Ontario is one of the top places in the world to do business, invest and work in many key areas.
In 2014 the province made smart choices and stuck to its four-part plan to build up Ontario — and it’s paying off:
- Ontario has now recovered all the jobs lost during the recession and employment has increased by more than half a million since June 2009, outpacing the U.S. recovery.
- Premier Wynne’s trade mission to China secured almost $1 billion in new investment and will create more than 1,800 jobs in communities across the province.
- Unprecedented investments in infrastructure — $130 billion over the next 10 years — will support more than 110,000 jobs each year in construction and related industries.
A major strength of Ontario’s economy is that we’re in the top tier in a diverse range of industry sectors including:
- Fourteen of the top 25 global aerospace companies have key operations in Ontario.
- Ontario aerospace manufacturers are part of the global supply chain for virtually every passenger aircraft in the world.
- The Canadian aerospace sector is ranked fifth in the world. Ontario has expertise in space robotics, satellites, sensors and digital imaging technology, with nearly 70 per cent of Canadian revenues and 60 per cent of Canadian employees in the space sector.
- Food and beverage is the second-largest manufacturing sector in Ontario. It follows only the auto sector in terms of GDP contribution.
- Since 2004, our government has invested over $1 billion in the auto sector, leveraging more than $10 billion in total auto industry investment.
- Ontario is the only sub-national jurisdiction in North America that hosts five major global automotive assemblers: Chrysler, Ford, General Motors, Honda and Toyota.
- Ontario’s recently announced partnership with Honda Canada will make its Alliston plant one of the most innovative in North America and directly retain 4,000 jobs.
- Ontario has the fastest growing clean tech sector in Canada.
- In just ten years, the province has become a North American leader in the development, use, and manufacturing of clean energy.
- Ontario ranks third for financial services in terms of GDP in North America, behind New York and California.
- Toronto ranks in the top five in North America and 11th globally in competitiveness ratings for global financial centres.
- The World Economic Forum has identified Canada’s banking system — centered in Ontario — as the world’s soundest for six straight years.
Information and Communications Technology
- Ontario ranks second in North America, after California, for the number of ICT firms.
- Many of the world’s leading IT companies conduct R&D in Ontario – including IBM, Siemens, Cisco, Intel, Google, OpenText, Xerox, Ericsson and Oracle.
- Made-in-Ontario technologies have been onboard 80 per cent of the communications satellites ever launched, form the core of the U.S. National Security Agency’s digital cryptography and e-security systems and are the preferred choice in mission-critical environments worldwide.
- Toronto has the lowest business cost for video game production among the major cities of G7 countries.
- Ontario is the largest life sciences jurisdiction in Canada and ranks fifth by number of establishments in North America.
- Ontario is third in North America by number of firms in the medical devices sub-sector.
Helping businesses grow and stay competitive is part of the government’s economic plan for Ontario. The four-part plan is building Ontario up by investing in people’s talents and skills, building new public infrastructure like roads and transit, creating a dynamic, supportive environment where business thrives and building a secure savings plan so everyone can afford to retire.
- Ontario achieved a number one ranking for greenfield capital investment in North America during 2013 according to fDi Intelligence, the research division of the Financial Times of London.
- The Southwestern Ontario and the Eastern Ontario Development Funds have created and retained more than 29,000 jobs and attracted over $1.25 billion in investment.
- Ontario’s Youth Jobs Strategy has created more than 24,000 job opportunities.
- Ontario’s new 10-year, $2.5 billion Jobs and Prosperity Fund is part of a comprehensive plan for creating jobs and growing the economy.
- Sixty-five per cent of Ontario’s population has a postsecondary education — that’s more than any OECD country and significantly ahead of the U.S.