VAUGHAN – York Region MPPs Steven Del Duca, Chris Ballard, Michael Chan, Helena Jazcek, and Reza Moridi are pleased to announce that at a time of fundamental economic change, Ontario is supporting business by capitalizing on its diversified economy. The Province has already made significant progress on its plan to grow the economy, create jobs and promote a fair society in a balanced and fiscally responsible manner. Going forward, the Province will implement its plan to help more businesses succeed and grow, and provide opportunities for all Ontarians.
Today, Finance Minister Charles Sousa presented the 2015 Ontario Economic Outlook and Fiscal Review. The Province is now forecasting revised deficits of $7.5 billion in 2015-16 and $4.5 billion in 2016-17. This is an improvement of $1 billion in 2015-16 and $0.3 billion in 2016-17 compared with the deficit targets laid out in the 2015 Budget. The government remains committed to balancing the budget by 2017-18.
Ontario’s economy continues to grow in an increasingly competitive global environment. Since the 2009 recessionary low, the Province has created 559,600 jobs, the majority of which are full-time positions and in industries that paid above-average wages. The provincial unemployment rate of 6.8 per cent is below the national average. Ontario has become one of the strongest growing provincial economies in Canada, and private-sector economists expect this growth trend to continue over the next two years.
The Review outlines the government’s progress to date and its plans to help the province thrive financially while maintaining vital public services for Ontarians.
Supporting a Dynamic and Innovative Business Climate
The government is helping Ontario businesses grow and succeed so they can create rewarding, high-paying jobs and contribute to the province’s economic prosperity. Recent progress includes:
Building Modern Transportation and Infrastructure
Ontario has committed to making the largest investment in public infrastructure in its history. This investment, with more than $134 billion over 10 years in priorities such as roads, bridges and public transit, will support more than 110,000 jobs on average per year. Since the 2015 Budget, the government has announced support for more than 200 projects that will keep people and goods moving, connect communities and improve quality of life. Recent progress includes:
Working Together Towards a Stronger Ontario and a Stronger Canada
Ontarians are ready for a new collaborative approach to federalism in Canada that is driven by a set of common goals and values. The Province looks forward to working together with the federal government on a number of initiatives including implementing the Ontario Retirement Pension Plan, combating climate change, building infrastructure, sustaining health care, collaborating with our Aboriginal partners and supporting international relief efforts to help welcome and resettle refugees in the province.
The government’s economic plan is building Ontario up. The four-part plan includes investing in people's talents and skills, making the largest investment in public infrastructure in Ontario's history, creating a dynamic and innovative environment where business thrives and strengthening retirement security for Ontarians.
“Earlier in the year, our government laid out an ambitious agenda to build Ontario up in the 2015 Budget. Today, I am proud to report that our province is delivering on that plan. Not only have we made significant progress in beating deficit targets and investing in public infrastructure, but we are enhancing the lives of all Ontarians by making the province more competitive and productive.”
— Steven Del Duca, M.P.P., Vaughan
“I am proud of the Ontario Government’s significant progress with our plans to grow the economy, build modern infrastructure and create jobs in the Province. By producing valuable opportunities for people, while remaining committed to balancing the budget by 2017-18 in a responsible way, we are improving the lives of Ontarians and strengthening the security of our future. “
— Reza Moridi, M.P.P., Richmond Hill
“Our government’s Fall Economic Statement confirms that we are on the right track and our responsible, progressive plan to build Ontario up is working. I am proud to deliver news to my constituents in Markham-Unionville that Ontario has become one of the strongest growing provincial economies in Canada, that economists expect that growth to continue, and that people and businesses across the province can thrive, succeed and prosper.”
— Michael Chan, M.P.P., Markham-Unionville
“I am proud our government is continuing to build Ontario up by creating innovative and dynamic business environments, building modern public infrastructure, investing in people’s skills and talents and strengthening retirement security. I am sure the residents of Newmarket-Aurora will be pleased to learn the Government is making strategic investments for the benefit of generations to come. This Fall Economic Statement is evidence of that."
— Chris Ballard, MPP Newmarket-Aurora
“I am proud that our government has taken a balanced economic approach by reducing the deficit while investing in a fair and responsible society. Ontario continues to invest in infrastructure and critical services that communities like my riding of Oak Ridges-Markham need to ensure that we are part of a globally competitive economy.”
— Helena Jaczek, MPP Oak Ridges – Markham
less than forecast in the 2015 Budget.
For more information, please contact:
Steven Del Duca, M.P.P., Vaughan 905-832-6630
Michael Chan, M.P.P., Markham-Unionville 905-305-1935
Reza Moridi, M.P.P., Richmond Hill 905-884-8080
Chris Ballard, M.P.P., Newmarket-Aurora 905-750-0019
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