Ontario regaining status as economic engine for Canada

mentalfloss

mentalfloss

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I'm being told by arrogant Albertans that we get to complain about equalization now.


Ontario regaining status as economic engine for Canada

After years of lagging behind the oil-producing provinces, Ontario's economy is surging.

Don't believe it? There's plenty of evidence.

Canada's big banks are forecasting that Ontario will lead the country in economic growth this year or be within a hair of the top of the pack. Unemployment sits at its lowest in 16 years. And that economic success is being felt across a range of sectors, including manufacturing, real estate, finance and technology.

Corporate profits in Ontario are up significantly. You can tell by the province's corporate tax revenue, which jumped a whopping 16.8 per cent last year, and 19.6 per cent in 2015.

Ontario businesses surveyed by the Bank of Canada say sales are up and they're looking to invest in new equipment and hire additional staff.

The boom is centred on the Greater Toronto Area, forecast this week by the Conference Board of Canada to lead the country's metropolitan areas in 2017 with a 2.6 per cent increase in the gross domestic product. Other parts of the province are doing well too, particularly Windsor, the Ottawa region, and the Kitchener-Cambridge-Guelph triangle.

"Through 2019, Ontario households will reap the benefits of a robust business sector," the conference board's latest report says. "With the labour market looking good, healthy consumer spending across all spending categories is expected over the near term."

RBC senior economist Robert Hogue described this province as having "quite a vibrant" economy.

"The Ontario economy has been, I think, quite impressive at adapting, at adjusting, and at continuing to generate jobs," Hogue said in an interview with CBC Toronto last week.

"The Ontario economy has been quite strong over the last couple of years," said Dina Ignjatovic of TD Economics in another interview. "We expect to see another very strong year in 2017."

It's guaranteed the Wynne government will point to these trends on Tuesday when it announces its plans to protect vulnerable workers and hike the minimum wage to $15 an hour (as revealed by CBC News this month).

Ontario regaining status as economic engine for Canada - Toronto - CBC News
 
Danbones

Danbones

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So the economic water level has gone so low nationally that our reef of a province is sticking out a bit eh?

We expect to see another very strong year in 2017.
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...and Hitlary will win the election....
 
Murphy

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The truth is almost always the opposite to what MF posts. He does this to get a rise out of some of the more dimwitted posters here.

If he posted an article saying the moon was mostly dirt and rocks, I would seriously consider that the moon is made of cheese.
 
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Johnnny

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Murphy said:
The truth is almost always the opposite to what MF posts. He does this to get a rise out of some of the more dimwitted posters here.

If he posted an articel saying the moon was ostly dirt and rocks, I would seriously consider that the moon is made of cheese.
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He omitted the last half of the article and the introductory sentence in bold at the beginning of the article. He could be a yahoo article writer. :lol:
 
Jinentonix

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Being told that your economy is purring along like a 3 cyl Firefly isn't really all that encouraging considering it used to be a 12 cyl Jaguar.
 
mentalfloss

mentalfloss

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Johnnny said:
He omitted the last half of the article and the introductory sentence in bold at the beginning of the article. He could be a yahoo article writer. :lol:
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Jinentonix

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mentalfloss said:
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Why don't you show the charts of how much housing prices have soared since the McWYnnty Liberals? Or that wages have basically either stagnated or dropped since 2003, depending on your age group? Or the fact that young working Ontarians are working longer for less spending power than previous generations. For decades, a young working person in Ontario needed to save for about 5 years to come up with a 20% down payment for an average priced house. From 1976-2003 the average was about 5-8 years. Today, that same person would have to work 15 years, well 14.5 years to save up a 20% down payment on an average priced house.
I'm not entirely sure how they dredged up this rosy report but I'm seeing and hearing many business planning on shutting down and relocating to more business friendly jurisdictions or expanding outside of Ontario, again for more business friendly jurisdictions.
Remember the turbine plant they built in Windsor that was supposed to employ some 700-800 people full-time but in reality only employed a few dozen? Yeah, they're shutting down and moving to Michigan because Michigan is more business friendly.
Yep, quite a few are either expanding or pulling up stakes and moving out of Ontario.
I'm not really sure if corporations that provide McJobs and pay McWages having a higher tax burden over the previous year is really an indicator of a strengthening economy.

I know there are other sectors but let's look at the fast food and restaurant sector. Let's say that across the board the fast-food and restaurant sector paid more in taxes this year because of higher profits than last year. Is that a positive economic indicator or simply sign that fewer and fewer people have the time and/or skills to prepare their own meals from food bought at a grocery store?
And even in general, are corporate profits and the taxes paid on them a 100% guarantee of an improving economy? Some of those profits could very well have come from simply finding inefficiencies and reducing or eliminating them. They could have also come from downsizing or shutting down departments altogether or outsourcing the work. There's any number of reasons corporations can realize a higher profit than the previous year without it having anything to do with actual changes in consumer traffic. Hell, higher prices alone can account for higher profits.

Here's what I've learned about this Liberal govt since 2003. Whatever they say, the opposite is usually the reality.
 
MHz

MHz

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So a crash in the energy sector is the key that was missing to Ontario's comeback? Pretty much means their new growth is actually just a numbers games using Alberta's decline as proof Ontario is gaining ground. Their only hope of that continuing is for the oil patch to remain in a glut condition. That could last 100 years in a depressed economy. Ontario's big jump in jobs will come from the number of we;fare workers they will need.

BTW the guaranteed income in a global movement rather than being specific to Ontario.
 
JLM

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mentalfloss said:
I'm being told by arrogant Albertans that we get to complain about equalization now.


Ontario regaining status as economic engine for Canada

After years of lagging behind the oil-producing provinces, Ontario's economy is surging.

Don't believe it? There's plenty of evidence.

Canada's big banks are forecasting that Ontario will lead the country in economic growth this year or be within a hair of the top of the pack. Unemployment sits at its lowest in 16 years. And that economic success is being felt across a range of sectors, including manufacturing, real estate, finance and technology.

Corporate profits in Ontario are up significantly. You can tell by the province's corporate tax revenue, which jumped a whopping 16.8 per cent last year, and 19.6 per cent in 2015.

Ontario businesses surveyed by the Bank of Canada say sales are up and they're looking to invest in new equipment and hire additional staff.


Ontario regaining status as economic engine for Canada - Toronto - CBC News
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Don't let that bull shit fool you. Like the family who hasn't eaten for two months and then goes out and buys a box of groceries! :)
 
petros

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JamesBondo

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mentalfloss said:
I'm being told by arrogant Albertans that we get to complain about equalization now.


Ontario regaining status as economic engine for Canada

After years of lagging behind the oil-producing provinces, Ontario's economy is surging.

Don't believe it? There's plenty of evidence.

Canada's big banks are forecasting that Ontario will lead the country in economic growth this year or be within a hair of the top of the pack. Unemployment sits at its lowest in 16 years. And that economic success is being felt across a range of sectors, including manufacturing, real estate, finance and technology.

Corporate profits in Ontario are up significantly. You can tell by the province's corporate tax revenue, which jumped a whopping 16.8 per cent last year, and 19.6 per cent in 2015.

Ontario businesses surveyed by the Bank of Canada say sales are up and they're looking to invest in new equipment and hire additional staff.

The boom is centred on the Greater Toronto Area, forecast this week by the Conference Board of Canada to lead the country's metropolitan areas in 2017 with a 2.6 per cent increase in the gross domestic product. Other parts of the province are doing well too, particularly Windsor, the Ottawa region, and the Kitchener-Cambridge-Guelph triangle.

"Through 2019, Ontario households will reap the benefits of a robust business sector," the conference board's latest report says. "With the labour market looking good, healthy consumer spending across all spending categories is expected over the near term."

RBC senior economist Robert Hogue described this province as having "quite a vibrant" economy.

"The Ontario economy has been, I think, quite impressive at adapting, at adjusting, and at continuing to generate jobs," Hogue said in an interview with CBC Toronto last week.

"The Ontario economy has been quite strong over the last couple of years," said Dina Ignjatovic of TD Economics in another interview. "We expect to see another very strong year in 2017."

It's guaranteed the Wynne government will point to these trends on Tuesday when it announces its plans to protect vulnerable workers and hike the minimum wage to $15 an hour (as revealed by CBC News this month).

Ontario regaining status as economic engine for Canada - Toronto - CBC News
Click to expand...

Ironic when arrogant ontario comments on arrogant alberta.
 
Jinentonix

Jinentonix

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petros said:
Yukon

Province's (ON) economy is forecast to lead country in growth, but wages fail to keep pace with inflation.
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Yep. Since 2003, wages in Ontario for the 35-45 age group have stagnated while wages for the 24-34 age group have actually gone down.
Average price of a house in Ontario has increased by $331,000 since 2003 and by $113,000 just since the Wynned sock years, making Ontario second only to BC when it comes to increased housing costs.

But you can't really blame Flossie. This is a rosy report from a left-wing govt so he desperately wants to believe it.
What concerns me are two things; the lack of anyone really worth voting for, and the number of gullible idiots who will actually swallow this tripe like Flossie has as we head into election time. And the the thing is, it won't matter whose face the Liberals decide will front the party, their policies will be the exact same disastrous policies we've seen since 2003. It would be like changing a baby's diaper and tossing the diaper with the main turd away and slapping a new one on without cleaning up the shit that's left behind first.
 
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