Ontario Economic Update
Access the September 13, 2024 update of the economy in the Ontario Economic Update, a weekly snapshot of the economy.
Economy
| Item | Monthly: 2024 May | Monthly: 2024 June | Monthly: 2024 July | Monthly: 2024 August | Quarterly: 2023 Q4 | Quarterly: 2024 Q1 | Quarterly: 2024 Q2 | Year to Date* | Annual: 2022 | Annual: 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Real Gross Domestic Product ($2017 millions) | – | – | – | – | 922,904 | 929,244 | N/A | 929,244 | 909,121 | 921,659 |
| Real Gross Domestic Product (% change) | – | – | – | – | 0.0 | 0.7 | N/A | 1.1 | 3.9 | 1.4 |
| Current Dollar Gross Domestic Product ($ millions) | – | – | – | – | 1,113,963 | 1,123,162 | N/A | 1,123,162 | 1,048,259 | 1,093,466 |
| Current Dollar Gross Domestic Product (% change) | – | – | – | – | 1.1 | 0.8 | N/A | 5.0 | 9.2 | 4.3 |
Employment
| Item | Monthly: 2024 May | Monthly: 2024 June | Monthly: 2024 July | Monthly: 2024 August | Quarterly: 2023 Q4 | Quarterly: 2024 Q1 | Quarterly: 2024 Q2 | Year to Date* | Annual: 2022 | Annual: 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Employment (000's) | 8,045 | 8,055 | 8,077 | 8,069 | 7,938 | 7,951 | 8,032 | 8,020 | 7,732 | 7,915 |
| Net New Jobs (000's) | 49.5 | 9.8 | 22.4 | -8.4 | -6.9 | 12.9 | 80.9 | 113.0 | 338.3 | 183.2 |
| Net New Jobs (% change) | 0.6 | 0.1 | 0.3 | -0.1 | -0.1 | 0.2 | 1.0 | 1.4 | 4.6 | 2.4 |
| Unemployment Rate (per cent) | 6.7 | 7.0 | 6.7 | 7.1 | 6.2 | 6.5 | 6.8 | 7.0 | 5.6 | 5.7 |
| Average Weekly Wage Rate, nsa ($) | 1,312 | 1,318 | 1,343 | 1,355 | 1,306 | 1,318 | 1,316 | 1,325 | 1,216 | 1,278 |
| Average Weekly Wage Rate, nsa (% change) | 3.7 | 4.7 | 5.0 | 5.2 | 5.4 | 5.1 | 4.1 | 4.7 | 4.7 | 5.1 |
| Employment Insurance Beneficiaries (regular) | 148,780 | 151,370 | N/A | N/A | 143,213 | 146,440 | 149,087 | 155,515 | 139,074 | 124,999 |
| Employment Insurance Beneficiaries (regular) (% change) | 1.1 | 1.7 | N/A | N/A | 7.5 | 2.3 | 1.8 | 26.8 | -70.5 | -10.1 |
Consumers
| Item | Monthly: 2024 May | Monthly: 2024 June | Monthly: 2024 July | Monthly: 2024 August | Quarterly: 2023 Q4 | Quarterly: 2024 Q1 | Quarterly: 2024 Q2 | Year to Date* | Annual: 2022 | Annual: 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Retail Sales ($ millions) | 24,587 | 24,497 | N/A | N/A | 75,204 | 75,213 | 73,780 | 143,757 | 295,392 | 297,337 |
| Retail Sales (% change) | -0.4 | -0.4 | N/A | N/A | 1.2 | 0.0 | -1.9 | 0.9 | 10.9 | 0.7 |
| New Motor Vehicle Sales, nsa (units) | 73,893 | 69,774 | N/A | N/A | 170,134 | 172,988 | 214,139 | 387,127 | 641,885 | 719,569 |
| New Motor Vehicle Sales, nsa (% change) | 2.3 | -1.6 | N/A | N/A | 11.2 | 15.2 | 3.6 | 8.5 | -4.9 | 12.1 |
| Consumer Price Index (CPI), nsa | 163.2 | 163.1 | 163.9 | N/A | 160.3 | 160.5 | 162.8 | 162.0 | 152.9 | 158.7 |
| Consumer Price Index (CPI), nsa (% change) | 3.0 | 3.0 | 2.7 | N/A | 3.3 | 2.6 | 2.9 | 2.7 | 6.8 | 3.8 |
Housing
| Item | Monthly: 2024 May | Monthly: 2024 June | Monthly: 2024 July | Monthly: 2024 August | Quarterly: 2023 Q4 | Quarterly: 2024 Q1 | Quarterly: 2024 Q2 | Year to Date* | Annual: 2022 | Annual: 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Housing Starts (000's) | 86.8 | 67.7 | 106.2 | N/A | 80.8 | 80.7 | 74.9 | 45.3 | 96.1 | 89.3 |
| Housing Starts (% change) | 17.1 | -22.0 | 56.8 | N/A | -13.8 | 0.0 | -7.3 | -10.2 | -3.5 | -7.1 |
| MLS Home Resales (units) | 12,905 | 13,615 | 13,531 | N/A | 38,687 | 43,063 | 39,785 | 104,782 | 187,436 | 164,156 |
| MLS Home Resales (% change) | -2.7 | 5.5 | -0.6 | N/A | -5.9 | 11.3 | -7.6 | -2.9 | -32.0 | -12.4 |
Business
| Item | Monthly: 2024 May | Monthly: 2024 June | Monthly: 2024 July | Monthly: 2024 August | Quarterly: 2023 Q4 | Quarterly: 2024 Q1 | Quarterly: 2024 Q2 | Year to Date* | Annual: 2022 | Annual: 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Manufacturing Sales ($ millions) | 31,186 | 30,659 | N/A | N/A | 94,403 | 93,955 | 92,872 | 187,429 | 368,471 | 388,465 |
| Manufacturing Sales (% change) | 0.5 | -1.7 | N/A | N/A | -4.5 | -0.5 | -1.2 | -4.3 | 18.0 | 5.4 |
| International Merchandise Exports, nsa ($ millions) | 20,745 | 20,852 | 18,984 | N/A | 62,713 | 62,647 | 63,050 | 144,680 | 226,156 | 252,365 |
| International Merchandise Exports, nsa (% change) | -8.0 | -4.7 | -1.7 | N/A | 8.9 | 1.3 | -3.8 | -1.4 | 14.7 | 11.6 |
| International Merchandise Imports, nsa ($ millions) | 39,429 | 39,539 | 37,461 | N/A | 115,569 | 109,142 | 118,232 | 264,834 | 443,603 | 457,878 |
| International Merchandise Imports, nsa (% change) | -2.3 | -2.2 | 3.5 | N/A | 1.8 | -0.1 | 1.1 | 0.9 | 18.3 | 3.2 |
| Wholesale Trade ($ millions) | 45,501 | 45,029 | 46,270 | N/A | 135,681 | 134,213 | 136,162 | 313,836 | 490,514 | 546,362 |
| Wholesale Trade (% change) | -0.3 | -1.0 | 2.8 | N/A | -3.0 | -1.1 | 1.5 | 0.0 | 10.8 | 11.4 |
| Non-residential Building Permits ($ millions) | 1,900 | 1,789 | 2,215 | N/A | 5,188 | 5,812 | 5,559 | 13,685 | 18,823 | 21,323 |
| Non-residential Building Permits (% change) | 1.6 | -5.9 | 23.8 | N/A | -6.9 | 12.0 | -4.4 | 13.8 | 17.7 | 13.3 |
| Private and Public Investment ($ millions) | - | - | - | - | - | - | - | - | 94,555 | 102,623 |
| Private and Public Investment (% change) | - | - | - | - | - | - | - | - | 5.1 | 8.5 |
Notes
All monthly and quarterly data are seasonally adjusted unless otherwise specified with "nsa". Year to Date data is nsa. Per cent change for nsa data is calculated on a year-to-year basis.
Sources: Statistics Canada, Ontario Ministry of Finance, Canada Mortgage and Housing Corporation and Canadian Real Estate Association.
Contact us
For further information, please contact us at:
Ministry of Finance
Economic Analysis Unit
Macroeconomics and Revenue Branch
Office of Economic Policy
6th Floor, Frost Building North
95 Grosvenor Street
Toronto ON M7A 1Z1
Updated: September 17, 2024
Published: March 27, 2022
Footnotes
- footnote[1] Back to paragraph GDP levels are expressed at annual rates.
- footnote[2] Back to paragraph 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.
- footnote[3] Back to paragraph International merchandise trade is reported on a customs basis.