Ontario Economic Update
Access the May 19, 2023 update of the economy in the Ontario Economic Update, a weekly snapshot of the economy.
Economy
| Item | Monthly: 2023 Jan | Monthly: 2023 Feb | Monthly: 2023 Mar | Monthly: 2023 Apr | Quarterly: 2022 Q3 | Quarterly: 2022 Q4 | Quarterly: 2023 Q1 | Year to Date* | Annual: 2021 | Annual: 2022 |
|---|---|---|---|---|---|---|---|---|---|---|
| Real Gross Domestic Product ($2012 millions) | – | – | – | – | 839,849 | 838,120 | N/A | 835,923 | 805,813 | 835,923 |
| Real Gross Domestic Product (% change) | – | – | – | – | 0.4 | −0.2 | N/A | 3.7 | 5.2 | 3.7 |
| Current Dollar Gross Domestic Product ($ millions) | – | – | – | – | 1,053,797 | 1,054,381 | N/A | 1,044,679 | 956,707 | 1,044,679 |
| Current Dollar Gross Domestic Product (% change) | – | – | – | – | 0.1 | 0.1 | N/A | 9.2 | 10.3 | 9.2 |
Employment
| Item | Monthly: 2023 Jan | Monthly: 2023 Feb | Monthly: 2023 Mar | Monthly: 2023 Apr | Quarterly: 2022 Q3 | Quarterly: 2022 Q4 | Quarterly: 2023 Q1 | Year to Date | Annual: 2021 | Annual: 2022 |
|---|---|---|---|---|---|---|---|---|---|---|
| Employment (000's) | 7,850 | 7,865 | 7,887 | 7,919 | 7,739 | 7,761 | 7,867 | 7,803 | 7,393 | 7,732 |
| Net New Jobs (000's) | 62.8 | 15.6 | 21.4 | 32.7 | −22.4 | 22.2 | 106.3 | 192.7 | 367.4 | 338.3 |
| Net New Jobs (% change) | 0.8 | 0.2 | 0.3 | 0.4 | −0.3 | 0.3 | 1.4 | 2.5 | 5.2 | 4.6 |
| Unemployment Rate (per cent) | 5.2 | 5.1 | 5.1 | 4.9 | 5.4 | 5.6 | 5.1 | 5.2 | 8.1 | 5.6 |
| Average Weekly Wage Rate, nsa ($) | 1,251 | 1,253 | 1,259 | 1,268 | 1,228 | 1,239 | 1,254 | 1,258 | 1,162 | 1,216 |
| Average Weekly Wage Rate, nsa (% change) | 3.3 | 5.4 | 6.5 | 6.3 | 5.6 | 6.4 | 5.1 | 5.4 | 2.2 | 4.7 |
| Employment Insurance Beneficiaries (regular) | 108,970 | 111,920 | 112,990 | N/A | 129,683 | 112,943 | 111,293 | 145,587 | 471,822 | 138,917 |
| Employment Insurance Beneficiaries (regular) (% change) | 2.7 | 2.7 | 1.0 | N/A | −5.8 | −12.9 | −1.5 | −29.9 | 135.9 | −70.6 |
Consumers
| Item | Monthly: 2023 Jan | Monthly: 2023 Feb | Monthly: 2023 Mar | Monthly: 2023 Apr | Quarterly: 2022 Q3 | Quarterly: 2022 Q4 | Quarterly: 2023 Q1 | Year to Date | Annual: 2021 | Annual: 2022 |
|---|---|---|---|---|---|---|---|---|---|---|
| Retail Sales ($ millions) | 24,719 | 24,973 | 24,544 | N/A | 73,258 | 73,480 | 74,236 | 64,543 | 266,456 | 295,392 |
| Retail Sales (% change) | 0.7 | 1.0 | −1.7 | N/A | −3.2 | 0.3 | 1.0 | 2.4 | 9.6 | 10.9 |
| New Motor Vehicle Sales, nsa (units) | 41,542 | 44,475 | 63,938 | N/A | 166,026 | 153,020 | 149,955 | 149,955 | 675,000 | 634,915 |
| New Motor Vehicle Sales, nsa (% change) | 14.0 | 10.6 | 5.5 | N/A | −9.9 | 1.8 | 9.2 | 9.2 | 3.4 | −5.9 |
| Consumer Price Index (CPI), nsa | 155.7 | 156.4 | 157.3 | 157.9 | 154.3 | 155.1 | 156.5 | 156.8 | 143.2 | 152.9 |
| Consumer Price Index (CPI), nsa (% change) | 5.6 | 5.1 | 4.3 | 4.2 | 7.1 | 6.3 | 5.0 | 4.8 | 3.5 | 6.8 |
Housing
| Item | Monthly: 2023 Jan | Monthly: 2023 Feb | Monthly: 2023 Mar | Monthly: 2023 Apr | Quarterly: 2022 Q3 | Quarterly: 2022 Q4 | Quarterly: 2023 Q1 | Year to Date | Annual: 2021 | Annual: 2022 |
|---|---|---|---|---|---|---|---|---|---|---|
| Housing Starts (000's) | 74.9 | 101.1 | 80.0 | 115.6 | 110.8 | 103.3 | 83.5 | 26.5 | 99.6 | 96.1 |
| Housing Starts (% change) | −31.0 | 34.9 | −20.9 | 44.5 | 24.9 | −6.8 | −19.2 | 15.0 | 22.5 | −3.5 |
| MLS Home Resales (units) | 12,746 | 12,815 | 12,815 | 15,222 | 37,183 | 37,366 | 38,376 | 51,505 | 270,094 | 182,865 |
| MLS Home Resales (% change) | 0.1 | 0.5 | 0.0 | 18.8 | −15.8 | 0.5 | 2.7 | −32.2 | 18.5 | −32.3 |
Business
| Item | Monthly: 2023 Jan | Monthly: 2023 Feb | Monthly: 2023 Mar | Monthly: 2023 Apr | Quarterly: 2022 Q3 | Quarterly: 2022 Q4 | Quarterly: 2023 Q1 | Year to Date | Annual: 2021 | Annual: 2022 |
|---|---|---|---|---|---|---|---|---|---|---|
| Manufacturing Sales ($ millions) | 32,759 | 31,823 | 31,681 | N/A | 92,470 | 93,161 | 96,263 | 94,392 | 311,432 | 367,525 |
| Manufacturing Sales (% change) | 5.4 | −2.9 | −0.4 | N/A | −0.9 | 0.7 | 3.3 | 9.1 | 11.8 | 18.0 |
| International Merchandise Exports, nsa ($ millions) | 20,517 | 18,603 | 22,565 | N/A | 56,776 | 57,576 | 61,685 | 61,685 | 197,104 | 226,132 |
| International Merchandise Exports, nsa (% change) | 24.3 | 13.1 | 9.5 | N/A | 18.9 | 9.4 | 15.2 | 15.2 | 5.3 | 14.7 |
| International Merchandise Imports, nsa ($ millions) | 34,644 | 34,606 | 38,776 | N/A | 114,019 | 112,818 | 108,027 | 108,027 | 375,019 | 439,233 |
| International Merchandise Imports, nsa (% change) | 19.5 | 12.2 | −2.0 | N/A | 24.2 | 10.7 | 8.7 | 8.7 | 10.7 | 17.1 |
| Wholesale Trade ($ millions) | 42,789 | 43,038 | 45,604 | N/A | 123,240 | 125,324 | 131,430 | 126,174 | 442,870 | 490,514 |
| Wholesale Trade (% change) | 1.8 | 0.6 | 6.0 | N/A | 1.5 | 1.7 | 4.9 | 9.7 | 13.7 | 10.8 |
| Non-residential Building Permits ($ millions) | 1,697 | 1,780 | 2,167 | N/A | 4,339 | 5,087 | 5,644 | 5,364 | 15,998 | 18,718 |
| Non-residential Building Permits (% change) | 11.8 | 4.9 | 21.7 | N/A | −9.0 | 17.2 | 11.0 | 48.3 | 8.7 | 17.0 |
| Private and Public Investment ($ millions) | – | – | – | – | – | – | – | – | 89,960 | 97,512 |
| Private and Public Investment (% change) | – | – | – | – | – | – | – | – | 11.2 | 8.4 |
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: May 23, 2023
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.