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Strong Action On Economy

McGuinty Government Launches 2012 Progress Report

Ministry of Finance

Ontario is growing our economy by creating nearly half of all new jobs in Canada in 2011, driving the unemployment rate to its lowest level since 2008, and luring more foreign investment projects than nearly every other region in North America.

These are among the highlights detailed in Ontario's 2012 Progress Report. The annual Progress Report shows gains Ontario has made in strengthening our economy while building a better future for our children and grandchildren.

Ontario's economic achievements include:

  • Creating 121,300 jobs in 2011 -- the highest level of creation since 2003.
  • Increasing education levels -- 64 per cent of adults in Ontario graduated with postsecondary education, up from 56 per cent in 2002.
  • Helping more than 55,000 laid-off workers retrain with Second Career since June 2008.
  • Building confidence in Ontario -- business investment in plants and equipment rose almost 17 per cent in 2011.

The Progress Report shows the importance of eliminating the deficit so Ontarians can continue to enjoy the great quality of life we have now while protecting what's most important: health care and education.

Quick Facts

  • Ontario ranks third in North America in winning foreign direct investment projects according to the Financial Times Ltd. 2012 fDI Report.
  • The Green Energy Act has created more than 20,000 jobs and the province is on track to generate 50,000 in the clean energy economy.
  • Ontario has reduced taxes for Ontario businesses by over $8 billion a year.
  • For every dollar in new revenues outlined in the 2012 Budget, there are four dollars of savings and cost-containment measures.
  • Agri-food is one of Ontario's leading industries, contributing more than $33 billion to the economy every year.
  • Ontario is the third largest film production location in North America -- production volume of film and television projects climbed to a record $1.26 billion, an increase of 31 per cent since 2010.
  • Ontario is first in Canada and third in North America in the information and communications technology sector for number of businesses -- employing about 270,000 people, representing about 50 per cent of total Canadian ICT employment.
  • Ontario is one of North America's top five regions in biotech.

Additional Resources

Quotes

Brad Duguid

“Our plan is building confidence in Ontario's economic future. There's more to be done, but we're on the right track. We're committed to creating jobs and attracting the best and brightest to Ontario.”

Brad Duguid

Minister of Economic Development and Innovation

“The McGuinty government is making the right choices to strengthen the economy and protect what matters most to Ontarians -- education, health care and job creation. By taking strong, determined action to eliminate the deficit, we will continue to meet the challenges brought on by a volatile global economy. We will stay the course on plans to eliminate the deficit within five years and re-double our efforts to continue making progress on jobs and growth.”

Dwight Duncan

Minister of Finance

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