A report that aims to shape and inform future public policy is showing London in a positive economic light.
The Ontario Chamber of Commerce (OCC), in partnership with the London Chamber of Commerce, released the inaugural Ontario Economic Report (OER) on Tuesday.
The OER includes entirely new economic analyses that demonstrate the difficult economic environment faced by Ontario businesses and consumers in 2017. Also included in the report is the results of the OCC’s new Business Confidence Survey, a Business Prosperity Index developed by the Canadian Centre for Economic Analysis (CANCEA), and an Economic Outlook for 2017 prepared by Central 1 Credit Union.
Chamber officials said, when viewed together, the data compiled in the report reveals broad challenges to Ontario’s economic health.
“Our research shows that Ontario’s economic climate is posing challenges to the businesses we represent and Ontarians more broadly,” said Allan O’Dette, President and CEO of the OCC. “Investment is being held back because of a high perception of risk. We need immediate action in order for our province to continue to grow and prosper.”
The report also found that the unemployment rate in the London census metropolitan area is expected to drop to 6.5%, down from 7 % in 2016. According to the report, the area's median residential housing price will be $260,000, reflecting a 3.2% increase over last year.
“The report shows that we are experiencing some signs of economic success in our region,” said Gerry Macartney, President and CEO of the London Chamber of Commerce. “Collectively, however we are not doing as well as we think. Too many regulations, the high cost of electricity and a provincial debt that is ballooning out of control are acting as disincentives for investments and growth.”
Workforce development, infrastructure, energy, and health care are highlighted in the report as key policy issues the chamber intends to prioritize this year.
To read the full report click here.
