Ontario Economic Summary

Our 2016 Regional Economic Updates are your source for forward-looking intelligence on Ontario’s economy. Presented in partnership with the Credit Unions of Ontario, the findings of our updates are based on Central 1’s Ontario Regional Economic Outlook. Scroll down this page for cross-regional data summary tables or view individual regional economic updates using the sidebar menu.

Ontario’s economic performance is not shared equally in all regions in the province due to differences in their economic makeup or base. External macro factors play an important role not only in Ontario’s economic performance but also in each region to varying degrees. Economic prospects for Ontario are improving aided by positive externals such as a low dollar, faster U.S. growth, and low interest rates.

Regional growth performances during 2015 were led by the Toronto and Hamilton-Niagara regions, with the Kitchener-Waterloo-Barrie and London regions close behind. At the other end of the growth spectrum were the northern regions and to a lesser extent Windsor-Sarnia and Stratford-Bruce. A narrowing of growth differentials amongst regions was evident, though small, and made more apparent by the large discrepancy that materialized following the 2008-09 recession.

Further convergence in regional growth performances is expected during the next two years with some of the laggards closing the gap rather than the leaders surging further ahead. Exceptions are the northern regions, which are heavily dependent on mining and resources but face a weak outlook for metal markets, where growth will remain low and possibly negative.

All regions will see more housing activity, in varying degrees, depending on local economic and market conditions. Some previously slower regional markets such as London and Windsor-Sarnia are poised to have substantial gains. Toronto and Hamilton-Niagara markets will generate the largest price increases.

Projected population growth in 2016 and 2017 gradually edges higher in most regions, except in the north. Low growth will continue to prevail in the Kingston-Pembroke, Stratford-Bruce, and Windsor-Sarnia regions. A notable pickup is forecast for the Muskoka-Kawarthas region.

Report Framework

The regional areas in this report follow Statistics Canada’s 11 Economic Region boundaries for Ontario. The main metropolitan area in each region is covered. The principal economic indicators used to track regional economic performance are employment, unemployment, housing sales, housing prices, residential and non-residential building permits, and population. Other data sets, such as housing starts and non-residential building construction investment spending, are referred to in the text, but no data is presented in tables. Gross Domestic Product (GDP) data are not available by region.

The labour market is a key indicator of regional performance and Statistics Canada’s Labour Force Survey (LFS) is the main source of this information. Regional LFS data has issues with sample errors making it difficult to separate underlying movements from sample noise, which is more problematic in smaller regions. Employment Insurance (EI) data is helpful to verify labour market changes, but it too has limitations.

Recent Performance Varied

The province’s variable, but overall, moderate growth performance so far in 2015 has been mirrored in most regions. Provincial real GDP growth in the first quarter was minimal followed by a modest rebound the second quarter and very likely a stronger performance in the third quarter. Fourth quarter real GDP growth will probably ease.

Ontario’s employment profile generally tracked real GDP with a dip in the first quarter of 2015 and faster growth thereafter. Regionally, employment turned up during 2015 in Toronto, Hamilton-Niagara, and London, but declined in the Ottawa, Kingston-Pembroke, Muskoka-Kawarthas, Windsor-Sarnia, Stratford-Bruce, Northeast, and Northwest regions and as a result they will have lower employment for the year than in 2014. Kitchener-Waterloo-Barrie region employment was little changed.

In more than one instance, the 2015 LFS results were at odds with EI data, or with recent trends, and were interpreted as sample variability rather than a fundamental change in the labour market. The regions in question were Kingston-Pembroke, Muskoka-Kawarthas and Stratford-Bruce for doubtful downside shifts and London’s sharp increase was a questionable upside move.

Unemployment rates in most regions will close out the year lower than in 2014. The exceptions are the Muskoka-Kawarthas, Windsor-Sarnia, Stratford-Bruce and the Northeast. EI data did not corroborate the unemployment rate jump in the Muskoka-Kawarthas and Stratford-Bruce regions, leaving LFS sample variability as the likely cause.

While there was some divergence in regional labour market performance in 2015, this was not the situation in the housing market. All regional housing markets expanded with more sales, higher prices (except for the Northeast), and more new construction. The degree of market expansion varied with larger gains in the central and southwest regions and smaller gains in the eastern and northern regions.

Non-residential construction was less robust than residential construction in most regions. The Toronto region will post a 17 percent rise in 2015 mainly due to a 53 percent jump in public permits, with private permits, industrial and commercial buildings up eight percent. The London and Northwest regions will also have double-digit gains this year, led by public permits as well. Regions with less activity this year, such as Ottawa and Kingston-Pembroke, are coming off a public permit surge in 2014.

The latest regional population data is as of July 1, 2014. Statistics Canada’s 2015 estimates will be released in 2016. At the provincial level, population growth slowed in the year ending June 30, 2015 to less than one percent on fewer immigrants and net non-permanent residents. Net interprovincial migration remained negative, though the outflow slowed.

Improving outlook

The performance of Ontario’s regional economies depends on external and domestic factors as well as on a region’s industry and demographic composition. Several regions in Ontario are quite dependent on external export-driven factors. The northern regions with their considerable dependence on forestry, mining, and metal products are at one end of this spectrum, while Ottawa and the Muskoka-Kawarthas regions are more domestically driven and less exposed to export markets.

The external environment for Ontario will turn more positive during the next two years due to a better performance in its largest export market, the U.S., a low Canadian dollar, low interest rates, and low oil prices. Working against these positives will be low metal prices, geopolitical events, and potential disruptions in financial markets emanating from emerging markets. Global economic growth will remain modest and below potential, mainly due to the slowdown in China.

Exports play a key role in Ontario’s economic performance and while international goods and services exports have better prospects ahead, interprovincial exports will be constrained by the negative fallout from the poor oil and natural gas markets that is affecting energy producing provinces such as Alberta.

On the domestic front, government fiscal policy will be more stimulative with time as the impact of more infrastructure spending will be felt to a greater degree. Private investment spending is set to build momentum, while residential investment spending will remain at a robust pace with some slowing into 2017.

Ontario’s real GDP growth is forecast at 2.6 percent in 2016 and 3.0 percent in 2017, following an estimated 2.5 percent expansion in 2015. Statistics Canada’s preliminary 2014 estimate is 2.7 percent. Ontario’s economy has upshifted from its slow growth phase of 2012 and 2013 to moderate growth and, if the forecast proves accurate, will shift to a more robust phase in 2017.

Economic performance across Ontario’s regions during the next two years will continue on recent trends, resulting in a greater divergence between some regions. The northern regions will post slight growth, while the central and southwestern regional economies will be the province’s main growth drivers. In the absence of GDP data for the regions, employment is the best single available economic indicator of a region’s overall performance.

Growth in most regions will increase over 2015 and continue their cyclical expansion from the last recession. The Toronto and Hamilton-Niagara regions also are expected to perform above the provincial growth rate, while the Kitchener-Waterloo-Barrie and Ottawa regions look to perform similar to Ontario’s pace, which is estimated at 1.5 percent in 2016 and 1.4 percent in 2017.

The London region, which was hard hit by the recession and restructuring of its manufacturing base, will continue to regain lost economic output and post growth above the provincial average in 2016 and 2017. In the last year of the forecast, employment will be above the 2007 pre-recession high.

Another manufacturing region hard hit by the recession was Windsor-Sarnia and employment has slowly advanced from its recession low. Forecast employment growth will be close to but below the provincial average and in 2017 employment will be at its highest level since the recession, but still well below the pre-recession high.

The three remaining regions – Kingston-Pembroke, Muskoka-Kawarthas, and Stratford-Bruce – are expected to grow in line with the recent modest trend growth. For example, 2017 employment in these regions is forecast at levels comparable to or slightly higher than those that existed five years ago. In contrast, employment in Toronto, Kitchener-Waterloo-Barrie, and Hamilton-Niagara will be six to nine percent higher, with Toronto leading this group.

All but one region is expected to see lower unemployment rates in 2016 and 2017 compared to this year. The exception is Kingston-Pembroke but this is due more to LFS sample issues than to underlying performance. Ontario’s unemployment rate at 6.6 percent and 6.3 percent in 2016 and 2017, respectively, would be the lowest since the recession. The lowest regional unemployment rate will be in Kitchener-Waterloo-Barrie, followed by London and Windsor-Sarnia. The Stratford-Bruce and Northwest regions will also have low unemployment rates due to low population growth and lack of employment opportunities. The highest unemployment rate will prevail in Windsor-Sarnia at 8.0 percent in 2017.

Regional housing markets will continue on their expansion phase during the next two years. The low interest rate environment is a strong stimulus to all regional housing markets. No recession in Ontario’s housing market is foreseen until the next global economic recession and regional markets will expand reflecting their own local economic circumstances. Housing markets in stronger economies and with higher population growth outperform those with weaker demand conditions.

MLS® residential sales growth is predicted to be most robust and above the provincial averages during the next two years in the Windsor-Sarnia and London regions. These two regions will post the fastest sales growth in 2015 and this momentum carries into the forecast, which is supported by improved economic performance and the release of pent-up demand following the lean post-recession years.

Another more active regional market is Muskoka-Kawarthas. Residential sales are predicted well above provincial sales growth rate at 9.1 percent in 2016 and 6.7 percent in 2017. In this region, labour market performance is less of a housing driver than the influx of retiree migrants from other parts of the province, notably Toronto, in addition to low interest rates. Robust market conditions in Toronto and other regions facilitate and encourage migration.

Less active markets look to be in the northern regions and in Stratford-Bruce, while the remaining regions will perform around the provincial sales pace. The Toronto and Hamilton-Niagara markets have outperformed in recent years and are seen expanding at a slower but still substantial pace.

As for price performance, Toronto and Hamilton-Niagara will still lead all regions and outpace provincial increases. The MLS® residential average sale price will climb in every region during the next two years with the slowest increases in those regions with the lowest sales gains.

Residential construction, as captured by building permits, tracks housing market conditions and most regions will see higher levels during the next two years. Residential construction can be a significant local economic driver.

Non-residential building permits will rise in this forecast with 2017 considerably more active than 2016. Private non-residential building permits will outperform public permits mainly because of higher 2015 levels and the ‘lumpy’ nature of large building projects. Investment on commercial and industrial buildings has been below trend since the recession and the predicted pickup in non-residential private permits will be in response to improved market conditions. Public permits are expected to receive a boost in 2017 when increased government infrastructure spending translates into project development.

Ontario’s population growth will edge higher due to more immigration and a lower net outflow to other provinces during the next two years. Toronto will continue as the main destination for immigrants and will lead the regional growth rankings. Near-zero growth rates will extend in the two northern regions, Kingston-Pembroke, Windsor-Sarnia, and Stratford-Bruce.

There are substantial differences in economic performance within some regions. The main metropolitan area in the region, which is the service, distribution, and administrative centre, can have a different economic structure than in the rest of the region. This is evident in several regions, notably in the Kingston-Pembroke region wherein the economy of the Kingston Census Metropolitan Area (CMA) bears little resemblance to the economic base in the rest of the region. Other examples are the Ottawa, Peterborough, and Thunder Bay CMAs, which are distinct from the rest of their regions.

Improving overall growth prospects.

Regional growth differentials will narrow.

Northern regions will lag due to poor mining prospects.

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Economic Update Summary: Ontario

Forecast
Indicator 2013 2014 2015 2016 2017
Real GDP, expenditure-based (% growth) 1.3 2.7 2.5 2.6 3.0
Net Exports, $2007 bil. 10.4 13.3 11.2 16.5 20.4
Employment Change (%) 1.8 0.8 0.8 1.5 1.4
Labour Force Change (%) 1.5 0.5 0.3 1.2 1.1
Unemployment Rate (%) 7.6 7.3 6.9 6.6 6.3
MLS® Res. Unit Sales Change (%) 0.4 3.7 9.4 6.4 4.6
MLS® Res. Avg. Sales Price Change (%) 4.7 7.1 7.3 7.7 6.6
Population Change (%) 1.1 0.9 0.8 0.9 0.9

Source: Statistics Canada, Central 1 Credit Union forecasts.

Employment (000s)
Economic Region 2013 2014 2015 2016 2017
Ottawa 684.5 697.8 688.5 696.0 708.0
% ch. -1.5 1.9 -1.3 1.1 1.7
Kingston-Pembroke 213.9 210.1 203.0 207.0 211.0
% ch. 0.1 -1.8 -3.4 2.0 1.9
Muskoka-Kawarthas 168.5 186.3 168.6 174.0 176.0
% ch. -1.5 10.6 -9.5 3.2 1.1
Toronto 3,240.2 3,241.1 3,320.0 3,375.0 3,425.0
% ch. 4.1 0.0 2.4 1.7 1.5
Kitchener-Waterloo-Barrie 693.5 704.5 712.0 720.0 729.0
% ch. 2.8 1.6 1.1 1.1 1.3
Hamilton-Niagara 697.5 706.4 722.0 734.0 744.0
% ch. 1.2 1.3 2.2 1.7 1.4
London 323.7 324.8 332.0 335.0 339.0
% ch. 0.3 0.3 2.2 0.9 1.2
Windsor-Sarnia 295.1 299.1 293.0 297.0 300.0
% ch. -0.8 1.4 -2.0 1.4 1.0
Stratford-Bruce 150.6 151.1 144.5 147.0 149.5
% ch. -1.4 0.3 -4.4 1.7 1.7
Northeast 253.7 256.8 250.5 251.5 252.5
% ch. -0.6 1.2 -2.5 0.4 0.4
Northwest 102.2 99.8 97.3 97.1 97.3
% ch. 0.2 -2.3 -2.5 -0.2 0.2
Ontario 6,823.4 6,877.8 6,931.4 7,033.6 7,131.3
% ch. 1.8 0.8 0.8 1.5 1.4

Source: Statistics Canada, Central 1 Credit Union forecasts.

Labour Force (000s)
Economic Region 2013 2014 2015 2016 2017
Ottawa 731.7 746.9 736.0 743.0 752.0
% ch. -1.5 2.1 -1.5 1.0 1.2
Kingston-Pembroke 230.2 229.3 218.0 223.0 228.0
% ch. 0.0 -0.4 -4.9 2.3 2.2
Muskoka-Kawarthas 182.9 198.8 182.9 189.0 190.0
% ch. -1.2 8.7 -8.0 3.3 0.5
Toronto 3,528.8 3,524.7 3,580.0 3,625.0 3,670.0
% ch. 3.4 -0.1 1.6 1.3 1.2
Kitchener-Waterloo-Barrie 741.2 747.8 753.0 760.0 768.0
% ch. 2.6 0.9 0.7 0.9 1.1
Hamilton-Niagara 751.2 755.9 770.0 779.0 786.0
% ch. -1.3 0.6 1.9 1.2 0.9
London 351.3 349.3 354.0 355.6 358.0
% ch. 0.1 -0.6 1.3 0.5 0.7
Windsor-Sarnia 322.2 325.3 320.6 323.4 326.2
% ch. -1.6 1.0 -1.4 0.9 0.9
Stratford-Bruce 159.8 158.7 153.5 156.0 158.0
% ch. -0.4 -0.7 -3.3 1.6 1.3
Northeast 274.3 275.8 272.0 272.5 273.0
% ch. -0.5 0.5 -1.4 0.2 0.2
Northwest 110.2 106.2 103.5 103.1 102.9
% ch. 0.6 -3.6 -2.5 -0.4 -0.2
Ontario 7,383.8 7,418.7 7,443.5 7,529.6 7,612.1
% ch. 1.5 0.5 0.3 1.2 1.1

Source: Statistics Canada, Central 1 Credit Union forecasts.

Unemployment Rate (%)
Economic Region 2013 2014 2015 2016 2017
Ottawa 6.5 6.6 6.5 6.3 5.9
Kingston-Pembroke 7.1 8.4 6.9 7.2 7.5
Muskoka-Kawarthas 7.9 6.3 7.8 7.9 7.4
Toronto 8.2 8.0 7.3 6.9 6.7
Kitchener-Waterloo-Barrie 6.4 5.8 5.4 5.3 5.1
Hamilton-Niagara 7.1 6.5 6.2 5.8 5.3
London 7.9 7.0 6.2 5.8 5.3
Windsor-Sarnia 8.4 8.1 8.6 8.2 8.0
Stratford-Bruce 5.8 4.8 5.9 5.8 5.4
Northeast 7.5 6.9 7.9 7.7 7.5
Northwest 7.3 6.0 6.0 5.8 5.4
Ontario 7.6 7.3 6.9 6.6 6.3

Source: Statistics Canada, Central 1 Credit Union forecasts.

Non-Residential Building Permits ($ millions)
Economic Region 2013 2014 2015 2016 2017
Ottawa 1,179 1,180 1,074 1,115 1,190
% ch. -8.2 0.1 -9.0 3.8 6.7
Kingston-Pembroke 238 495 270 280 300
% ch. -20.5 108.3 -45.5 3.7 7.1
Muskoka-Kawarthas 129 235 130 150 180
% ch. -24.0 81.6 -44.7 15.4 20.0
Toronto 6,195 5,985 7,000 6,900 7,500
% ch. 3.3 -3.4 17.0 -1.4 8.7
Kitchener-Waterloo-Barrie 982 1,308 1,200 1,300 1,550
% ch. -0.5 33.1 -8.2 8.3 19.2
Hamilton-Niagara 1,264 889 960 1,000 1,200
% ch. -15.2 -29.7 8.0 4.2 20.0
London 479 420 490 500 550
% ch. 1.1 -12.4 16.7 2.0 10.0
Windsor-Sarnia 363 347 375 425 475
% ch. -39.2 -4.6 8.1 13.3 11.8
Stratford-Bruce 263 350 315 310 335
% ch. 0.4 33.2 10.0 -1.6 8.1
Northeast 381 447 300 350 400
% ch. 6.2 17.3 -32.9 16.7 14.3
Northwest 194 86 110 140 140
% ch. -21.8 -55.6 27.9 27.3 0.0
Ontario 11,666 11,742 12,224 12,470 13,820
% ch. -4.1 0.7 4.1 2.0 10.8

Source: Statistics Canada, Central 1 Credit Union forecasts.

Residential Building Permits (unit)
Economic Region 2013 2014 2015 2016 2017
Ottawa 6,643 8,391 5,700 6,300 6,800
% ch. -19.1 26.3 -32.1 10.5 7.9
Kingston-Pembroke 2,050 1,850 2,100 2,300 2,500
% ch. 6.3 -9.8 13.5 9.5 8.7
Muskoka-Kawarthas 1,819 2,208 1,850 2,000 2,250
% ch. 4.7 21.4 -16.2 8.1 12.5
Toronto 40,256 35,136 42,000 46,500 48,500
% ch. 3.6 -12.7 19.5 10.7 4.3
Kitchener-Waterloo-Barrie 7,084 9,204 9,400 10,200 11,000
% ch. 12.0 29.9 2.1 8.5 7.8
Hamilton-Niagara 4,975 5,091 6,000 6,500 7,000
% ch. -8.1 2.3 17.9 8.3 7.7
London 2,971 3,100 2,900 3,300 3,700
% ch. -4.8 4.3 -6.5 13.8 12.1
Windsor-Sarnia 1,492 1,371 1,400 1,550 1,700
% ch. 13.6 -8.1 2.1 10.7 9.7
Stratford-Bruce 1,088 1,096 1,325 1,500 1,650
% ch. 0.8 0.7 20.9 13.2 10.0
Northeast 1,305 1,043 1,100 1,000 1,050
% ch. -12.1 -20.1 5.5 -9.1 5.0
Northwest 450 389 400 425 400
% ch. 4.9 -13.6 2.8 6.3 -5.9
Ontario 70,133 68,879 74,175 81,575 86,550
% ch. 0.4 -1.8 7.7 10.0 6.1

Source: Statistics Canada, Central 1 Credit Union forecasts.

MLS Residential Sales (Units)
Economic Region 2013 2014 2015 2016 2017
Ottawa 16,539 16,472 17,900 18,500 19,500
% ch. -3.8 -0.4 8.7 3.4 5.4
Kingston-Pembroke 7,272 7,095 7,700 8,200 8,500
% ch. -5.4 -2,4 8.5 6.5 3.7
Muskoka-Kawarthas 6,728 7,095 8,250 9,000 9,600
% ch. 0.1 5.5 16.3 9.1 6.7
Toronto 94,588 99,193 107,400 114,300 119,200
% ch. 0.9 4.9 8.3 6.4 4,3
Kitchener-Waterloo-Barrie 21,374 21,831 24,000 25,300 26,400
% ch. 3.7 2.1 9.9 5.4 4.3
Hamilton-Niagara 21,048 22,274 25,000 26,500 28,000
% ch. 2.3 5.8 12.2 6.0 5.7
London 9,783 10,405 11,600 12,800 13,400
% ch. 0.0 6.4 11.5 10.3 4.7
Windsor-Sarnia 8,110 8,255 9,300 10,200 10,900
% ch. 3.5 1.8 12.7 9.7 6.9
Stratford-Bruce 3,700 4,017 4,300 4,500 4,650
% ch. -2.8 8.6 7.0 4.7 3.3
Northeast 6,167 5,843 6,300 6,600 6,500
% ch. -5.5 -5.3 7.8 4.8 -1.5
Northwest 2,053 2,264 2,300 2,400 2,500
% ch. -0.1 10.3 1.6 4.3 4.2
Ontario 197,362 204,743 224,050 238,300 249,150
% ch. 0.4 3.7 9.4 6.4 4.5

Source: CREA, Statistics Canada, Central 1 Credit Union forecasts.

MLS Residential Average Sale Price ($)
Economic Region 2013 2014 2015 2016 2017
Ottawa 334,320 339,785 346,000 355,000 365,000
% ch. 2.0 1.6 1.8 2.6 2.8
Kingston-Pembroke 247,163 247,935 260,000 275,000 285,000
% ch. 2.8 0.3 4.9 5.8 3.6
Muskoka-Kawarthas 302,268 320,936 337,000 360,000 375,000
% ch. 3.3 6.2 5.0 6.8 4.2
Toronto 529,948 573,183 625,800 680,400 730,100
% ch. 5.1 8.2 9.2 8.7 7.3
Kitchener-Waterloo-Barrie 311,530 328,492 348,000 370,000 390,000
% ch. 3.9 5.4 5.9 6.3 5.4
Hamilton-Niagara 333,673 352,888 380,000 410,000 440,000
% ch. 6.1 5.7 7.7 7.9 7.3
London 243,155 251,964 261,300 278,200 298,100
% ch. 2.4 3.6 3.7 6.5 7.2
Windsor-Sarnia 179,294 186,650 193,000 205,000 220,000
% ch. 4.1 4.1 3.4 6.2 7.3
Stratford-Bruce 226,108 233,598 245,000 254,000 263,000
% ch. 2.9 3.3 4.9 3.7 3.3
Northeast 212,386 216,113 212,500 219,300 224,125
% ch. 1.2 1.8 -1.7 3.2 2.5
Northwest 195,100 208,909 220,000 225,000 230,000
% ch. 6.9 7.1 5.3 2.3 2.2
Ontario 403,060 431,543 463,123 498,701 531,532
% ch. 4.7 7.1 7.3 7.7 6.6

Source: CREA, Statistics Canada, Central 1 Credit Union forecasts.

Population (000s)
Economic Region 2013 2014 2015 2016 2017
Ottawa 1,309.1 1,320.3 1,331.0 1,343.0 1,358.0
% ch. 0.9 0.9 0.8 0.9 1.1
Kingston-Pembroke 467.7 468.7 470.0 471.4 473.1
% ch. 0.2 0.2 0.3 0.3 0.4
Muskoka-Kawarthas 380.0 381.5 383.0 385.5 388.5
% ch. 0.5 0.4 0.4 0.7 0.8
Toronto 6,268.8 6,357.7 6,439.8 6,530.3 6,626.1
% ch. 1.6 1.4 1.3 1.4 1.5
Kitchener-Waterloo-Barrie 1,285.1 1,297.9 1,308.5 1,319.0 1,332.0
% ch. 1.1 1.0 0.8 0.8 1.0
Hamilton-Niagara 1,435.0 1,445.9 1,456.2 1,467.9 1,483.1
% ch. 0.9 0.8 0.7 0.8 1.0
London 662.3 666.4 670.9 675.8 681.5
% ch. 0.7 0.6 0.7 0.7 0.8
Windsor-Sarnia 638.2 637.4 637.0 637.5 637.9
% ch. 0.0 -0.1 -0.1 0.1 0.1
Stratford-Bruce 300.3 300.5 300.7 301.2 301.7
% ch. 0.1 0.1 0.1 0.2 0.2
Northeast 564.3 562.6 560.9 559.0 557.3
% ch. -0.2 -0.3 -0.3 -0.3 -0.3
Northwest 240.1 239.8 239.4 239.1 239.1
% ch. -0.1 -0.1 -0.2 -0.1 0.0
Ontario 13,550.9 13,678.8 13,797.4 13,929.7 14,078.3
% ch. 1.1 0.9 0.9 1.0 1.1

Source: Statistics Canada, Central 1 Credit Union forecasts.

Disclaimer: Regional Economic Update: Summary of Ontario may have forward-looking statements about the future economic growth of the Province of Ontario and its regions. These statements are subject to risk and uncertainty. Actual results may differ due to a variety of factors, including regulatory or legislative developments, competition, technological change, global capital market activity and general economic conditions in Canada, North America or internationally. This list is not exhaustive of the factors that may affect any of the Analysis’ forward-looking statements, and all factors should be considered carefully by readers and readers should not place undue reliance on the Analysis’ forward-looking statements.

The information contained in this Analysis (“Content”) does not constitute professional advice, and should not be relied upon as accurate, reliable, complete, timely or fit for any particular purpose without receiving appropriate and qualified professional advice. The Content is provided on an “as is” basis, without any representations, warranties, conditions or guarantees, whether express or implied, including any representations, warranties, conditions or guarantees as to the accuracy, reliability, completeness, currency, fitness for a particular purpose and non-infringement, all of which are hereby disclaimed by Central 1 Credit Union, the Ontario Chamber of Commerce, and all of the credit unions of Ontario and all the chambers of commerce and boards of trade in Ontario to the fullest extent permitted by law. Central 1 Credit Union, the Ontario Chamber of Commerce, and all of the credit unions of Ontario and all the chambers of commerce and boards of trade in Ontario and their respective directors, officers, employees and agents will not under any circumstances be liable for any loss or damage in connection with the use of the Content. Readers’ use of the Content is at their own risk.

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