Ontario Economic Update
Access the November 29, 2024 update of the economy in the Ontario Economic Update, a weekly snapshot of the economy.
Economy
| Item | Monthly: 2024 Jul | Monthly: 2024 Aug | Monthly: 2024 Sep | Monthly: 2024 Oct | Quarterly: 2024 Q1 | Quarterly: 2024 Q2 | Quarterly: 2024 Q3 | Year to Date* | Annual: 2022 | Annual: 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Real Gross Domestic Product ($2017 millions) | – | – | – | – | 929,141 | 931,981 | N/A | 930,561 | 916,916 | 932,757 |
| Real Gross Domestic Product (% change) | – | – | – | – | 0.7 | 0.3 | N/A | 1.1 | 4.1 | 1.7 |
| Current Dollar Gross Domestic Product ($ millions) | - | - | - | - | 1,122,689 | 1,139,908 | N/A | 1,131,299 | 1,061,714 | 1,119,545 |
| Current Dollar Gross Domestic Product (% change) | 0.8 | 1.5 | N/A | 4.8 | 9.4 | 5.4 |
Employment
| Item | Monthly: 2024 Jul | Monthly: 2024 Aug | Monthly: 2024 Sep | Monthly: 2024 Oct | Quarterly: 2024 Q1 | Quarterly: 2024 Q2 | Quarterly: 2024 Q3 | Year to Date* | Annual: 2022 | Annual: 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Employment (000's) | 8,077 | 8,069 | 8,112 | 8,101 | 7,951 | 8,032 | 8,086 | 8,036 | 7,732 | 7,915 |
| Net New Jobs (000's) | 22.4 | -8.4 | 43.2 | -10.9 | 12.9 | 80.9 | 54.2 | 125.9 | 338.3 | 183.2 |
| Net New Jobs (% change) | 0.3 | -0.1 | 0.5 | -0.1 | 0.2 | 1.0 | 0.7 | 1.6 | 4.6 | 2.4 |
| Unemployment Rate (per cent) | 6.7 | 7.1 | 6.9 | 6.8 | 6.5 | 6.8 | 6.9 | 6.9 | 5.6 | 5.7 |
| Average Weekly Wage Rate, nsa ($) | 1,343 | 1,355 | 1,363 | 1,371 | 1,318 | 1,316 | 1,354 | 1,333 | 1,216 | 1,278 |
| Average Weekly Wage Rate, nsa (% change) | 5.0 | 5.2 | 5.1 | 5.7 | 5.1 | 4.1 | 5.1 | 4.9 | 4.7 | 5.1 |
| Employment Insurance Beneficiaries (regular) | 157,590 | 156,620 | 154,590 | NA | 146,440 | 150,523 | 156,267 | 160,181 | 139,074 | 124,999 |
| Employment Insurance Beneficiaries (regular) (% change) | 2.6 | -0.6 | -1.3 | NA | 2.3 | 2.8 | 3.8 | 24.8 | -70.5 | -10.1 |
Consumers
| Item | Monthly: 2024 Jul | Monthly: 2024 Aug | Monthly: 2024 Sep | Monthly: 2024 Oct | Quarterly: 2024 Q1 | Quarterly: 2024 Q2 | Quarterly: 2024 Q3 | Year to Date* | Annual: 2022 | Annual: 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Retail Sales ($ millions) | 24,503 | 24,777 | 24,754 | NA | 75,213 | 73,815 | 74,034 | 219,342 | 295,392 | 297,337 |
| Retail Sales (% change) | -0.2 | 1.1 | -0.1 | NA | 0.0 | -1.9 | 0.3 | 0.2 | 10.9 | 0.7 |
| New Motor Vehicle Sales, nsa (units) | 67,201 | 64,020 | 65,084 | NA | 172,988 | 213,006 | 196,305 | 582,299 | 641,885 | 719,569 |
| New Motor Vehicle Sales, nsa (% change) | 11.8 | -1.8 | -3.5 | NA | 15.2 | 3.1 | 1.9 | 6.0 | -4.9 | 12.1 |
| Consumer Price Index (CPI), nsa | 163.9 | 163.3 | 162.8 | 163.5 | 160.5 | 162.8 | 163.3 | 162.4 | 152.9 | 158.7 |
| Consumer Price Index (CPI), nsa (% change) | 2.7 | 2.1 | 1.9 | 2.0 | 2.6 | 2.9 | 2.3 | 2.5 | 6.8 | 3.8 |
Housing
| Item | Monthly: 2024 Jul | Monthly: 2024 Aug | Monthly: 2024 Sep | Monthly: 2024 Oct | Quarterly: 2024 Q1 | Quarterly: 2024 Q2 | Quarterly: 2024 Q3 | Year to Date* | Annual: 2022 | Annual: 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Housing Starts (000's) | 106.8 | 60.6 | 64.6 | 67.7 | 80.7 | 75.1 | 76.9 | 61.6 | 96.1 | 89.3 |
| Housing Starts (% change) | 56.9 | -43.2 | 6.7 | 4.7 | 0.0 | -6.9 | 2.3 | -17.5 | -3.5 | -7.1 |
| MLS Home Resales (units) | 13,503 | 13,552 | 14,206 | 15,469 | 42,479 | 39,460 | 41,261 | 147,074 | 185,631 | 162,750 |
| MLS Home Resales (% change) | -1.1 | 0.4 | 4.8 | 8.9 | 13.4 | -7.1 | 4.6 | 1.7 | -32.1 | -12.3 |
Business
| Item | Monthly: 2024 Jul | Monthly: 2024 Aug | Monthly: 2024 Sep | Monthly: 2024 Oct | Quarterly: 2024 Q1 | Quarterly: 2024 Q2 | Quarterly: 2024 Q3 | Year to Date* | Annual: 2022 | Annual: 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Manufacturing Sales ($ millions) | 30,286 | 30,110 | 30,105 | NA | 93,955 | 92,486 | 90,500 | 277,514 | 368,471 | 388,465 |
| Manufacturing Sales (% change) | -0.5 | -0.6 | 0.0 | NA | -0.5 | -1.6 | -2.1 | -5.9 | 18.0 | 5.4 |
| International Merchandise Exports, nsa ($ millions) | 19,014 | 20,436 | 20,506 | N/A | 62,700 | 63,146 | 59,955 | 185,801 | 226,156 | 252,312 |
| International Merchandise Exports, nsa (% change) | -1.4 | -7.0 | -2.3 | N/A | 1.4 | -3.6 | -3.7 | -2.0 | 14.7 | 11.6 |
| International Merchandise Imports, nsa ($ millions) | 37,647 | 39,807 | 38,818 | N/A | 109,266 | 118,276 | 116,271 | 343,813 | 443,603 | 457,887 |
| International Merchandise Imports, nsa (% change) | 4.0 | -1.0 | -2.4 | N/A | 0.0 | 1.2 | 0.1 | 0.4 | 18.3 | 3.2 |
| Wholesale Trade ($ millions) | 45,927 | 45,255 | 45,773 | NA | 134,213 | 135,910 | 136,955 | 404,715 | 490,514 | 546,362 |
| Wholesale Trade (% change) | 2.3 | -1.5 | 1.1 | NA | -1.1 | 1.3 | 0.8 | -1.1 | 10.8 | 11.4 |
| Non-residential Building Permits ($ millions) | 2,272 | 2,219 | 2,594 | NA | 5,812 | 5,581 | 7,086 | 18,972 | 18,823 | 21,323 |
| Non-residential Building Permits (% change) | 25.5 | -2.3 | 16.9 | NA | 12.0 | -4.0 | 27.0 | 17.1 | 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: December 02, 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.