual:
2015
Annual:
2016
Manufacturing Sales ($ millions)  25,057 24,927 24,928 NA 74,267 74,904 NA 276,572 289,325 NA
Per cent change 0.1 -0.5 0 NA -2.3 0.9 NA 4.3 1.7 NA
International Merchandise Exports ($ millions), nsa  17,544 17,873 17,914 NA 50,273 49,754 NA 188,980 196,962 NA
Per cent change 0.3 0.7 3.4 NA 4.8 -0.7 NA 5.6 11.1 NA
International Merchandise Imports ($ millions), nsa 28,060 28,819 28,397 NA 84,996 83,018 NA 307,477 325,152 NA
Per cent change -0.6 0.3 2.5 NA 3 0.7 NA 3.1 10 NA
Wholesale Trade ($ millions)  29,051 29,308 NA NA 85,859 87,255 NA 286,605 326,783 NA
Per cent change -0.5 0.9 NA NA 0.3 1.6 NA 6.5 6.5 NA
Non-residential Building Permits ($ millions)  840 884 1,121 NA 2,503 3,125 NA 11,073 11,950 NA
Per cent change -26.3 5.6 26.3 NA -19.3 24.8 NA -0.8 1.8 NA
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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