Ontario Economic Update
Access the September 23, 2022 update of the economy in the Ontario Economic Update, a weekly snapshot of the economy.
| Item | Monthly: 2022 May | Monthly: 2022 Jun | Monthly: 2022 Jul | Monthly: 2022 Aug | Quarterly: 2021 Q4 | Quarterly: 2022 Q1 | Quarterly: 2022 Q2 | Year to Date* | Annual: 2020 | Annual: 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Real Gross Domestic Product ($2012 millions) | – | – | – | – | 807,011 | 816,287 | NA | 816,287 | 762,164 | 795,232 |
| Per cent change | – | – | – | – | 1.5 | 1.1 | NA | 2.9 | −5.1 | 4.3 |
| Current Dollar Gross Domestic Product ($ millions) | – | – | – | – | 1,008,216 | 1,044,705 | NA | 1,044,705 | 866,940 | 970,041 |
| Per cent change | – | – | – | – | 3.3 | 3.6 | NA | 10.5 | −2.8 | 11.9 |
| Item | Monthly: 2022 May | Monthly: 2022 Jun | Monthly: 2022 Jul | Monthly: 2022 Aug | Quarterly: 2021 Q4 | Quarterly: 2022 Q1 | Quarterly: 2022 Q2 | Year to Date* | Annual: 2020 | Annual: 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Employment (000's) | 7,739 | 7,714 | 7,687 | 7,668 | 7,585 | 7,635 | 7,730 | 7,676 | 7,022 | 7,366 |
| Net New Jobs (000's) | 1.9 | −24.7 | −27.4 | −19.2 | 157.2 | 49.7 | 95.5 | 414.1 | −355.3 | 344.8 |
| Per cent change | 0.0 | −0.3 | −0.4 | −0.2 | 2.1 | 0.7 | 1.3 | 5.7 | −4.8 | 4.9 |
| Unemployment Rate (per cent) | 5.5 | 5.1 | 5.3 | 5.7 | 6.6 | 6.0 | 5.3 | 5.9 | 9.6 | 8.0 |
| Average Weekly Wage Rate ($), nsa | 1,177 | 1,194 | 1,188 | 1,205 | 1,138 | 1,169 | 1,178 | 1,179 | 1,114 | 1,134 |
| Per cent change | 3.5 | 5.9 | 5.6 | 7.0 | 2.6 | 2.9 | 3.9 | 4.1 | 7.8 | 1.8 |
| Employment Insurance Beneficiaries (regular) | 140,700 | 135,820 | 136,290 | NA | 208,197 | 167,040 | 137,470 | 162,104 | 200,038 | 471,822 |
| Per cent change | 3.5 | −3.5 | 0.3 | NA | −57.9 | −19.8 | −17.7 | −72.9 | 67.2 | 135.9 |
| Item | Monthly: 2022 May | Monthly: 2022 Jun | Monthly: 2022 Jul | Monthly: 2022 Aug | Quarterly: 2021 Q4 | Quarterly: 2022 Q1 | Quarterly: 2022 Q2 | Year to Date* | Annual: 2020 | Annual: 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Retail Sales ($ millions) | 23,239 | 23,710 | 22,529 | NA | 63,919 | 67,423 | 69,818 | 153,932 | 223,901 | 244,687 |
| Per cent change | 1.6 | 2.0 | −5.0 | NA | 1.6 | 5.5 | 3.6 | 14.9 | −3.5 | 9.3 |
| New Motor Vehicle Sales (units), nsa | 63,536 | 64,750 | 54,253 | NA | 143,484 | 136,799 | 188,910 | 379,962 | 652,838 | 665,161 |
| Per cent change | 2.7 | −5.3 | −14.2 | NA | −15.9 | −7.2 | −1.7 | −5.6 | −23.1 | 1.9 |
| Consumer Price Index (CPI), nsa | 153.7 | 154.4 | 154.6 | 154.1 | 145.9 | 149.0 | 153.2 | 151.9 | 138.4 | 143.2 |
| Per cent change | 7.8 | 7.9 | 7.6 | 6.9 | 5.0 | 6.3 | 7.5 | 7.0 | 0.7 | 3.5 |
| Item | Monthly: 2022 May | Monthly: 2022 Jun | Monthly: 2022 Jul | Monthly: 2022 Aug | Quarterly: 2021 Q4 | Quarterly: 2022 Q1 | Quarterly: 2022 Q2 | Year to Date* | Annual: 2020 | Annual: 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Housing Starts (000's) | 90.5 | 94.7 | 96.9 | 100.6 | 96.4 | 81.8 | 88.7 | 56.0 | 81.3 | 99.6 |
| Per cent change | 15.7 | 4.7 | 2.2 | 3.9 | −6.4 | −15.1 | 8.4 | −8 | 17.9 | 22.5 |
| MLS Home Resales (units) | 14,798 | 13,623 | 12,603 | 13,559 | 64,110 | 61,307 | 44,685 | 139,352 | 228,304 | 270,705 |
| Per cent change | −9.0 | −7.9 | −7.5 | 7.6 | 2.7 | −4.4 | −27.1 | −28.8 | 8.8 | 18.6 |
| Item | Monthly: 2022 May | Monthly: 2022 Jun | Monthly: 2022 Jul | Monthly: 2022 Aug | Quarterly: 2021 Q4 | Quarterly: 2022 Q1 | Quarterly: 2022 Q2 | Year to Date* | Annual: 2020 | Annual: 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Manufacturing Sales ($ millions) | 30,582 | 30,935 | 30,999 | NA | 83,551 | 87,953 | 92,846 | 209,874 | 278,562 | 310,826 |
| Per cent change | −2.4 | 1.2 | 0.2 | NA | 7.7 | 5.3 | 5.6 | 20.7 | −12.6 | 11.6 |
| International Merchandise Exports ($ millions), nsa | 19,378 | 20,035 | 17,997 | NA | 52,636 | 53,174 | 58,111 | 129,282 | 187,168 | 197,014 |
| Per cent change | 32.0 | 18.0 | 15 | NA | 0.9 | 6.4 | 24.3 | 15.0 | −10.8 | 5.3 |
| International Merchandise Imports ($ millions), nsa | 37,813 | 38,309 | 35,517 | NA | 101,066 | 99,019 | 112,926 | 247,463 | 338,796 | 372,486 |
| Per cent change | 24.8 | 23.9 | 17.1 | NA | 7.9 | 11.6 | 23.5 | 17.6 | −7.3 | 9.9 |
| Wholesale Trade ($ millions) | 40,661 | 40,675 | 40,408 | NA | 118,620 | 120,763 | 121,516 | 278,378 | 389,382 | 442,870 |
| Per cent change | 1.2 | 0.0 | −0.7 | NA | 7.5 | 1.8 | 0.6 | 12.7 | −1.2 | 13.7 |
| Non-residential Building Permits ($ millions) | 1,450 | 1,590 | 1,207 | NA | 4,343 | 4,134 | 4,739 | 9,811 | 14,716 | 15,998 |
| Per cent change | −14.7 | 9.6 | −24.1 | NA | 10.5 | −4.8 | 14.6 | 10.0 | −6.9 | 8.7 |
| Private and Public Investment ($ millions) | – | – | – | – | – | – | – | – | 80,863 | 90,716 |
| Per cent change | – | – | – | – | – | – | – | – | −3.5 | 12.2 |
* 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.
Notes: All data are seasonally adjusted unless otherwise specified with "nsa".
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.
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