Board of Trade Responds to Ontario Budget 2024

Ontario is in the midst of a productivity crisis: business investment is down and our projected GDP growth is second lowest in Canada and lowest among North America’s Eastern Seaboard. We are pleased to see the budget acknowledge this and applaud the government’s efforts to improve the province’s productivity and reignite higher economic growth for the next decade and beyond across the Toronto Region.

In particular, we are pleased to see continued investments in urgently needed transportation infrastructure, both public transit and highways, and $1.6 billion in funding to build the infrastructure needed for new housing development. This reduces the burden on already-stretched municipalities.

We also welcome funding for programs designed to support significant new business investment and growth, including additional investment in the Critical Minerals Fund and initiatives to help new residents upskill and gain credentials.

While we are pleased to see additional funding for the Invest Ontario Fund, we encourage the government to create a predictable, long-term investment strategy for the fund. Short-term top-ups alone may hinder the ability of this critical organization to develop a long-term investment plan for the region.

We also encourage the government to redouble efforts to address the growing deficits in future budgets. This is particularly important as economic forecasts show slow economic growth in the coming years.