2022 Ontario Economic Report

“Ontario began to see some positive momentum in 2021 thanks to progress on vaccines and reopening. Business confidence, GDP, and employment growth are trending upwards after record lows in 2020. However, the road ahead remains uncertain for businesses and households as labour shortages, supply chain disruptions, and inflation are hitting home. A staggering 62 percent of sectors are facing labour shortages in Ontario and expect to continue facing them over the next year. This is having real-life consequences on the cost of living, service delivery, and product availability.” – Rocco Rossi, President and CEO, Ontario Chamber of Commerce.

“We know that Ontario businesses continue to feel the pressures of the pandemic and we remain committed to doing our part to provide relief, flexibility and choice to customers who may be struggling. Every dollar we invest comes at a cost to our customers which is why we are working to improve productivity and take costs out of the business while balancing the need to invest in our aging system.  Our five-year Investment Plan will ensure a more resilient and reliable electricity grid for the future so business owners have access to the electricity they need to serve their customers and grow.” – Mark Poweska, President and CEO, Hydro One.

“We are seeing a domino effect of structural issues. Jobs are going unfilled, demand is outpacing capacity, and these issues are driving up prices for consumers and uncertainty for businesses. Two years into the pandemic, there is light at the end of the tunnel, but we need a long-term plan that will provide stability and lay the groundwork for economic growth.” – Claudia Dessanti, Senior Manager, Policy, Ontario Chamber of Commerce.