2024 Ontario Economic Report

“Business confidence in the economy has plunged from 29 percent at the height of the pandemic to just 13 percent two years later – driven by the rising costs of living and of doing business. There are bright spots – particularly in growth sectors such as mining – thanks to strategic investments, population growth and improved labour market resilience. In 2024 and beyond, productivity must be our priority.” – Daniel Tisch, President and CEO, Ontario Chamber of Commerce.

“This report is a great example of how the Ontario Chamber of Commerce continues to advocate for the businesses that drive economic stability and growth in the province. Hydro One is optimistic about the future. We are making important infrastructure investments that will unlock Ontario’s economic potential, power new industry and business, support job creation, and ensure we have a more resilient and reliable electricity grid.” – David Lebeter, President and CEO, Hydro One

“Along with the OCC’s tireless advocacy in support of our business community, Ontario’s clean electricity system is helping to attract investment and support Ontario’s growth now and in the years ahead. Along with this expected growth, many sectors are investing in electrifying parts of the economy that currently rely on carbon-emitting sources, such as transportation and heavy industry. By refurbishing our nuclear fleet, Bruce Power is ensuring people and businesses in Ontario will continue to have access to reliable, clean, zero-carbon electricity to help meet this growing demand while providing thousands of high-skilled jobs and producing cancer-fighting medical isotopes in support of global health.” – Pat Dalzell, Executive Director, Corporate Affairs and Market Development, Bruce Power

“The business community’s policy priorities reflect ongoing pain points, with many highlighting the need for tax reforms, buy local programs, workforce development, and affordable housing. Governments will need to balance fiscal prudence with investments focused on growing Ontario’s productive capacity to support business and consumer confidence.”   – Claudia Dessanti, Senior Manager, Policy, Ontario Chamber of Commerce.