Domestic and international companies invested billions in the province
Vic Fedeli, Minister of Economic Development, Job Creation and Trade, issued this statement following Friday, January 5, 2024 monthly employment release by Statistics Canada, which showed that while employment in Ontario decreased last month, nearly 120,000 jobs were created in 2023, including over 22,000 jobs in the province’s manufacturing sector.
“As we reflect on 2023, we can proudly say that our responsible and targeted approach to fostering stability and growth across Ontario’s economy is working – with over $11 billion in new investments and the creation of thousands of new jobs across a variety of industries including the auto, manufacturing, tech and life science sectors.
Thanks to our competitive and stable business environment, highly skilled workforce, along with over 500 initiatives to reduce red tape, Ontario remains the economic engine of the nation, and large multinational companies across the globe, particularly in the auto sector, are taking notice.
Over the last three years, Ontario attracted more than $27 billion in new investments from global automakers, parts suppliers, and electric vehicle (EV) battery manufacturers.
In 2023, Ontario secured new auto investments from companies including Mitsui High-tec (Canada), Umicore and Magna alongside Volkswagen Group’s historic $7 billion investment to build its first overseas EV battery cell manufacturing plant in St. Thomas.
Through the province’s Regional Development Program, which helps companies in eastern and southwestern Ontario expand their operations, our government supported a $9.6 million investment by automaker PWO Canada and a $35 million investment from parts manufacturer Bobaek America Inc. These investments will create nearly 200 new jobs in the Windsor and Kitchener regions.
And, to further strengthen our end-to-end auto supply chain, we launched the fourth round of the Ontario Automotive Modernization Program (O-AMP), partnering with 26 parts suppliers that invested almost $9.6 million and created 111 new, good-paying jobs across the province.
In the auto sector and across all sectors, our government is supporting small and medium-sized businesses and creating the conditions for jobs to grow.
While 2023 was a great year for job creation in our province, we cannot take this success for granted. In 2024, we’re going to continue with our targeted and responsible approach to ensure Ontario remains one of the best jurisdictions in the world for companies to invest, grow and create jobs.”