Thursday, July 18, 2024

Ontario Building Resilient Economy to Support Job Creation

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Vic Fedeli, Minister of Economic Development, Job Creation and Trade, issued this statement following today’s monthly employment release by Statistics Canada that showed employment in Ontario increased by 15,600 jobs in February 2023.

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“Amid global uncertainty, our government is working around the clock to build a resilient economy that can weather any storm.

Today, we’re pleased to see that the number of new jobs created in Ontario has increased for the fifth straight month, with over 600,000 new jobs added to our economy since 2018. While we continue to lead the nation in job creation, we know that we can’t take anything for granted.

That’s why we’re making Ontario more competitive, helping to attract multimillion-dollar investments from both domestic and international companies. Over the last two and a half years, Ontario has attracted $17 billion in investments from global automakers and suppliers of electric vehicle batteries and battery materials, and $3 billion in investments from global life sciences companies.

Among these investments is a $471 million investment by Magna International to expand their operations in Ontario. A true Ontario success story, Magna started as a tool-and-die manufacturer in Toronto over 65 years ago and has grown into one of the world’s leading automotive suppliers. Their game-changing investment, supported by $23.6 million in funding from the province through Invest Ontario, will add more than 1,000 new good-paying jobs in Brampton, Guelph, Belleville, Newmarket, Windsor and Penetanguishene.

We are creating the right conditions for workers and businesses to succeed, leaving no stone unturned. By keeping taxes low, reducing electricity costs, cutting red tape, and training a world-class, skilled workforce, we’re doing all that we can to compete for, and win, global investments. No matter what the future may hold, we will be ready.”

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