Report

Ontario (and Quebec) – Lagging behind on GDP per person research finds

A new study that compares average incomes in Ontario, Quebec and eight American states in the Great Lakes region finds that in 2020, Ontario’s GDP per person trailed neighbouring Michigan by over $6,000, and in fact, Ontario lags the regional average GDP per person by $19,219 or 32.7 per cent.

  • By global standards, Ontario is a prosperous place. Ontarians enjoy living standards and access to opportunities that are the envy of much of the world.
  • However, within its own economic region, Ontario is an economic laggard.
  • This bulletin compares overall prosperity in Ontario (measured as Gross Domestic Product per person) to that of the eight American states in the Great Lakes region and its neighbouring province, Quebec. It also compares the economic growth rates of jurisdictions in the region in recent years.
  • The study shows that Ontario has the second lowest GDP per person in the region, ahead only of Quebec. The region’s GDP per capita taken as a whole is 32.7 percent higher than Ontario’s.
  • Over the past two decades, Ontario has fallen increasingly behind its regional neighbours. While real inflation-adjusted GDP has increased by 18.5 percent in the entire region since 2001, Ontario’s real per person economy has grown by just 6.5 per cent.
  • The large and growing prosperity gap between Ontario and its neighbours should concern Ontarians generally and policymakers specifically. Strong GDP growth contributes to job creation, wage growth, and other indicators of well-being.

Chosen excerpts by Job Market Monitor. Read the whole story @ Measuring Ontario’s Regional Prosperity Gap, 2022 Update

 

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Jobs – Offres d’emploi – US & Canada (Eng. & Fr.)

The Most Popular Job Search Tools

Even More Objectives Statements to customize

Cover Letters – Tools, Tips and Free Cover Letter Templates for Microsoft Office

Follow Job Market Monitor on WordPress.com

Enter your email address to follow this blog and receive notifications of new posts by email.

Follow Job Market Monitor via Twitter

Categories

Archives

%d bloggers like this: