Ontario Economic Update
Access the January 24, 2025 update of the economy in the Ontario Economic Update, a weekly snapshot of the economy.
Economy
| Item | Monthly: 2024 Sep | Monthly: 2024 Oct | Monthly: 2024 Nov | Monthly: 2024 Dec | Quarterly: 2024 Q2 | Quarterly: 2024 Q3 | Quarterly: 2024 Q4 | Year to Date* | Annual: 2023 | Annual: 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Real Gross Domestic Product ($2017 millions) | – | – | – | – | 944,983 | 946,451 | N/A | 944,683 | 932,757 | N/A |
| Real Gross Domestic Product (% change) | 0.3 | 0.2 | N/A | 1.4 | 1.7 | N/A | ||||
| Current Dollar Gross Domestic Product ($ millions) | – | – | – | – | 1,176,544 | 1,186,287 | N/A | 1,173,397 | 1,119,545 | N/A |
| Current Dollar Gross Domestic Product (% change) | 1.7 | 0.8 | N/A | 5.7 | 5.4 | N/A |
Employment
| Item | Monthly: 2024 Sep | Monthly: 2024 Oct | Monthly: 2024 Nov | Monthly: 2024 Dec | Quarterly: 2024 Q2 | Quarterly: 2024 Q3 | Quarterly: 2024 Q4 | Year to Date* | Annual: 2023 | Annual: 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Employment (000's) | 8,198 | 8,179 | 8,170 | 8,201 | 8,140 | 8,178 | 8,183 | 8,146 | 8,006 | 8,146 |
| Net New Jobs (000's) | 34.6 | −18.9 | −9 | 31.7 | 64.6 | 37.6 | 5.8 | 140 | 242 | 140 |
| Net New Jobs (% change) | 0.4 | −0.2 | −0.1 | 0.4 | 0.8 | 0.5 | 0.1 | 1.7 | 3.1 | 1.7 |
| Unemployment Rate (per cent) | 7.1 | 7.1 | 7.7 | 7.5 | 6.9 | 7.1 | 7.4 | 6.9 | 5.6 | 7.0 |
| Average Weekly Wage Rate, | 1,365 | 1,373 | 1,368 | 1,365 | 1,315 | 1,355 | 1,369 | 1,339 | 1,279 | 1,339 |
| Average Weekly Wage Rate, nsa (% change) | 5.2 | 5.8 | 4.6 | 3.9 | 3.9 | 5.1 | 4.8 | 4.7 | 5.0 | 4.7 |
| Employment Insurance Beneficiaries (regular) | 157,970 | 156,920 | 158,940 | N/A | 150,523 | 157,867 | N/A | 153,732 | 124,999 | N/A |
| Employment Insurance Beneficiaries (regular) (% change) | 0.0 | −0.7 | 1.3 | N/A | 2.8 | 4.9 | N/A | 23.8 | −10.1 | N/A |
Consumers
| Item | Monthly: 2024 Sep | Monthly: 2024 Oct | Monthly: 2024 Nov | Monthly: 2024 Dec | Quarterly: 2024 Q2 | Quarterly: 2024 Q3 | Quarterly: 2024 Q4 | Year to Date* | Annual: 2023 | Annual: 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Retail Sales ($ millions) | 24,860 | 25,066 | 25,190 | N/A | 73,815 | 74,252 | N/A | 272,473 | 297,337 | N/A |
| Retail Sales (% change) | 0.1 | 0.8 | 0.5 | N/A | −1.9 | 0.6 | N/A | 0.6 | 0.7 | N/A |
| New Motor Vehicle Sales, | 64,534 | 63,172 | 63,434 | N/A | 213,006 | 195,755 | N/A | 708,355 | 719,569 | N/A |
| New Motor Vehicle Sales, nsa (% change) | −4.3 | 4.3 | 10.3 | N/A | 3.1 | 1.6 | N/A | 6.1 | 12.1 | N/A |
| Consumer Price Index (CPI), | 162.8 | 163.5 | 163.5 | 162.7 | 162.8 | 163.3 | 163.2 | 162.5 | 158.7 | 162.5 |
| Consumer Price Index (CPI), nsa (% change) | 1.9 | 2.0 | 1.8 | 1.7 | 2.9 | 2.3 | 1.8 | 2.4 | 3.8 | 2.4 |
Housing
| Item | Monthly: 2024 Sep | Monthly: 2024 Oct | Monthly: 2024 Nov | Monthly: 2024 Dec | Quarterly: 2024 Q2 | Quarterly: 2024 Q3 | Quarterly: 2024 Q4 | Year to Date* | Annual: 2023 | Annual: 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Housing Starts (000's) | 65.0 | 66.4 | 61.0 | 65.3 | 75.1 | 77.0 | 65.0 | 72.1 | 89.3 | 74.6 |
| Housing Starts (% change) | 6.7 | 2.2 | −8.1 | 6.9 | −7.0 | 2.5 | −15.6 | −15.9 | −7.1 | −16.5 |
| MLS Home Resales (units) | 15,115 | 16,569 | 17,442 | 15,370 | 41,803 | 43,893 | 49,381 | 180,881 | 175,488 | 180,881 |
| MLS Home Resales (% change) | 4.6 | 9.6 | 5.3 | −11.9 | −8.7 | 5.0 | 12.5 | 3.1 | −12.6 | 3.1 |
Business
| Item | Monthly: 2024 Sep | Monthly: 2024 Oct | Monthly: 2024 Nov | Monthly: 2024 Dec | Quarterly: 2024 Q2 | Quarterly: 2024 Q3 | Quarterly: 2024 Q4 | Year to Date* | Annual: 2023 | Annual: 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Manufacturing Sales ($ millions) | 30,282 | 30,621 | 31,247 | N/A | 92,486 | 90,890 | N/A | 341,375 | 388,465 | N/A |
| Manufacturing Sales (% change) | 0.2 | 1.1 | 2.0 | N/A | −1.6 | −1.7 | N/A | −5.2 | 5.4 | N/A |
| Internal Merchandise Exports, nsa ($ millions) | 20,507 | 22,629 | 21,768 | N/A | 63,147 | 59,953 | N/A | 230,203 | 252,312 | N/A |
| International Merchandise Exports, nsa (% change) | −2.3 | 2.2 | 3.4 | N/A | −3.6 | −3.7 | N/A | −1.1 | 11.6 | N/A |
| International Merchandise Imports, ($ millions) | 39,523 | 41,194 | 37,935 | N/A | 118,286 | 116,909 | N/A | 423,591 | 457,887 | N/A |
| International Merchandise Imports, nsa (% change) | −0.6 | 1.4 | −2.4 | N/A | 1.2 | 0.6 | N/A | 0.4 | 3.2 | N/A |
| Wholesale Trade ($ millions) | 46,020 | 46,970 | 46,669 | N/A | 135,910 | 137,344 | N/A | 502,894 | 546,362 | N/A |
| Wholesale Trade (% change) | 1.6 | 2.1 | −0.6 | N/A | 1.3 | 1.1 | N/A | −0.2 | 11.4 | N/A |
| Non-residential Building Permits ($ millions) | 2,580 | 2,253 | 1,839 | N/A | 5,581 | 7,085 | N/A | 23,466 | 21,323 | N/A |
| Non-residential Building Permits (% change) | 15.5 | −12.7 | −18.4 | N/A | −4.0 | 27.0 | N/A | 17.0 | 13.3 | N/A |
| Private and Public Investment ($ millions) | − | − | − | − | − | − | − | − | 102,623 | 112,117 |
| Private and Public Investment (% change) | − | − | − | − | − | − | − | − | 8.5 | 9.3 |
Notes
All monthly and quarterly 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.
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: January 27, 2025
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 seasolly 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.