Ontario Economic Update
Access the May 16, 2025 update of the economy in the Ontario Economic Update, a weekly snapshot of the economy.
Economy
| Item | Monthly: 2025 Jan | Monthly: 2025 Feb | Monthly: 2025 Mar | Monthly: 2025 Apr | Quarterly: 2024 Q3 | Quarterly: 2024 Q4 | Quarterly: 2025 Q1 | Year to Date* | Annual: 2023 | Annual: 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Real Gross Domestic Product ($2017 millions) | – | – | – | – | 948,226 | 954,297 | N/A | 947,006 | 932,757 | 947,006 |
| Real Gross Domestic Product (% change) | – | – | – | – | 0.4 | 0.6 | N/A | 1.5 | 1.7 | 1.5 |
| Current Dollar Gross Domestic Product ($ millions) | – | – | – | – | 1,183,879 | 1,204,079 | N/A | 1,178,092 | 1,119,545 | 1,178,092 |
| Current Dollar Gross Domestic Product (% change) | – | – | – | – | 1.1 | 1.7 | N/A | 5.2 | 5.4 | 5.2 |
Employment
| Item | Monthly: 2025 Jan | Monthly: 2025 Feb | Monthly: 2025 Mar | Monthly: 2025 Apr | Quarterly: 2024 Q3 | Quarterly: 2024 Q4 | Quarterly: 2025 Q1 | Year to Date* | Annual: 2023 | Annual: 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Employment (000's) | 8,240 | 8,257 | 8,230 | 8,195 | 8,178 | 8,183 | 8,243 | 8,159 | 8,006 | 8,146 |
| Net New Jobs (000's) | 39.0 | 16.9 | −27.5 | −34.6 | 37.6 | 5.8 | 59.2 | 144.6 | 242.0 | 140.0 |
| Net New Jobs (% change) | 0.5 | 0.2 | −0.3 | −0.4 | 0.5 | 0.1 | 0.7 | 1.8 | 3.1 | 1.7 |
| Unemployment Rate (per cent) | 7.6 | 7.3 | 7.5 | 7.8 | 7.1 | 7.4 | 7.5 | 7.6 | 5.6 | 7.0 |
| Average Weekly Wage Rate, | 1,362 | 1,363 | 1,361 | 1,361 | 1,355 | 1,369 | 1,362 | 1,362 | 1,279 | 1,339 |
| Average Weekly Wage Rate, nsa (% change) | 2.9 | 3.5 | 3.7 | 3.5 | 5.1 | 4.8 | 3.4 | 3.4 | 5.0 | 4.7 |
| Employment Insurance Beneficiaries (regular) | 160,430 | 162,620 | N/A | N/A | 157,867 | 159,207 | N/A | 191,205 | 124,999 | 154,097 |
| Employment Insurance Beneficiaries (regular) (% change) | −0.1 | 1.4 | N/A | N/A | 4.9 | 0.8 | N/A | 6.5 | −10.1 | 23.3 |
Consumers
| Item | Monthly: 2025 Jan | Monthly: 2025 Feb | Monthly: 2025 Mar | Monthly: 2025 Apr | Quarterly: 2024 Q3 | Quarterly: 2024 Q4 | Quarterly: 2025 Q1 | Year to Date* | Annual: 2023 | Annual: 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Retail Sales ($ millions) | 25,949 | 25,940 | N/A | N/A | 74,946 | 77,171 | N/A | 43,558 | 297,337 | 300,838 |
| Retail Sales (% change) | −1.2 | 0.0 | N/A | N/A | 1.4 | 3.0 | N/A | 3.0 | 0.7 | 1.2 |
| New Motor Vehicle Sales, | 46,904 | 51,128 | 77,907 | N/A | 195,227 | 180,512 | 175,939 | 175,939 | 718,015 | 764,392 |
| New Motor Vehicle Sales, nsa (% change) | 1.7 | −13.0 | 12.2 | N/A | 1.3 | 6.1 | 0.9 | 0.9 | 11.9 | 6.5 |
| Consumer Price Index (CPI), | 162.6 | 164.6 | 165.1 | N/A | 163.3 | 163.2 | 164.1 | 164.1 | 158.7 | 162.5 |
| Consumer Price Index (CPI), nsa (% change) | 1.7 | 2.7 | 2.3 | N/A | 2.3 | 1.8 | 2.2 | 2.2 | 3.8 | 2.4 |
Housing
| Item | Monthly: 2025 Jan | Monthly: 2025 Feb | Monthly: 2025 Mar | Monthly: 2025 Apr | Quarterly: 2024 Q3 | Quarterly: 2024 Q4 | Quarterly: 2025 Q1 | Year to Date* | Annual: 2023 | Annual: 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Housing Starts (000's) | 56.3 | 57.2 | 38.7 | 66.8 | 77.0 | 65.0 | N/A | 1.0 | 89.3 | 74.6 |
| Housing Starts (% change) | −13.0 | 1.6 | −32.3 | 72.3 | 2.5 | −15.6 | N/A | 110.0 | −7.1 | −16.5 |
| MLS Home Resales (units) | 13,724 | 11,691 | 11,132 | 11,254 | 41,383 | 46,455 | 36,547 | 45,607 | 168,773 | 173,709 |
| MLS Home Resales (% change) | −5.5 | −14.8 | −4.8 | 1.1 | 2.2 | 12.3 | −21.3 | −20.0 | −12.4 | 2.9 |
Business
| Item | Monthly: 2025 Jan | Monthly: 2025 Feb | Monthly: 2025 Mar | Monthly: 2025 Apr | Quarterly: 2024 Q3 | Quarterly: 2024 Q4 | Quarterly: 2025 Q1 | Year to Date* | Annual: 2023 | Annual: 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Manufacturing Sales ($ millions) | 31,278 | 32,082 | 31,753 | N/A | 91,957 | 92,483 | 95,113 | 92,728 | 389,693 | 371,638 |
| Manufacturing Sales (% change) | 1.7 | 2.6 | −1.0 | N/A | −1.4 | 0.6 | 2.8 | 1.0 | 5.3 | −4.6 |
| Internal Merchandise Exports, nsa ($ millions) | 24,357 | 21,276 | 24,437 | N/A | 59,951 | 66,600 | 70,070 | 70,070 | 252,105 | 252,418 |
| International Merchandise Exports, nsa (% change) | 24.2 | −1.9 | 14.3 | N/A | −3.6 | 6.4 | 11.8 | 11.8 | 9.6 | 0.1 |
| International Merchandise Imports, ($ millions) | 37,620 | 37,086 | 42,558 | N/A | 117,373 | 118,599 | 117,263 | 117,263 | 457,930 | 464,183 |
| International Merchandise Imports, nsa (% change) | 11.3 | 3.7 | 6.9 | N/A | 1.0 | 2.6 | 7.2 | 7.2 | 3.2 | 1.4 |
| Wholesale Trade ($ millions) | 47,329 | 47,700 | 47,527 | N/A | 137,331 | 141,019 | 142,557 | 135,808 | 546,362 | 548,383 |
| Wholesale Trade (% change) | 0.3 | 0.8 | −0.4 | N/A | 1.0 | 2.7 | 1.1 | 6.2 | 11.4 | 0.4 |
| Non-residential Building Permits ($ millions) | 1,755 | 1,637 | 1,667 | N/A | 6,897 | 5,850 | 5,059 | 4,280 | 21,323 | 25,182 |
| Non-residential Building Permits (% change) | −5.7 | −6.7 | 1.8 | N/A | 17.7 | −15.2 | −13.5 | −26.1 | 13.3 | 18.1 |
| Private and Public Investment ($ millions) | − | − | − | − | − | − | − | − | 110,613 | 116,413 |
| Private and Public Investment (% change) | − | − | − | − | − | − | − | − | 17.0 | 5.2 |
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: May 20, 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.