Unemployment has reached its peak now, and the province will create some 223,000 jobs this year – with 40,000 of them from the infrastructure alone, says the Conference Board of Canada.
These posts will shave 1.3% of the unemployment rate, according to the report of the Governing Council to be issued on Wednesday.
Ontario’s 2009-10 Budget committed in the province to spend $ 32.5 billion on infrastructure over the past two years, which is part of the nation wide push to reinvigorate the economy at the height of the global economic crisis.
While the government said that spending would “support” 146,000 jobs in 2009-10 and 168,000 jobs in the following year.
The Conference Board report – drafted by economists Jacqueline Johnson, Cape Beckham – indicates that spending on stimulus exceeded those goals.
“Government spending on infrastructure in Ontario is estimated to support 182,897 jobs in 2009, and this will rise to 223,268 jobs in 2010 estimated,” says the report.
Ontario infrastructure plan, in addition to $ 4.3 billion to save the car, and helped push Ontario to its record $ 24.7 billion deficit – in the government budget for another year.
Finance Minister Dwight Duncan is expected to reveal the presence of a smaller deficit when he presents his budget later this month.
Spending on infrastructure over the years, Ontario has also increased productivity by about one-eighth, the Conference Board found. For every dollar spent on infrastructure, and the province sees $ 1.11 in real GDP.
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