Ontario Economic Update

As of September 22, 2017

Economy
  Monthly:
2017 May
Monthly:
2017 Jun
Monthly:
2017 Jul
Monthly:
2017 Aug
Quarterly:
2016 Q4
Quarterly:
2017 Q1
Quarterly:
2017 Q2
Year
to Date*
Annual:
2015
Annual:
2016
Real Gross Domestic Product ($2007 millions) - - - - 688,546 695,116 NA 695,116 665,034 682,840
Per cent change - - - - 0.5 1.0 NA 2.5 2.5 2.7
Current Dollar Gross Domestic Product ($ millions)  - - - - 810,529 827,051 NA 827,051 763,276 798,484
Per cent change - - - - 1.1 2.0 NA 4.7 4.9 4.6
Employment
  Monthly:
2017 May
Monthly:
2017 Jun
Monthly:
2017 Jul
Monthly:
2017 Aug
Quarterly
2016 Q4
Quarterly:
2017 Q1
Quarterly:
2017 Q2
Year
to Date*
Annual:
2015
Annual:
2016
Employment (000's) 7,087 7,081 7,106 7,137 7,038 7,075 7,078 7,092 6,923 7,000
Net New Jobs (000's)  19.9 -6.1 25.5 31.1 53.3 36.4 3.7 107.2 45.3 76.4
Per cent change 0.3 -0.1 0.4 0.4 0.8 0.5 0.1 1.5 0.7 1.1
Unemployment Rate (per cent)  6.5 6.4 6.1 5.7 6.3 6.3 6.2 6.4 6.8 6.5
Average Weekly Wage Rate ($), nsa  959.02 963.44 961.41 968.72 956.30 957.28 962.05 961.02 938.09 958.50
Per cent change 0.7 0.4 0.1 1.0 0.7 -0.2 0.4 0.2 3.4 2.2
Employment Insurance Beneficiaries (regular) 134,470 133,010 135,370 NA 139,110 137,237 133,283 149,791 148,439 139,924
Per cent change 1.6 -1.1 1.8 NA 1.3 -1.3 -2.9 -1.4 -1.6 -5.7
Consumers
  Monthly:
2017 May
Monthly:
2017 Jun
Monthly:
2017 Jul
Monthly:
2017 Aug
Quarterly:
2016 Q4
Quarterly:
2017 Q1
Quarterly:
2017 Q2
Year
to Date*
Annual:
2015
Annual:
2016
Retail Sales ($ millions) 17,935 17,849 17,891 NA 51,976 53,001 53,702 120,194 188,893 202,235
Per cent change 0.1 -0.5 0.2 NA 2.7 2.0 1.3 6.8 5.5 7.1
New Motor Vehicle Sales (units), nsa 93,022 86,238 75,235 NA 188,188 176,159 261,787 513,181 778,716 821,762
Per cent change 11.4 5.8 3.5 NA 2.1 6.3 4.8 5.1 6.3 5.5
Consumer Price Index (CPI), nsa 131.9 132.1 131.9 131.8 130.3 131.1 132.0 131.6 127.4 129.7
Per cent change 1.4 1.3 1.2 1.5 2.0 2.2 1.5 1.7 1.2 1.8
Housing
  Monthly:
2017 May
Monthly:
2017 Jun
Monthly:
2017 Jul
Monthly:
2017 Aug
Quarterly:
2016 Q4
Quarterly:
2017 Q1
Quarterly:
2017 Q2
Year
to Date*
Annual:
2015
Annual:
2016
Housing Starts (000's)  54.1 78.3 79.3 95.1 75.4 88.5 70.2 50.4 70.2 75.0
Per cent change -27.5 44.8 1.3 19.9 2.0 17.4 -20.7 6.6 18.6 6.8
MLS Home Resales (units)  18,022 15,970 15,310 15,983 62,076 65,301 55,192 159,263 221,713 242,724
Per cent change -15.0 -11.4 -4.1 4.4 1.6 5.2 -15.5 -7.4 9.5 9.5
Business
  Monthly:
2017 May
Monthly:
2017 Jun
Monthly:
2017 Jul
Monthly:
2017 Aug
Quarterly:
2016 Q4
Quarterly:
2017 Q1
Quarterly:
2017 Q2
Year
to Date*
Annual:
2015
Annual:
2016
Manufacturing Sales ($ millions)  26,127 25,637 24,064 NA 75,265 76,717 77,240 176,422 286,331 297,649
Per cent change 2.6 -1.9 -6.1 NA 1.1 1.9 0.7 3.4 2.1 4.0
International Merchandise Exports ($ millions), nsa  18,625 17,917 13,897 NA 52,096 50,830 53,256 117,982 197,030 205,508
Per cent change 13.0 4.9 -5.4 NA -1.8 -4.6 5.9 -0.2 10.7 4.3
International Merchandise Imports ($ millions), nsa 31,459 32,047 26,944 NA 83,386 84,114 92,530 203,588 325,393 333,664
Per cent change 13.3 9.7 4.2 NA -0.2 2.3 8.9 5.4 10.1 2.5
Wholesale Trade ($ millions)  31,526 31,640 31,770 NA 88,671 92,785 94,674 217,216 328,001 348,870
Per cent change 0.1 0.4 0.4 NA 0.6 4.6 2.0 9.1 6.6 6.4
Non-residential Building Permits ($ millions)  1,133 1,406 1,419 NA 3,003 2,885 3,645 8,705 11,950 11,924
Per cent change 2.5 24.1 0.9 NA -5.9 -3.9 26.3 29.6 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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