Ontario Economic Update
Access the July 12, 2024 update of the economy in the Ontario Economic Update, a weekly snapshot of the economy.
Economy
| Item | Monthly: 2024 Mar | Monthly: 2024 Apr | Monthly: 2024 May | Monthly: 2024 June | Quarterly: 2023 Q4 | Quarterly: 2024 Q1 | Quarterly: 2024 Q2 | Year to Date* | Annual: 2022 | Annual: 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Real Gross Domestic Product ($2017 millions) | – | – | – | – | 922,904 | 929,244 | NA | 929,244 | 909,121 | 921,659 |
| Real Gross Domestic Product (% change) | – | – | – | – | 0.0 | 0.7 | NA | 1.1 | 3.9 | 1.4 |
| Current Dollar Gross Domestic Product ($ millions) | – | – | – | – | 1,113,963 | 1,123,162 | NA | 1,123,162 | 1,048,259 | 1,093,466 |
| Current Dollar Gross Domestic Product (% change) | – | – | – | – | 1.1 | 0.8 | NA | 5.0 | 9.2 | 4.3 |
Employment
| Item | Monthly: 2024 Mar | Monthly: 2024 Apr | Monthly: 2024 May | Monthly: 2024 June | Quarterly: 2023 Q4 | Quarterly: 2024 Q1 | Quarterly: 2024 Q2 | Year to Date* | Annual: 2022 | Annual: 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Employment (000's) | 7,971 | 7,996 | 8,045 | 8,055 | 7,938 | 7,951 | 8,032 | 7,982 | 7,732 | 7,915 |
| Net New Jobs (000's) | 26.1 | 25.0 | 49.5 | 9.8 | -6.9 | 12.9 | 80.9 | 105.4 | 338.3 | 183.2 |
| Net New Jobs (% change) | 0.3 | 0.3 | 0.6 | 0.1 | -0.1 | 0.2 | 1.0 | 1.3 | 4.6 | 2.4 |
| Unemployment Rate (per cent) | 6.7 | 6.8 | 6.7 | 7.0 | 6.2 | 6.5 | 6.8 | 6.8 | 5.6 | 5.7 |
| Average Weekly Wage Rate, nsa ($) | 1,312 | 1,316 | 1,312 | 1,318 | 1,306 | 1,318 | 1,316 | 1,317 | 1,216 | 1,278 |
| Average Weekly Wage Rate, nsa (% change) | 4.2 | 3.8 | 3.7 | 4.7 | 5.4 | 5.1 | 4.1 | 4.6 | 4.7 | 5.1 |
| Employment Insurance Beneficiaries (regular) | 147,910 | 148,400 | N/A | N/A | 137,060 | 146,580 | N/A | 170,548 | 138,917 | 124,498 |
| Employment Insurance Beneficiaries (regular) (% change) | 0.5 | 0.3 | N/A | N/A | 8.9 | 6.9 | N/A | 22.9 | -70.6 | -10.4 |
Consumers
| Item | Monthly: 2024 Mar | Monthly: 2024 Apr | Monthly: 2024 May | Monthly: 2024 June | Quarterly: 2023 Q4 | Quarterly: 2024 Q1 | Quarterly: 2024 Q2 | Year to Date* | Annual: 2022 | Annual: 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Retail Sales ($ millions) | 25,021 | 24,779 | N/A | N/A | 75,204 | 75,326 | N/A | 90,822 | 295,392 | 297,337 |
| Retail Sales (% change) | -0.3 | -1.0 | N/A | N/A | 1.2 | 0.2 | N/A | 2.3 | 10.9 | 0.7 |
| New Motor Vehicle Sales, nsa (units) | 68,604 | 70,472 | N/A | N/A | 170,134 | 172,988 | N/A | 243,460 | 641,885 | 719,569 |
| New Motor Vehicle Sales, nsa (% change) | 6.1 | 11.0 | N/A | N/A | 11.2 | 15.2 | N/A | 14.0 | -4.9 | 12.1 |
| Consumer Price Index (CPI), nsa | 161.4 | 162.2 | 163.2 | N/A | 160.3 | 160.5 | N/A | 161.4 | 152.9 | 158.7 |
| Consumer Price Index (CPI), nsa (% change) | 2.6 | 2.7 | 3.0 | N/A | 3.3 | 2.6 | N/A | 2.7 | 6.8 | 3.8 |
Housing
| Item | Monthly: 2024 Mar | Monthly: 2024 Apr | Monthly: 2024 May | Monthly: 2024 June | Quarterly: 2023 Q4 | Quarterly: 2024 Q1 | Quarterly: 2024 Q2 | Year to Date* | Annual: 2022 | Annual: 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Housing Starts (000's) | 72.8 | 73.9 | 86.3 | N/A | 80.8 | 80.7 | N/A | 30.3 | 96.1 | 89.3 |
| Housing Starts (% change) | -16.8 | 1.6 | 16.7 | N/A | -13.8 | -0.1 | N/A | -5.6 | -3.5 | -7.1 |
| MLS Home Resales (units) | 13,590 | 13,062 | 12,816 | 13,595 | 38,246 | 42,575 | 39,473 | 88,962 | 185,538 | 162,657 |
| MLS Home Resales (% change) | -2.8 | -3.9 | -1.9 | 6.1 | -5.8 | 11.3 | -7.3 | -4.0 | -32.1 | -12.3 |
Business
| Item | Monthly: 2024 Mar | Monthly: 2024 Apr | Monthly: 2024 May | Monthly: 2024 June | Quarterly: 2023 Q4 | Quarterly: 2024 Q1 | Quarterly: 2024 Q2 | Year to Date* | Annual: 2022 | Annual: 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Manufacturing Sales ($ millions) | 30,692 | 30,957 | N/A | N/A | 94,403 | 93,817 | N/A | 122,795 | 368,471 | 388,465 |
| Manufacturing Sales (% change) | -2.5 | 0.9 | N/A | N/A | -4.5 | -0.6 | N/A | -1.8 | 18.0 | 5.4 |
| International Merchandise Exports, nsa ($ millions) | 21,330 | 21,445 | 20,745 | N/A | 61,971 | 62,628 | N/A | 104,818 | 226,156 | 251,405 |
| International Merchandise Exports, nsa (% change) | -5.3 | 1.4 | -8.0 | N/A | 7.7 | 1.6 | N/A | -0.5 | 14.7 | 11.2 |
| International Merchandise Imports, nsa ($ millions) | 39,720 | 39,254 | 39,188 | N/A | 115,949 | 108,677 | N/A | 187,119 | 443,603 | 458,160 |
| International Merchandise Imports, nsa (% change) | 0.2 | 8.6 | -2.9 | N/A | 2.1 | -0.5 | N/A | 0.7 | 18.3 | 3.3 |
| Wholesale Trade ($ millions) | 43,996 | 45,182 | N/A | N/A | 136,487 | 133,502 | N/A | 173,602 | 490,514 | 545,801 |
| Wholesale Trade (% change) | -1.5 | 2.7 | N/A | N/A | -3.0 | -2.2 | N/A | 3.3 | 10.8 | 11.3 |
| Non-residential Building Permits ($ millions) | 1,974 | 1,914 | 2,115 | NA | 5,188 | 5,812 | NA | 9,549 | 18,823 | 21,323 |
| Non-residential Building Permits (% change) | -10.3 | -3.1 | 10.5 | NA | -6.9 | 12.0 | NA | 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: July 15, 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.