Ontario Economic Update

As of September 13, 2019

Economy
  Monthly:
2019 May
Monthly:
2019 Jun
Monthly:
2019 Jul
Monthly:
2019 Aug
Quarterly:
2018 Q4
Quarterly:
2019 Q1
Quarterly:
2019 Q2
Year
to Date*
Annual:
2017
Annual:
2018
Real Gross Domestic Product ($2007 millions) 784,451 785,394 NA 785,394 761,305 778,814
Per cent change 0.2 0.1 NA 2.0 2.8 2.3
Current Dollar Gross Domestic Product ($ millions)  862,806 867,918 NA 867,918 825,805 854,742
Per cent change 0.1 0.6 NA 3.1 4.1 3.5
Employment
  Monthly:
2019 May
Monthly:
2019 Jun
Monthly:
2019 Jul
Monthly:
2019 Aug
Quarterly:
2018 Q4
Quarterly:
2019 Q1
Quarterly:
2019 Q2
Year
to Date*
Annual:
2017
Annual:
2018
Employment (000's) 7,438 7,431 7,420 7,478 7,284 7,364 7,429 7,412 7,128 7,242
Net New Jobs (000's)  20.9 −7.0 −10.7 57.8 18.4 79.4 65.1 192.7 128.4 114.4
Per cent change 0.3 −0.1 −0.1 0.8 0.3 1.1 0.9 2.7 1.8 1.6
Unemployment Rate (per cent)  5.2 5.4 5.7 5.6 5.5 5.8 5.5 5.9 6.0 5.6
Average Weekly Wage Rate ($), nsa  1,033 1,047 1,057 1,042 1,001 1,014 1,035 1,031 967 1,002
Per cent change 2.5 4.0 5.6 3.7 2.1 2.0 2.8 2.9 0.9 3.5
Employment Insurance Beneficiaries (regular) 117,470 118,180 NA NA 115,537 114,230 117,163 125,043 134,650 120,384
Per cent change 1.4 0.6 NA NA −3.1 −1.1 2.6 −5.9 −3.8 −10.6
Consumers
  Monthly:
2019 May
Monthly:
2019 Jun
Monthly:
2019 Jul
Monthly:
2019 Aug
Quarterly:
2018 Q4
Quarterly:
2019 Q1
Quarterly:
2019 Q2
Year
to Date*
Annual:
2017
Annual:
2018
Retail Sales ($ millions) 19,390 19,406 NA NA 57,090 56,523 58,104 109,830 216,318 225,859
Per cent change 0.4 0.1 NA NA −0.6 −1.0 2.8 2.8 7.7 4.4
New Motor Vehicle Sales (units), nsa 85,559 83,840 NA NA 184,390 179,837 248,313 428,150 857,155 862,313
Per cent change −7.1 −5.8 NA NA −3.2 −3.1 −5.3 −4.4 4.3 0.6
Consumer Price Index (CPI), nsa 138.1 138 138.8 NA 135.2 136.1 137.8 137.2 131.9 135.0
Per cent change 2.4 2.0 2.1 NA 2.2 1.6 2.1 1.9 1.7 2.4
Housing
  Monthly:
2019 May
Monthly:
2019 Jun
Monthly:
2019 Jul
Monthly:
2019 Aug
Quarterly:
2018 Q4
Quarterly:
2019 Q1
Quarterly:
2019 Q2
Year
to Date*
Annual:
2017
Annual:
2018
Housing Starts (000's)  49.1 66.5 70.4 83.5 82.4 61.9 68.1 43.2 79.1 78.7
Per cent change −41.8 35.5 5.8 18.6 18.0 −24.8 10.0 −11.1 5.6 −0.5
MLS Home Resales (units)  17,051 17,318 17,732 NA 49,156 47,661 50,900 125,125 219,358 191,030
Per cent change 3.1 1.6 2.4 NA −0.7 −3.0 6.8 7.2 −9.8 −12.9
Business
  Monthly:
2019 May
Monthly:
2019 Jun
Monthly:
2019 Jul
Monthly:
2019 Aug
Quarterly:
2018 Q4
Quarterly:
2019 Q1
Quarterly:
2019 Q2
Year
to Date*
Annual:
2017
Annual:
2018
Manufacturing Sales ($ millions)  26,780 26,843 NA NA 79,297 79,129 79,791 159,743 303,565 315,506
Per cent change 2.3 0.2 NA NA −0.6 −0.2 0.8 1.4 1.8 3.9
International Merchandise Exports ($ millions), nsa  19,064 17,573 15,988 NA 52,085 50,586 53,888 120461 199,260 202,156
Per cent change 8.3 −2.8 1.1 NA 4.6 3.2 2.9 2.8 −2.8 1.5
International Merchandise Imports ($ millions), nsa 32,863 30,944 29,541 NA 89,131 88,980 94,643 213,165 346,848 354,746
Per cent change 5.8 −1.4 3.1 NA 4.4 5.1 2.6 3.7 4.0 2.3
Wholesale Trade ($ millions)  32,707 32,755 NA NA 96,996 98,146 98,467 194,875 376,133 385,590
Per cent change −0.9 0.1 NA NA 0.9 1.2 0.3 1.6 7.4 2.5
Non-residential Building Permits ($ millions)  1,170 1,234 1,275 NA 3,320 3,484 3,815 8,738 14,764 13,380
Per cent change −17.1 5.5 3.3 NA 3.3 4.9 9.5 12.1 23.8 −9.4
Private and Public Investment ($ millions) 69,073 72,479
Per cent change 7.4 4.9

* 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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