Friday, May 30, 2008

CMHC comments on Ontario holds on despite manufacturing woes — Despite

Ontario holds on despite manufacturing woes

Despite concern of a recession, Ontario managed to pump out growth of 2.1% last year. The manufacturing sector remained in contraction mode as output declined for a third consecutive year. The role of manufacturing in the economy continued to fall as well. In 2002, manufacturing accounted for 22% of Ontario's GDP compared to 18% in 2007.

Widespread strength in other sectors — including a vibrant consumer and a healthy construction sector — helped offset the decline. Job markets are being watched closely for signs that cracks are emerging. Despite weakness concentrated in the manufacturing and finance-related sectors, most other sectors are still adding jobs. However, a lion's share of the offset is coming from public sector job gains.

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