2023 Ontario Economic Report

“Ontario business confidence has dropped to a record low in 2023. Labour shortages, inflation, health care system vulnerabilities, and forecasts of an economic contraction are dampening confidence in the province’s economic outlook. Only 16 percent of organizations surveyed have confidence in the economy. This is down 29 percent from last year. Promisingly, most businesses feel confident they can withstand these headwinds and continue to grow in the year ahead.” – Rocco Rossi, President and CEO, Ontario Chamber of Commerce.

“This year’s report shows what we have been hearing from our business customers. While inflation and shortages in labour supply are having an impact, organizations are optimistic about their outlook and growth prospects. We remain committed to doing our part, to provide relief to our customers, and make critical energy infrastructure investments to ensure businesses have access to reliable and sustainable electricity when they need it. These investments will be crucial to attract new businesses, create jobs and help communities grow.” – Megan Telford, Chief Human Resource Officer at Hydro One Networks Inc.

“This year’s OER makes it clear that leaders in the public and private sectors must invest strategically in productivity, resilience, and long-term growth. Unsurprisingly, labour shortages continue to dominate as a source of concern directly impacting most employers and 87 percent of large businesses. Shortages are especially acute in specific sectors such as education, construction, and accommodation and food services.” – Claudia Dessanti, Senior Manager, Policy, Ontario Chamber of Commerce.