ED17

STAFF REPORT ACTION REQUIRED

Economic Dashboard

Date December 22 2014

To Economic Development Committee

From General Manager Economic Development and Culture

Wards All

Reference Number

SUMMARY

This report updates the Toronto Economic Dashboard It provides a summary of the most recent data available at the time this report was prepared for key economic indicators benchmarking the citys economic performance

RECOMMENDATIONS

The General Manager Economic Development amp Culture recommends that

1 The Economic Development Committee receive this report for information

Financial Impact There are no financial implications resulting from this report

DECISION HISTORY

At the January 28 2011 meeting of the Economic Development Committee (EDC) staff made a presentation providing an overview of various trends and issues affecting Torontos economy After discussion among the committee members the Committee Chair requested staff to submit a report updating the key indices that benchmark Torontos economic health at each subsequent EDC committee meeting

Economic Dashboard ndash January 2015 1

COMMENTS

The first section of this report presents an overview of global economic events The second section takes a closer look at total output (GDP) produced by industry in the city of Toronto and in the surrounding area (905) The third section compares GDP per capita and its changes in major North American city regions over the last two decades The final section is a review of major recent economic indicators for the Toronto economy

Gross Domestic Product (GDP) is a measure of the value of the total output of goods and services produced in a jurisdiction The value of what we produce matters because in the long-run it determines our living standards and how much governments can spend on public services

In the last four months oil prices have fallen by over forty percent This has not been fully factored into most economic forecasts yet While the overall impact of lower oil prices on global growth is likely to be positive there will be big winners and losers

Global economic growth also seems to be diverging across regions At the same time as the US Federal Reserve announced the end of its bond purchasing program the Bank of Japan announced on October 31 2014 that it is expanding its quantitative easing program Many observers also expect that the European Central Bank will start its own bond purchasing program in the beginning of 2015

Global Economy

Most economic observers continue to predict that global growth rates will improve modestly over the next few years However global growth rates have consistently underperformed forecasts for several years

The Bank of Canadas (BOC) 2014 Monetary Policy Report released October 22 2014 revised downward the BOCs global growth forecasts while still predicting that global growth rates will increase from an estimated 31 in 2014 to 34 in 2015 and 35 in 2016

Table 1 Global Economic Growth

Annual Real GDP Growth Rate

2013 2014 2015 2016

Canada 20 23 24 23

United States 22 22 29 27

Euro Area -04 08 08 10

China 77 74 70 69

Japan 15 08 07 08

World 30 31 34 35

Source Bank of Canada

Economic Dashboard ndash January 2015 2

The expected increase in global growth rates is to be led by a rebound in US economic growth which has already started US real GDP growth rates exceeded 35 on an annualized basis in the second and third quarter of 2014 The BOC like most economic observers expects the US economy to outperform other developed economies over the next two years

In contrast to the US GDP growth rates in the Euro area and Japan are expected to remain below one percent in 2015 and 2016 as these areas continue to struggle to remain out of recession

After a weak first quarter Chinas economy rebounded in the second and third quarters mostly because of an improvement in exports However the BOC projects that growth rates in China will continue to decline albeit from a very high level GDP is expected to grow by about 7 annually over the next two years and it will be supported by broadly accommodative monetary policy targeted fiscal measures as authorities work to rebalance the economy and lower oil prices httpwwwbankofcanadacawp-contentuploads201407mpr-2014-10-22pdf

Oil Prices

Since June 2014 the price of oil has declined by over 40 which most economists predict will boost global growth modestly It is estimated that a price decline of $40 per barrel shifts $13 trillion per year from producers to consumers globally In the US the decline in oil prices is equated to a 2 pay increase for every worker Since this money is likely to be spent rather than stashed in a sovereign-wealth fund global GDP should rise httpwwweconomistcomnode21635472print

Globally the biggest losers are oil producing countries Some of these like Norway and Saudi Arabia have built up enormous sovereign wealth funds and will be able to adapt However according to Moodys at an oil price of $60 per barrel even Saudi Arabia would face a fiscal deficit of 14 of GDP and would be forced to cutback government spending

Other countries will have a great deal of difficulty in adapting to oil prices at $60-70 per barrel Russia Venezuela and Nigeria are three countries that will have a great deal of difficulty in adapting Oil and gas represent 75 of Russias exports and over half of government revenues Venezuela is already in recession and it depends on oil for 96 of its export earnings It is estimated that Venezuela needs oil at $130 per barrel to balance its budget httpwwwftcomintlcmss23f5e4914-8490-11e4-ba4f-00144feabdc0htmlaxzz3M55qW3cZ

The impact of lower oil prices on the output of goods and services produced in Canada is unclear RBC Economics has predicted that the increase in external demand from a $10 oil price fall would more than enough to offset lower activity in the domestic energy sector CIBC Economics on the other hand predicted that a 40 drop in oil prices would decrease Canadas GDP by 05 percent

Economic Dashboard ndash January 2015 3

COMMENTS

The first section of this report presents an overview of global economic events The second section takes a closer look at total output (GDP) produced by industry in the city of Toronto and in the surrounding area (905) The third section compares GDP per capita and its changes in major North American city regions over the last two decades The final section is a review of major recent economic indicators for the Toronto economy

Gross Domestic Product (GDP) is a measure of the value of the total output of goods and services produced in a jurisdiction The value of what we produce matters because in the long-run it determines our living standards and how much governments can spend on public services

In the last four months oil prices have fallen by over forty percent This has not been fully factored into most economic forecasts yet While the overall impact of lower oil prices on global growth is likely to be positive there will be big winners and losers

Global economic growth also seems to be diverging across regions At the same time as the US Federal Reserve announced the end of its bond purchasing program the Bank of Japan announced on October 31 2014 that it is expanding its quantitative easing program Many observers also expect that the European Central Bank will start its own bond purchasing program in the beginning of 2015

Global Economy

Most economic observers continue to predict that global growth rates will improve modestly over the next few years However global growth rates have consistently underperformed forecasts for several years

The Bank of Canadas (BOC) 2014 Monetary Policy Report released October 22 2014 revised downward the BOCs global growth forecasts while still predicting that global growth rates will increase from an estimated 31 in 2014 to 34 in 2015 and 35 in 2016

Table 1 Global Economic Growth

Annual Real GDP Growth Rate

2013 2014 2015 2016

Canada 20 23 24 23

United States 22 22 29 27

Euro Area -04 08 08 10

China 77 74 70 69

Japan 15 08 07 08

World 30 31 34 35

Source Bank of Canada

Economic Dashboard ndash January 2015 2

The expected increase in global growth rates is to be led by a rebound in US economic growth which has already started US real GDP growth rates exceeded 35 on an annualized basis in the second and third quarter of 2014 The BOC like most economic observers expects the US economy to outperform other developed economies over the next two years

In contrast to the US GDP growth rates in the Euro area and Japan are expected to remain below one percent in 2015 and 2016 as these areas continue to struggle to remain out of recession

After a weak first quarter Chinas economy rebounded in the second and third quarters mostly because of an improvement in exports However the BOC projects that growth rates in China will continue to decline albeit from a very high level GDP is expected to grow by about 7 annually over the next two years and it will be supported by broadly accommodative monetary policy targeted fiscal measures as authorities work to rebalance the economy and lower oil prices httpwwwbankofcanadacawp-contentuploads201407mpr-2014-10-22pdf

Oil Prices

Since June 2014 the price of oil has declined by over 40 which most economists predict will boost global growth modestly It is estimated that a price decline of $40 per barrel shifts $13 trillion per year from producers to consumers globally In the US the decline in oil prices is equated to a 2 pay increase for every worker Since this money is likely to be spent rather than stashed in a sovereign-wealth fund global GDP should rise httpwwweconomistcomnode21635472print

Globally the biggest losers are oil producing countries Some of these like Norway and Saudi Arabia have built up enormous sovereign wealth funds and will be able to adapt However according to Moodys at an oil price of $60 per barrel even Saudi Arabia would face a fiscal deficit of 14 of GDP and would be forced to cutback government spending

Other countries will have a great deal of difficulty in adapting to oil prices at $60-70 per barrel Russia Venezuela and Nigeria are three countries that will have a great deal of difficulty in adapting Oil and gas represent 75 of Russias exports and over half of government revenues Venezuela is already in recession and it depends on oil for 96 of its export earnings It is estimated that Venezuela needs oil at $130 per barrel to balance its budget httpwwwftcomintlcmss23f5e4914-8490-11e4-ba4f-00144feabdc0htmlaxzz3M55qW3cZ

The impact of lower oil prices on the output of goods and services produced in Canada is unclear RBC Economics has predicted that the increase in external demand from a $10 oil price fall would more than enough to offset lower activity in the domestic energy sector CIBC Economics on the other hand predicted that a 40 drop in oil prices would decrease Canadas GDP by 05 percent

Economic Dashboard ndash January 2015 3

The expected increase in global growth rates is to be led by a rebound in US economic growth which has already started US real GDP growth rates exceeded 35 on an annualized basis in the second and third quarter of 2014 The BOC like most economic observers expects the US economy to outperform other developed economies over the next two years

In contrast to the US GDP growth rates in the Euro area and Japan are expected to remain below one percent in 2015 and 2016 as these areas continue to struggle to remain out of recession

After a weak first quarter Chinas economy rebounded in the second and third quarters mostly because of an improvement in exports However the BOC projects that growth rates in China will continue to decline albeit from a very high level GDP is expected to grow by about 7 annually over the next two years and it will be supported by broadly accommodative monetary policy targeted fiscal measures as authorities work to rebalance the economy and lower oil prices httpwwwbankofcanadacawp-contentuploads201407mpr-2014-10-22pdf

Oil Prices

Since June 2014 the price of oil has declined by over 40 which most economists predict will boost global growth modestly It is estimated that a price decline of $40 per barrel shifts $13 trillion per year from producers to consumers globally In the US the decline in oil prices is equated to a 2 pay increase for every worker Since this money is likely to be spent rather than stashed in a sovereign-wealth fund global GDP should rise httpwwweconomistcomnode21635472print

Globally the biggest losers are oil producing countries Some of these like Norway and Saudi Arabia have built up enormous sovereign wealth funds and will be able to adapt However according to Moodys at an oil price of $60 per barrel even Saudi Arabia would face a fiscal deficit of 14 of GDP and would be forced to cutback government spending

Other countries will have a great deal of difficulty in adapting to oil prices at $60-70 per barrel Russia Venezuela and Nigeria are three countries that will have a great deal of difficulty in adapting Oil and gas represent 75 of Russias exports and over half of government revenues Venezuela is already in recession and it depends on oil for 96 of its export earnings It is estimated that Venezuela needs oil at $130 per barrel to balance its budget httpwwwftcomintlcmss23f5e4914-8490-11e4-ba4f-00144feabdc0htmlaxzz3M55qW3cZ

The impact of lower oil prices on the output of goods and services produced in Canada is unclear RBC Economics has predicted that the increase in external demand from a $10 oil price fall would more than enough to offset lower activity in the domestic energy sector CIBC Economics on the other hand predicted that a 40 drop in oil prices would decrease Canadas GDP by 05 percent

Economic Dashboard ndash January 2015 3

The above analyses do not however consider the impact on Canadas terms of trade The BOC estimates that a 40 decline in oil prices reduces the value of the Canadian dollar by 5 compared to the US dollar

The bottom line is that references to a few decimal places in real GDP miss the point The value of what Canada sells to the world not just the volumes is what filters into wages and profits government revenues and economic well being httpresearchcibcwmcomeconomic_publicdownloadin_focus_what_weaker_crude_ meanspdf

A 40 decline in oil prices is expected to reduce government revenues in Canada by $10-13 billion CIBC Economics estimates that the federal governments share of the decrease in government revenues would be approximately $5 billion and that only half of that amount was factored into the last federal fiscal update which leaves a further $25 billion pressure on the federal budget

CIBC Economics also predicts that as a result of the oil price change economic growth rates in Ontario which have been lagging national growth rates are likely to lead all of the provinces in 2015 and 2016

Similar estimates were provided in the 2014 Ontario Budget which projects that a $10 per barrel change in the price of crude oil would increase provincial GDP between 01 and 03 percent httpwwwfingovoncaenbudgetontariobudgets2014papers_allpdf

Risks

Several of the major risks facing the global economy are affected by oil price changes Arguably the RussiaUkraine conflict is the major risk to the consensus global economic forecast At this point it is unclear what the impact of lower oil prices will be on Russias actions but potentially it strengthens the hand of western governments trying to restrain Russias expansionist tendencies

Another major risk to the global forecast is the liquidity trap in the Euro area wherein Europe could potentially slide into a deflationary cycle where prices are falling people put off major purchases reducing demand and prices further thereby creating a vicious cycle

Canada

The BOC October outlook for Canadian economic growth over the next two years was about the same as in July On the one hand stronger US economic growth combined with depreciating Canadian dollar are supporting non-energy exports on the other hand lower oil prices will negatively impact our trade balance and weigh on household and business spending

Economic Dashboard ndash January 2015 4

The BOC predicted that Canadian real GDP will grow by 25 in the fourth quarter of 2014 Growth rates are then expected to slow gradually over the next two years falling towards 20 at annualized rates by the end of 2016 httpwwwbankofcanadacawp-contentuploads201407mpr-2014-10-22pdf

Ontario

Looking at Ontarios economic performance since the 2008 recession shows that after the initial rebound in 2010 (34) the real GDP growth rate declined consistently in 2011 (26) in 2012 (17) and in 2013 (13) httppublicationsgccacollectionscollection_2014statcan13-016-x13-016-x2014002-engpdf

More recently real GDP grew by 35 at annualized rates in the second quarter of 2014 significantly higher than the first quarters 05 annual growth rate

The strong rebound in the rate of growth in Q2 was partially due to significant increases in household and business spending after severe winter weather may have discouraged some economic activity in the first quarter which was shifted to the second quarter

The wholesale trade manufacturing and real estate industries led second quarter growth in Ontario httpwwwfingovoncaeneconomyecacctsfqs

Toronto GDP by Industry

EDC staff estimated gross domestic product (GDP) for the city of Toronto and the Toronto Census Metropolitan Area (CMA) based on employment-shares by industry of Ontario GDP using 2013 GDP data (in 2007 dollars) from Statistics Canada

2013 Labour Force Survey which are collected by place of residence were adjusted using 2011 NHS data to estimate employment by place of work for the city and the rest of the Toronto CMA

Total output produced in the city of Toronto was $1513 billion (2007 dollars) in 2013 which corresponds to approximately $1689 billion in nominal (ie 2013) dollars and accounts for 523 of Toronto CMA total output and 258 of Ontario total output

For further information on methodology and GDP estimates by detailed industry please see Appendices A and B

Figure 1 shows the distribution of GDP by industry in the city of Toronto in 2013

In the 2013 the top industries in the city were Financial Services (18) Business Services (13) Education Health and Public Admin (18) Information Culture Entertainment and Hospitality (9) and Wholesale and Retail Trade (8) These industries accounted for two-thirds of the citys total GDP in 2013

Economic Dashboard ndash January 2015 5

Primary amp Utilities 2

Construction 4

Manufacturing 8

Wholesale 4

Retail 4

Transportation amp Warehousing

3

Information Culture Entertaiment amp Hospitality

9

Financial Services 18

Real Estate amp Rental amp Leasing

14

Business Services 13

Personal Services 2

Education 6

Health Care 7

Public Admin 6

Figure 1 GDP by Industry in the City of Toronto 2013

NON-COMMERCIAL SERVICES

TRADE

Source Statistics Canada CANSIM 379‐0030 2013 LFS and 2011 NHS

Figure 2 shows the distribution of real GDP by industry in the rest of the Toronto CMA

The biggest differences between the rest of the CMA and the city of Toronto are in Manufacturing and Financial Services Manufacturing industries account for twice as large a share of GDP in the rest of the Toronto CMA (16) as in the city of Toronto On the other hand Financial Services account for only 8 of output in the rest of the Toronto CMA compared to 18 in the city of Toronto

Wholesale Trade and Transportation and Warehousing are also over-represented in the rest of the CMA compared to the city Business Services and Non-commercial Services on the other hand tend to be under-represented in the rest of the CMA compared to the city of Toronto

Economic Dashboard ndash January 2015 6

Primary amp Utilities 3 Construction

6

Manufacturing 16

Wholesale 10

Retail 6

Transportation amp Warehousing

6

Information Culture Entertaiment amp Hospitality

6

Financial Services 8

Real Estate amp Rental amp Leasing

15

Business Services 11

Personal Services 2

Education 4

Health Care 4

Public Admin

4

Figure 2 GDP by Industry in the Rest of the Toronto CMA 2013

NON-COMMERCIAL SERVICES

TRADE

Source Statistics Canada CANSIM 379‐0030 2013 LFS and 2011 NHS

Metropolitan GDP 2001-2009

On November 10 2014 Statistics Canada released experimental estimates of nominal (ie not adjusted for inflation) GDP for 33 Canadian CMAs and the non-metro portions of nine provinces for the period of 2001 to 2009 Some key findings include the following

It is estimated that the total output of goods and services produced in the Toronto CMA was $274 billion in 2009 This estimate is consistent with the GDP estimates produced by city staff for this report and estimates by Moodys Conference Board of Canada and Oxford Economics

As of 2009 more than half (507) of Canadas GDP was produced in the six largest metropolitan areas with population of 1 million and over Almost one fifth of Canadas GDP was produced in the Toronto CMA

The Toronto CMAs share of total output produced in Canada has declined from 196 in 2001 to 186 in 2009 The decline in Torontos share of Canadian GDP from 2001-2009 was caused by a significant shift in growth towards the western provinces in this period

Between 2001 and 2009 total output produced in the Toronto CMA increased by 35 while the population increased 15 The net result was that nominal GDP per capita

Economic Dashboard ndash January 2015 7

increased by 17 in Toronto from 2001 to 2009 which was considerably lower than the Canadian average (32) In this period not only did growth in Alberta outpace Toronto but output increased faster in almost every region in Canada compared to Toronto The only three CMAs where nominal output per capita rose more slowly than in Toronto from 2001 to 2009 were Oshawa Guelph and Windsor httpwwwstatcangccapub11-626-x11-626-x2014042-engpdf

Most of these changes are consistent with the decline in manufacturing and the evolution of the Canadian economy towards resources based production which corresponded to the boom in commodity prices during the 2000s and the appreciation of the Canadian dollar

These CMA output figures are expressed in nominal dollars (ie not adjusted for inflation) By way of example if the price of oil doubles and production in barrels does not change the nominal value of that output doubles However if the amount produced does not change and quality remains the same there would be no increase in real output

Comparing Toronto and Calgary shows that nominal GDP per capita grew by 38 in Calgary compared to 17 in Toronto However consumer price inflation has been much higher in the western provinces

For the period 2001-2009 inflation (measured by CPI) increased by 159 in Toronto compared to 262 in Calgary which means that roughly half of the gap in nominal GDP growth rates is explained by price changes

Some of the differences in growth rates between Calgary and Toronto is also explained by changes in labour markets

The labour force participation rate in Toronto declined from 694 in 2001 to 684 in 2009 At the same time Calgarys participation rate increased from 759 to 769

The unemployment rate in Toronto increased from 63 to 94 in Calgary it also increased but at a lower rate from 46 to 67

The industrial structure also changed Toronto experienced a much larger decline in the share of goods producing industries (26 in 2001 vs 20 in 2009) compared to Calgary (29 vs 26) This is significant because both wages per hour and average hours worked are usually higher in the goods producing sector compared to the service producing sector Higher wages and longer hours worked are both positively correlated with GDP

As of 2009 overall hourly compensation was 15 higher in Alberta than in Ontario which combined with higher number of hours worked boosted income and GDP

Economic Dashboard ndash January 2015 8

Primary amp Utilities 3 Construction

6

Manufacturing 16

Wholesale 10

Retail 6

Transportation amp Warehousing

6

Information Culture Entertaiment amp Hospitality

6

Financial Services 8

Real Estate amp Rental amp Leasing

15

Business Services 11

Personal Services 2

Education 4

Health Care 4

Public Admin

4

Figure 2 GDP by Industry in the Rest of the Toronto CMA 2013

NON-COMMERCIAL SERVICES

TRADE

Source Statistics Canada CANSIM 379‐0030 2013 LFS and 2011 NHS

Metropolitan GDP 2001-2009

On November 10 2014 Statistics Canada released experimental estimates of nominal (ie not adjusted for inflation) GDP for 33 Canadian CMAs and the non-metro portions of nine provinces for the period of 2001 to 2009 Some key findings include the following

It is estimated that the total output of goods and services produced in the Toronto CMA was $274 billion in 2009 This estimate is consistent with the GDP estimates produced by city staff for this report and estimates by Moodys Conference Board of Canada and Oxford Economics

As of 2009 more than half (507) of Canadas GDP was produced in the six largest metropolitan areas with population of 1 million and over Almost one fifth of Canadas GDP was produced in the Toronto CMA

The Toronto CMAs share of total output produced in Canada has declined from 196 in 2001 to 186 in 2009 The decline in Torontos share of Canadian GDP from 2001-2009 was caused by a significant shift in growth towards the western provinces in this period

Between 2001 and 2009 total output produced in the Toronto CMA increased by 35 while the population increased 15 The net result was that nominal GDP per capita

Economic Dashboard ndash January 2015 7

increased by 17 in Toronto from 2001 to 2009 which was considerably lower than the Canadian average (32) In this period not only did growth in Alberta outpace Toronto but output increased faster in almost every region in Canada compared to Toronto The only three CMAs where nominal output per capita rose more slowly than in Toronto from 2001 to 2009 were Oshawa Guelph and Windsor httpwwwstatcangccapub11-626-x11-626-x2014042-engpdf

Most of these changes are consistent with the decline in manufacturing and the evolution of the Canadian economy towards resources based production which corresponded to the boom in commodity prices during the 2000s and the appreciation of the Canadian dollar

These CMA output figures are expressed in nominal dollars (ie not adjusted for inflation) By way of example if the price of oil doubles and production in barrels does not change the nominal value of that output doubles However if the amount produced does not change and quality remains the same there would be no increase in real output

Comparing Toronto and Calgary shows that nominal GDP per capita grew by 38 in Calgary compared to 17 in Toronto However consumer price inflation has been much higher in the western provinces

For the period 2001-2009 inflation (measured by CPI) increased by 159 in Toronto compared to 262 in Calgary which means that roughly half of the gap in nominal GDP growth rates is explained by price changes

Some of the differences in growth rates between Calgary and Toronto is also explained by changes in labour markets

The labour force participation rate in Toronto declined from 694 in 2001 to 684 in 2009 At the same time Calgarys participation rate increased from 759 to 769

The unemployment rate in Toronto increased from 63 to 94 in Calgary it also increased but at a lower rate from 46 to 67

The industrial structure also changed Toronto experienced a much larger decline in the share of goods producing industries (26 in 2001 vs 20 in 2009) compared to Calgary (29 vs 26) This is significant because both wages per hour and average hours worked are usually higher in the goods producing sector compared to the service producing sector Higher wages and longer hours worked are both positively correlated with GDP

As of 2009 overall hourly compensation was 15 higher in Alberta than in Ontario which combined with higher number of hours worked boosted income and GDP

Economic Dashboard ndash January 2015 8

increased by 17 in Toronto from 2001 to 2009 which was considerably lower than the Canadian average (32) In this period not only did growth in Alberta outpace Toronto but output increased faster in almost every region in Canada compared to Toronto The only three CMAs where nominal output per capita rose more slowly than in Toronto from 2001 to 2009 were Oshawa Guelph and Windsor httpwwwstatcangccapub11-626-x11-626-x2014042-engpdf

Most of these changes are consistent with the decline in manufacturing and the evolution of the Canadian economy towards resources based production which corresponded to the boom in commodity prices during the 2000s and the appreciation of the Canadian dollar

These CMA output figures are expressed in nominal dollars (ie not adjusted for inflation) By way of example if the price of oil doubles and production in barrels does not change the nominal value of that output doubles However if the amount produced does not change and quality remains the same there would be no increase in real output

Comparing Toronto and Calgary shows that nominal GDP per capita grew by 38 in Calgary compared to 17 in Toronto However consumer price inflation has been much higher in the western provinces

For the period 2001-2009 inflation (measured by CPI) increased by 159 in Toronto compared to 262 in Calgary which means that roughly half of the gap in nominal GDP growth rates is explained by price changes

Some of the differences in growth rates between Calgary and Toronto is also explained by changes in labour markets

The labour force participation rate in Toronto declined from 694 in 2001 to 684 in 2009 At the same time Calgarys participation rate increased from 759 to 769

The unemployment rate in Toronto increased from 63 to 94 in Calgary it also increased but at a lower rate from 46 to 67

The industrial structure also changed Toronto experienced a much larger decline in the share of goods producing industries (26 in 2001 vs 20 in 2009) compared to Calgary (29 vs 26) This is significant because both wages per hour and average hours worked are usually higher in the goods producing sector compared to the service producing sector Higher wages and longer hours worked are both positively correlated with GDP

As of 2009 overall hourly compensation was 15 higher in Alberta than in Ontario which combined with higher number of hours worked boosted income and GDP

Economic Dashboard ndash January 2015 8

GDP per Capita

Several other recent reports have also raised the issue of low and stagnating GDP per capita in Toronto and Ontario

The Toronto Region Board of Trade (BOT) has published an annual Scorecard on Prosperity for the last five years The 2014 edition of the BOT report ranked Toronto in 17th place out of 24 global city regions surveyed on GDP per capita in 2012 and in 15th

place for productivity growth from 2007 to 2012

Seven large American cities were included in the BOT sample and they all out-performed Toronto by a considerable margin on the economy indicators For example Chicago was the least successful American city when measured by GDP per capita ($50819) which compares to Toronto at $39008 httpwwwbotcomadvocacyDocumentsScorecardScorecard_2014pdf

The thirteenth annual report of the Institute for Competiveness and Prosperity was released at the end of November 2014 It compares GDP per capita in Ontario with fifteen other peers in North America and points out that Ontario has slipped to fifteenth place out of sixteen jurisdictions ahead only of Quebec

In 2013 the prosperity gap (the difference in GDP per capita) between Ontario and its peers was $11180 which is lower than it was in 1998 (when it peaked at $13200 per capita but much higher than in 1990 when the prosperity gap was only $2700

The Competiveness and Prosperity Institute decomposes GDP per capita into several factors including industry mix labour force participation rates hours worked and output per hour worked Ontario has a small advantage over its peers when it comes to the share of the population that is of working age and its labour force participation rates These differences are largely off-set by a factor called intensity Ontario workers work fewer hours per year than workers in the peer jurisdictions

The real culprit is productivity which represents how much output is produced by hour worked and the reports conclusion is that The real driver of the gap (in wages) is the difference in productivity when the same industries are compared across regions httpwwwcompeteprospercaworkannual_reportsannual_report_finding_its_own_way

Labour Force

Sub-provincial GDP estimates are largely based on employment shares of provincial GDP and are often subject to significant lags The most comprehensive and timely indicator that is available for the local economy in Toronto is the Labour Force Survey This monthly survey is collected by place of residence and is available for the city of Toronto and the Toronto region (CMA) as well as Ontario and Canada

Economic Dashboard ndash January 2015 9

Over the last four months the seasonally adjusted monthly unemployment rate for city of Toronto residents has fallen from 100 to 90 (November 2014) At the same time the labour force participation rate has increased slightly and there were nearly 25000 more city residents employed in November 2014 than in July 2014 on a seasonally adjusted monthly basis

December 2014 LFS data will be released on Jan 9 2015 Staff will update the presentation attached to this report and the revised presentation will be distributed at the EDC meeting on Jan 14 2015

Building Activity

According to Skyscraperpagecom there were 138 high-rise and mid-rise buildings under construction in the city of Toronto on December 9 2014 which is lower than a year ago (152) but is still significantly higher than any other North American city According to Emporis there were 122 high-rise and mid-rise buildings under construction in the city of Toronto in December which is more than any other North American city except New York City (166 buildings)

Data from Skyscraperpagecom also allow us to compare Toronto with other North American cities by the size of buildings under construction Comparing Toronto with New York City we see that in the case of the very largest buildings New York City has slightly more 50+ storey buildings under construction than Toronto however Toronto has significantly more buildings under 50 stories

There is evidence of a slowdown in the building permits issued in the city of Toronto On a monthly basis the total value of building permits issued in the city of Toronto in October 2014 declined by 478 compared to a year ago At the same time the rest of Toronto CMA municipalities experienced a 297 increase over October 2013

On a year-to-date (YTD) basis the city of Toronto has issued $57 billion of building permits which is a decrease of 148 over the same period of 2013 The decline in building permit activity in the city of Toronto was across all property types but it was more pronounced in the non-residential sector where permits declined by 205 over the same period of 2013 While the value of commercial building permits issued in the first ten months of 2014 declined by 147 compared to last year there was a significant decline in the value of industrial (-454) and institutional (-288) building permits year-to-date compared to same period last year

The total value of building permits issued in the 905 municipalities was $71 billion for the first ten months of 2014 which is 166 higher than last year Residential permits increased by 99 whereas non-residential permits issued were higher by 294 over the same period of 2013

The building permit data in the attached presentation are three month averages in order to smooth the monthly fluctuations in these data

Economic Dashboard ndash January 2015 10

Office Market

The office vacancy rate in the city of Toronto decreased for the second consecutive quarter in 2014q3 According to Cushman amp Wakefield since 2014q1 office vacancy rates declined from 67 to 61 in the city of Toronto and from 113 to 111 in the 905 municipalities Cushman amp Wakefield like most observers is predicting that office vacancy rates are expected to increase across the GTA due to new supply

Downtown office vacancy rates remain significantly lower than elsewhere in the city and in the rest of the Toronto region In fact the decline in vacancy rates in 2014 in the city of Toronto was entirely due to Downtown and the Yonge Core The Downtown office vacancy rate fell to 49 in 2014q3 from 58 in 2014q1 and the Yonge Core office vacancy rate declined from 67 in 2014q1 to 61 in 2014q3

On the other hand increases in vacancy rates were experienced in the office nodes in Toronto East (109 in 2014q3 vs 105 in 2014q1) and Toronto West (63 in 2014q3 vs 60 in 2014q1)

In addition to the substantial completions of downtown office space since 2001 there is also 53 million sq ft of class A space currently under construction in seven major new downtown office buildings in Toronto which is more than any other North American city other than New York City

Housing

After a record year in 2012 housing starts in the city of Toronto and in the rest of the Toronto region have been trending lower Total October year-to-date housing starts in 2014 in the Toronto CMA as reported by CMHC (24540 units) are down by 11 compared to the same period of 2013 Housing starts in October 2014 were 441 lower than a year ago which is actually the continuation of a trend that commenced in July 2014 Housing starts in the first half of 2014 were marginally higher than in 2013

October year-to-date housing starts in the city of Toronto are down by more than a fifth (-214) compared to 2013 In the rest of Toronto CMA year-to-date are also down but only marginally (-24)

The number of residential units under construction in Toronto CMA declined from 69354 in October 2013 to 68385 in October 2014 At the same time the number of units under construction in the city of Toronto (48184) increased by 41 over October 2013

Pre-sales of new residential units market have fully recovered after a slow 2013 GTA October YTD sales (34213) were 465 higher than 2013 which bodes well for housing starts over the next couple of years Residential pre-sales also registered a healthy increase (+192) in October 2014 over same period of last year in the city of Toronto In total 2158 new high-rise units were pre-sold in the GTA in October and 1788 of them were in the city of Toronto

Economic Dashboard ndash January 2015 11

Residential re-sale data for the city of Toronto continue to show strong growth in both units sold and prices The average price of a housing unit ($616130) in the city of Toronto in November 2014 was 44 higher than a year ago and total units sold increased by 53 over November 2013 The strong sales increase was mainly due to elevated demand for condo apartments (109 increase in sales) and for townhouses (88 increase in sales) At the same time the biggest price gains were in the detached housing submarket (+93)

There has been a lot of interest in the last few years in Canadian house prices with many observers suggesting that our housing market is overvalued relative to economic and demographic fundamentals Recently BOC staff developed a new comprehensive model to evaluate potential housing overvaluation The model used data from 18 OECD countries from 1975 to present The model suggests that the Canadian housing market is overvalued between 10 and 30

Comparisons to previous overvaluation periods in 1981 and 1990 show that at that time prices were rising more rapidly prior to the correction and the downturns in 1982 and 1991 occurred in a rising interest rate environment In contrast during this house appreciation cycle price increases have been more modest albeit for a longer time period According to BOC this supports the view that a soft landing is the most likely way forward a stronger Canadian economy will continue to support the housing market while household imbalances gradually diminish httpwwwbankofcanadacawp-contentuploads201412fsr-december2014pdf

Retail Sales

In October 2014 Toronto CMA seasonally adjusted retail sales increased by 1 over previous month On a year-over-year basis retail sales increased robustly by 82 This rate of growth in sales in significantly higher than Canadas (47)

The largest increases in retail sales in October 2014 compared to the same period a year ago were convenience stores (25) electronics and appliance stores (228) and sporting goods hobby book and music stores (182) On the other hand there were small declines in retail sales in October 2014 compared to a year ago in jewellery luggage and leather goods stores (-35) and used car dealers (-15)

CONCLUSION

In the last four months oil prices have fallen by over forty percent It is unclear whether this will increase or decrease output in Canada however it is expected to be a mildly positive development for Ontario

Economic Dashboard ndash January 2015 12

Residential re-sale data for the city of Toronto continue to show strong growth in both units sold and prices The average price of a housing unit ($616130) in the city of Toronto in November 2014 was 44 higher than a year ago and total units sold increased by 53 over November 2013 The strong sales increase was mainly due to elevated demand for condo apartments (109 increase in sales) and for townhouses (88 increase in sales) At the same time the biggest price gains were in the detached housing submarket (+93)

There has been a lot of interest in the last few years in Canadian house prices with many observers suggesting that our housing market is overvalued relative to economic and demographic fundamentals Recently BOC staff developed a new comprehensive model to evaluate potential housing overvaluation The model used data from 18 OECD countries from 1975 to present The model suggests that the Canadian housing market is overvalued between 10 and 30

Comparisons to previous overvaluation periods in 1981 and 1990 show that at that time prices were rising more rapidly prior to the correction and the downturns in 1982 and 1991 occurred in a rising interest rate environment In contrast during this house appreciation cycle price increases have been more modest albeit for a longer time period According to BOC this supports the view that a soft landing is the most likely way forward a stronger Canadian economy will continue to support the housing market while household imbalances gradually diminish httpwwwbankofcanadacawp-contentuploads201412fsr-december2014pdf

Retail Sales

In October 2014 Toronto CMA seasonally adjusted retail sales increased by 1 over previous month On a year-over-year basis retail sales increased robustly by 82 This rate of growth in sales in significantly higher than Canadas (47)

The largest increases in retail sales in October 2014 compared to the same period a year ago were convenience stores (25) electronics and appliance stores (228) and sporting goods hobby book and music stores (182) On the other hand there were small declines in retail sales in October 2014 compared to a year ago in jewellery luggage and leather goods stores (-35) and used car dealers (-15)

CONCLUSION

In the last four months oil prices have fallen by over forty percent It is unclear whether this will increase or decrease output in Canada however it is expected to be a mildly positive development for Ontario

Economic Dashboard ndash January 2015 12

Housing starts and the value of building permits issued are both down however this is consistent with a soft-landing to the citys real estate market and is therefore not an unwelcome development

The unemployment rate for city of Toronto residents remains at elevated levels compared to the rest of Canada but has declined in the last few months

The greatest cause for concern about Torontos economy seems to be the low level of output per worker (productivity) and its rate of growth compared to other city regions in North America and around the world

CONTACT

Peter Viducis Manager Research and Information Systems Tel 416 392-3396 Fax 416 397-5332 pviducistorontoca

SIGNATURE

Michael H Williams General Manager Economic Development and Culture

ATTACHMENTS Attachment Economic Dashboard Presentation ndash January 2015

Economic Dashboard ndash January 2015 13

Appendix A

2013 Gross Domestic Product (GDP) estimates (December 2014)

This document explains how EDC staff estimated GDP for the city of Toronto the rest of the

Toronto Census Metropolitan Area (CMA) and the rest of Ontario for about 200 industries

These GDP estimates are based on employment-shares by industry of Ontario GDP using 2013

GDP data (at basic prices in chained 2007 dollars) from Statistics Canada at

httpwww5statcangccaaccess_accesalternative_alternatifl=engampkeng=1582ampkfra=1582amp

teng=Download20file20from20CANSIMamptfra=Fichier20extrait20de20CANSIMampl

oc=httpwww20statcangccatables-tableauxcansimB202003790030zipampdispext=IVT

Employment data by industry (annual 2013 totals) for the city of Toronto the rest of the Toronto

CMA and the rest of Ontario) are from a special run of Labour Force Survey (LFS) data 2011

National Household Survey (NHS) were used to adjust the LFS data for in and out commuting

by detailed industry in the Toronto CMA Both of these datasets are available at

wwwtorontocaecdevdata Since detailed place of work employment data were not readily

available for Ontario we assumed no net commuting in or out of Ontario

LFS data were adjusted for suppressed data using a two-step adjustment process First we

reverse-engineered data points where possible to determine the suppressed numbers (any LFS

cell corresponding to less than 1500 persons) When this was not possible (ie multiple

suppressed cells) we assigned some suppressed cells with the employment value of 750 persons

which is the mid-point of 0 and 1500

We also adjusted for net commuting into the city of Toronto and the Toronto CMA by detailed

industry using the 2011 NHS data The net in commuting into the Toronto CMA is about 60

(148740) of total employment We adjusted the LFS employment data for the CMA by the

percentage of net in commuting by detailed industry

The net in commuting into Ontario is about 05 (37465) of total employment and public

administration accounts for about one-third of the total net in commuting At this time we only

have net in commuting into Ontario at the two-digit NAICS industry level (less than 20

industries) therefore we did not adjust for net commuting into Ontario by detailed industry

LFS employment data for the city of Toronto are collected by place of residence and according

to 2011 NHS data 825 of city residents that are employed work in the city of Toronto and

671 of jobs in the city of Toronto are filled by city of Toronto residents

To obtain jobs in the city we used the citys share of Toronto CMA employment in 2011 by

detailed industry We first calculated the citys percentage share of Toronto CMA employment

using employment by place of work data from the 2011 NHS with adjustments for people who

worked at home and with no usual place of work We then multiplied this ratio by the LFS

Toronto CMA employed residents by detailed industry

Appendix A

Estimated jobs in the city of Toronto by industry was calculated as follows

ࠉࠃ ࠎࠉ ࠓࠂࠏࠊ ࠄࠅࠁࠍࠉࠓࢳࢫࢬ ࢸ ࢯࢤࢪ ࢼ ࢹ ࢸ ࢺࢻࢷࢻ

ࢽࢹ ࢻ ࢼ ࢺࢻࢺࢷ ࢻࢻ ࢩ ࢯࢢࢨ ࢴ ࢳࢫࢬ ࢸ ࢯࢤࢪ ࢼ ࢩ ࢸ ࢺࢻࢷࢻ

To estimate GDP by industry for the CMA we allocated the provincial GDP to the CMA

corresponding to the CMAs adjusted employment share of provincial employment by industry

In the case of imputed rent for owner occupied dwellings we allocated the provincial GDP from

imputed rented based on the CMAs percentage share of provincial total value of owned housing

using data from 2011 NHS

GDP estimates by industry for the city are determined by the citys employment share of the

CMA GDP from imputed rent was calculated in the same way as above

Table 1 compares EDC staff estimates for Toronto CMA GDP to the estimates from the

Conference of Canada and Moodys The EDC estimates are within the same ballpark as the

other sources

Table 1 Comparison of Gross Domestic Product Produced in the Toronto CMA in 2013

(millions of 2007 dollars) NAICS Our Estimates Conf Board Moodys

Total 28950425 29673535 27765248

Primary amp Utilities 11 21 amp 22 713660 648508 545158

Construction 23 1499825 1434031 1366069

Manufacturing 31-33 3429267 3635354 3272052

Wholesale amp Retail 41 44-45 3606095 3651240 3192291

Transportation amp Warehousing 48-49 1276901 1371911 1151118

Infor amp Culture 51 1452980 1486933 1243370

FIRE 52-53 7957202 8456818 8250798

Business Services 54-56 3363045 3203005 3210726

Non-Commercial 61-62 3032157 3114577 2966843

Personal Services 71-72 81 1242479 1279547 1249672

Public Admin 91 1376814 1391611 1317152

Sources Statistics Canada CANSIM 379-0030 2013 LFS 2011 NHS Conf Board of Canada (Aug 26 2014)

Moodys (Oct 23 2014)

Appendix B

Gross Domestic Product by Detailed Industry in 2013 (millions of 2007 dollars)

NAICS City of

Toronto

Rest of CMA (ex

city) CMA

Rest of Ontario (ex

CMA) Ontario

Total 1513306 1381736 2895042 2965773 5868740

Primary 35680 35686 71366 180612 251978

Agriculture Forestry Fishing and Hunting 11 951 4413 5364 45178 50542

Farms 110-112 520 3126 3645 38222 41867

Forestry and Logging 113 328 848 1176 2590 3766

Fishing Hunting and Trapping 114 - - - - 250

Support Activities for Agriculture and Forestry 115 104 439 543 4203 4746

Mining and Oil and Gas Extraction 21 12926 5574 18500 65811 84311

Utilities 22 21803 25699 47503 69622 117125

Electric Power Generation Transmission and Distribution 2211 14586 20950 35536 49271 84807

Water Sewage and Other Systems 2213 633 958 1591 9037 10628

Construction 61864 88119 149982 174356 324338

Construction 23 61864 88119 149982 174356 324338

Manufacturing 117018 225909 342927 407200 750127

Manufacturing 31-33 117018 225909 342927 407200 750127

Food Manufacturing 311 21955 21096 43051 46714 89765

Beverage and Tobacco Product Manufacturing 312 6608 7170 13777 10170 23947

Beverage Manufacturing 3121 4626 5243 9868 7070 16938

Textile Mills and Textile Product Mills 313-314 1332 1249 2581 1986 4567

Clothing and leather and allied product manufacturing 315 316 2251 726 2977 867 3844

Wood Product Manufacturing 321 998 2273 3271 8234 11505

Paper Manufacturing 322 2643 2947 5589 16857 22446

Printing and Related Support Activities 323 6280 9427 15708 8231 23939

Petroleum and Coal Products Manufacturing 324 1294 3268 4562 12232 16794

Chemical Manufacturing 325 15134 21574 36708 25004 61712

Basic amp Pesticide 32513253 1612 3430 5042 2506 7548

Resins amp Paint 32523255 253 521 774 3112 3886

Pharmaceuticals 3254 7113 8592 15704 6594 22298

Plastics and Rubber Manufacturing 326 8201 14772 22973 21678 44651

Non-Metallic Mineral Product Manufacturing 327 2595 7101 9696 12471 22167

Primary Metal Manufacturing 331 2339 8182 10521 42581 53102

Fabricated Metal Product Manufacturing 332 7209 16711 23920 32980 56900

Machinery Manufacturing 333 4227 15540 19767 31895 51662

Engine Turbine and Power Transmission Equipment Manufacturing 3336 - - - - 1942

Computer and Electronic Product Manufacturing 334 5321 8508 13829 17008 30837

Computer and Peripheral Equipment Manufacturing 3341 1349 1410 2759 1468 4227

Communications Equipment Manufacturing 3342 331 1111 1442 6044 7486

Semiconductor and Other Electronic Component Manufacturing 3344 1598 2483 4081 2570 6651

Other electronic product manufacturing 3346 2042 3505 5547 7590 13137

Electrical Equipment Appliance and Component Manufacturing 335 3303 3944 7248 10600 17848

Transportation Equipment Manufacturing 336 14585 67073 81658 97120 178778

Motor Vehicle Manufacturing 3361 1772 32572 34344 45582 79926

Motor Vehicle Body Trailer Manufacturing 3362 161 408 569 946 1515

Motor Vehicle Parts Manufacturing 3363 4338 25930 30268 41153 71421

Aerospace Product and Parts Manufacturing 3364 5395 5331 10727 4984 15711

Other transportation Equipment Manufacturing 3365-3369 2918 2832 5751 4454 10205

Furniture and Related Product Manufacturing 337 5267 6967 12234 6377 18611

Office Furniture (including fixtures) Manufacturing 3372 3289 3258 6547 2986 9533

Miscellaneous Manufacturing 339 5476 7380 12856 7353 20209

Medical Equip amp Supplies Manufacturing 3391 2198 3121 5319 2194 7513

Trade 135164 225445 360609 338069 698678

Wholesale Trade 41 69070 142760 211830 169501 381331

Farm Product Wholesaler-Distributors 411 283 691 974 2808 3782

Petroleum Product Wholesaler-Distributors 412 1362 3562 4924 9231 14155

Food Beverage and Tobacco Wholesaler-Distributors 413 12893 16679 29572 12245 41817

Personal and Household Goods Wholesaler-Distributors 414 13566 20590 34156 21382 55538

Motor Vehicle and Parts Wholesaler-Distributors 415 4687 11658 16345 15386 31731

Building Material and Supplies Wholesaler-Distributors 416 7468 23074 30542 31575 62117

Machinery Equipment and Supplies Wholesaler-Distributors 417 16333 46981 63314 56356 119670

Miscellaneous Wholesaler-Distributors 418 8218 14503 22721 16517 39238

Wholesale Agents and Brokers 419 - - - - 12432

Retail Trade 44-45 66094 82685 148779 168568 317347

Appendix B

Gross Domestic Product by Detailed Industry in 2013 (millions of 2007 dollars)

NAICS City of

Toronto

Rest of CMA (ex

city) CMA

Rest of Ontario (ex

CMA) Ontario

Motor Vehicle and Parts Dealers 441 6409 12259 18668 23881 42549

Furniture and Home Furnishings Stores 442 3827 3924 7751 7740 15491

Electronics and Appliance Stores 443 3487 5262 8749 7375 16124

Building Material and Garden Equipment and Supplies Dealers 444 2793 4102 6895 12919 19814

Food and Beverage Stores 445 11927 14691 26617 28324 54941

Health and Personal Care Stores 446 7949 7151 15100 21608 36708

Gasoline Stations 447 1940 3296 5236 9039 14275

Clothing and Clothing Accessories Stores 448 10954 10344 21298 17593 38891

Sporting Goods Hobby Book and Music Stores 451 2413 2828 5242 5896 11138

General Merchandise Stores 452 9259 12118 21377 25217 46594

Miscellaneous Store Retailers 453 2500 3014 5514 5821 11335

Non-Store Retailers 454 2636 3697 6333 4988 11321

Transportation and Warehousing 43497 84193 127690 92091 219781

Transportation and Warehousing 48-49 43497 84193 127690 92091 219781

Air Transportation 481 - - - - -

Rail Transportation 482 - - - - -

Water Transportation 483 - - - - -

Truck Transportation 484 - - - - -

Transit and Ground Passenger Transportation 485 amp 487 11684 6176 17860 11865 29725

Urban Transit Systems 4851 x x x x x

Interurban and Rural Bus Transportation 4852 x x x x x

Taxi and Limousine Service 4853 1391 1157 2548 1274 3822

School and Employee Bus Transportation 4854 x x x x x

Charter Bus Industry 4855 x x x x x

Other Transit and Ground Passenger Transportation 4859 x x x x x

Pipeline Transportation 486 - - - - 7468

Scenic and Sightseeing Transportation 487 x x x x x

Support Activities for Transportation 488 x x x x x

Postal Service 491 x x x x x

Couriers and Messengers 492 x x x x x

Warehousing and Storage 493 791 3759 4550 3145 7695

Info Culture Enter amp Hospitality 135473 80770 216243 165892 382135

Information and Cultural Industries 51 95361 49937 145298 80771 226069

Publishing Industries 511 17537 7894 25431 16217 41648

Newspaper Periodical Book and Database Publishers 5111 8833 3382 12215 7908 20123

Software Publishers 5112 6825 5978 12803 9169 21972

Motion Picture and Sound Recording Industries 512 9870 2271 12140 4792 16932

Motion Picture and Video Industries 5121 8761 2024 10785 4349 15134

Sound recording Industries 5122 1094 236 1330 402 1732

Broadcasting (except Internet) 515 14652 1513 16165 3932 20097

Telecommunications 517 42166 31009 73175 48944 122119

Internet Service Providers Web Search Portals and Data Processing Service 518 7780 6010 13789 1313 15102

Other Information Services 519 3356 1241 4597 4740 9337

Arts Entertainment and Recreation 71 13885 8685 22570 21127 43697

Performing arts spectator sports and related industries and heritage institutio 711-712 9500 2429 11929 7840 19769

Amusement Gambling and Recreation Industries 713 4385 6256 10641 13287 23928

Accommodation and Food Services 72 26226 22149 48375 63994 112369

Accommodation Services 721 7588 3413 11001 19635 30636

Food Services and Drinking Places 722 18862 17351 36212 45512 81724

Financial Services 272708 103797 376505 177792 554297

Finance and Insurance 52 272708 103797 376505 177792 554297

Depository credit intermediation and monetary authorities 521 5221 146879 41808 188687 88186 276873

Monetary authorities - central bank 521 23 x x x 1700

Insurance carriers and related activities 524 50418 30698 81116 56780 137896

Insurance carriers 5241 45984 17582 63566 43568 107134

Agencies brokerages and other insurance related activities 5242 8870 9020 17889 12881 30770

Financial investment services funds and other financial vehicles 523 amp 526 60885 15277 76163 19945 96108

Real Estate and Rental and Leasing 211020 208196 419215 376297 795512

Real Estate and Rental and Leasing 53 211020 208196 419215 376297 795512

Real Estate 531 197992 190475 388467 356669 745136

Lessors of Real Estate 5311 71061 35435 106496 110004 216500

Offices of real estate agents and brokers and activities related to real estate 5312 5213 15344 12720 28065 17056 45121

Appendix B

Gross Domestic Product by Detailed Industry in 2013 (millions of 2007 dollars)

NAICS City of

Toronto

Rest of CMA (ex

city) CMA

Rest of Ontario (ex

CMA) Ontario

Owner-occupied dwellings 5331 111587 142320 253907 230028 483935

Rental and Leasing Services 532 10865 12610 23475 19146 42621

Automotive Equipment Rental and Leasing 5321 4855 6267 11122 4884 16006

Commercial and Industrial Machinery and Equipment Rental and Leasing 5324 na na na na na

Lessors of Non-Financial Assets 533 2162 5111 7273 508 7781

Business Services 190410 145895 336304 260268 596572

Professional Scientific and Technical Services 54 130285 89789 220073 151623 371696

Legal Services 5411 29495 7098 36592 20104 56696

Accounting Tax Preparation Bookkeeping and Payroll Services 5412 14999 9884 24884 18934 43818

Architectural Engineering and Related Services 5413 16798 20067 36864 26720 63584

Specialized Design Services 5414 2273 1115 3388 2070 5458

Computer Systems Design and Related Services 5415 29720 28308 58028 40418 98446

Management Scientific and Technical Consulting Services 5416 13330 8656 21986 14569 36555

Scientific Research and Development Services 5417 5268 5891 11159 14275 25434

Advertising and Related Services 5418 11479 4105 15584 5456 21040

Other Professional Scientific and Technical Services 5419 6924 4665 11589 9076 20665

Management of Companies and Enterprises 55 10196 8232 18428 27163 45591

Administrative amp Support Waste Mgmt amp Remediation 56 49929 47874 97803 81482 179285

Administrative and Support Services 561 46670 41549 88219 70693 158912

Offices Administrative Services 5611 6490 5220 11710 22384 34094

Employment Services 5613 10162 9873 20034 8823 28857

Business Support Services 5614 3860 2600 6461 11649 18110

Travel Arrangement and Reservation Services 5615 3913 2612 6525 2963 9488

Investigation and Security Services 5616 5032 4025 9057 6544 15601

Office Admin Facility Support Buildings amp Dwelling Services Other Services

5611 5212 5617 5619 23224 22918 46143 40433 86576

Waste Management and Remediation Services 562 3259 6325 9584 11736 21320

Personal Services 31294 22009 53303 61754 115057

Other Services (except Public Administration) 81 31294 22009 53303 61754 115057

Repair and Maintenance 811 4946 8144 13089 21543 34632

Automotive Repair and Maintenance 8111 3119 4615 7734 13559 21293

Repair and maintenance (except automotive) 8112 8113

8114 1826 3529 5355 7954 13309

Personal and Laundry Services 812 5975 5211 11186 13242 24428

Religious Grant-Making Civic and Professional and Similar Organizations 813 15849 5648 21497 24032 45529

Private Households 814 4524 3007 7531 3044 10575

Non-Commercial Services 279179 161718 440897 731443 1172340

Educational Services 61 87836 54320 142156 197350 339506

Elementary and Secondary Schools 6111 36787 45101 81888 104524 186412

Community Colleges and CEGEPs 6112 7321 2357 9678 12969 22647

Universities 6113 38795 2635 41430 72756 114186

Other educational services 6114-6117 4932 4228 9160 7499 16659

Health Care and Social Assistance 62 100537 60523 161060 243115 404175

Ambulatory Health Care Services 621 36996 30131 67127 91729 158856

Hospital 622 43594 14598 58193 86932 145125

Nursing and Residential Care Facilities 623 9588 7251 16839 39728 56567

Social Assistance 624 10359 8542 18901 24858 43759

Public Administration 91 90807 46875 137681 290978 428659

Federal Government Public Administration 911 16790 8347 25137 164506 189643

Provincial and Territorial Public Administration 912 36096 6192 42288 36145 78433

Local Municipal and Regional Public Administration 913 35087 31618 66705 86553 153258

Aboriginal Public Administration 914 -919 2833 718 3551 3652 7203

Unexplained Residual - - - - 7925

Source Statistics Canada CANSIM 379-0030 2013 LFS 2011 NHS

Legend

x = Suppressed to meet the confidentiality requirements of the Statistics Act at the provincial level

na = Ontario GDP was not available for 5324

Appendix B

Gross Domestic Product by Detailed Industry in 2013 (millions of 2007 dollars)

NAICS City of

Toronto

Rest of CMA (ex

city) CMA

Rest of Ontario (ex

CMA) Ontario

Total 1513306 1381736 2895042 2965773 5868740

Primary 35680 35686 71366 180612 251978

Agriculture Forestry Fishing and Hunting 11 951 4413 5364 45178 50542

Farms 110-112 520 3126 3645 38222 41867

Forestry and Logging 113 328 848 1176 2590 3766

Fishing Hunting and Trapping 114 - - - - 250

Support Activities for Agriculture and Forestry 115 104 439 543 4203 4746

Mining and Oil and Gas Extraction 21 12926 5574 18500 65811 84311

Utilities 22 21803 25699 47503 69622 117125

Electric Power Generation Transmission and Distribution 2211 14586 20950 35536 49271 84807

Water Sewage and Other Systems 2213 633 958 1591 9037 10628

Construction 61864 88119 149982 174356 324338

Construction 23 61864 88119 149982 174356 324338

Manufacturing 117018 225909 342927 407200 750127

Manufacturing 31-33 117018 225909 342927 407200 750127

Food Manufacturing 311 21955 21096 43051 46714 89765

Beverage and Tobacco Product Manufacturing 312 6608 7170 13777 10170 23947

Beverage Manufacturing 3121 4626 5243 9868 7070 16938

Textile Mills and Textile Product Mills 313-314 1332 1249 2581 1986 4567

Clothing and leather and allied product manufacturing 315 316 2251 726 2977 867 3844

Wood Product Manufacturing 321 998 2273 3271 8234 11505

Paper Manufacturing 322 2643 2947 5589 16857 22446

Printing and Related Support Activities 323 6280 9427 15708 8231 23939

Petroleum and Coal Products Manufacturing 324 1294 3268 4562 12232 16794

Chemical Manufacturing 325 15134 21574 36708 25004 61712

Basic amp Pesticide 32513253 1612 3430 5042 2506 7548

Resins amp Paint 32523255 253 521 774 3112 3886

Pharmaceuticals 3254 7113 8592 15704 6594 22298

Plastics and Rubber Manufacturing 326 8201 14772 22973 21678 44651

Non-Metallic Mineral Product Manufacturing 327 2595 7101 9696 12471 22167

Primary Metal Manufacturing 331 2339 8182 10521 42581 53102

Fabricated Metal Product Manufacturing 332 7209 16711 23920 32980 56900

Machinery Manufacturing 333 4227 15540 19767 31895 51662

Engine Turbine and Power Transmission Equipment Manufacturing 3336 - - - - 1942

Computer and Electronic Product Manufacturing 334 5321 8508 13829 17008 30837

Computer and Peripheral Equipment Manufacturing 3341 1349 1410 2759 1468 4227

Communications Equipment Manufacturing 3342 331 1111 1442 6044 7486

Semiconductor and Other Electronic Component Manufacturing 3344 1598 2483 4081 2570 6651

Other electronic product manufacturing 3346 2042 3505 5547 7590 13137

Electrical Equipment Appliance and Component Manufacturing 335 3303 3944 7248 10600 17848

Transportation Equipment Manufacturing 336 14585 67073 81658 97120 178778

Motor Vehicle Manufacturing 3361 1772 32572 34344 45582 79926

Motor Vehicle Body Trailer Manufacturing 3362 161 408 569 946 1515

Motor Vehicle Parts Manufacturing 3363 4338 25930 30268 41153 71421

Aerospace Product and Parts Manufacturing 3364 5395 5331 10727 4984 15711

Other transportation Equipment Manufacturing 3365-3369 2918 2832 5751 4454 10205

Furniture and Related Product Manufacturing 337 5267 6967 12234 6377 18611

Office Furniture (including fixtures) Manufacturing 3372 3289 3258 6547 2986 9533

Miscellaneous Manufacturing 339 5476 7380 12856 7353 20209

Medical Equip amp Supplies Manufacturing 3391 2198 3121 5319 2194 7513

Trade 135164 225445 360609 338069 698678

Wholesale Trade 41 69070 142760 211830 169501 381331

Farm Product Wholesaler-Distributors 411 283 691 974 2808 3782

Petroleum Product Wholesaler-Distributors 412 1362 3562 4924 9231 14155

Food Beverage and Tobacco Wholesaler-Distributors 413 12893 16679 29572 12245 41817

Personal and Household Goods Wholesaler-Distributors 414 13566 20590 34156 21382 55538

Motor Vehicle and Parts Wholesaler-Distributors 415 4687 11658 16345 15386 31731

Building Material and Supplies Wholesaler-Distributors 416 7468 23074 30542 31575 62117

Machinery Equipment and Supplies Wholesaler-Distributors 417 16333 46981 63314 56356 119670

Miscellaneous Wholesaler-Distributors 418 8218 14503 22721 16517 39238

Wholesale Agents and Brokers 419 - - - - 12432

Retail Trade 44-45 66094 82685 148779 168568 317347

Appendix B

Gross Domestic Product by Detailed Industry in 2013 (millions of 2007 dollars)

NAICS City of

Toronto

Rest of CMA (ex

city) CMA

Rest of Ontario (ex

CMA) Ontario

Motor Vehicle and Parts Dealers 441 6409 12259 18668 23881 42549

Furniture and Home Furnishings Stores 442 3827 3924 7751 7740 15491

Electronics and Appliance Stores 443 3487 5262 8749 7375 16124

Building Material and Garden Equipment and Supplies Dealers 444 2793 4102 6895 12919 19814

Food and Beverage Stores 445 11927 14691 26617 28324 54941

Health and Personal Care Stores 446 7949 7151 15100 21608 36708

Gasoline Stations 447 1940 3296 5236 9039 14275

Clothing and Clothing Accessories Stores 448 10954 10344 21298 17593 38891

Sporting Goods Hobby Book and Music Stores 451 2413 2828 5242 5896 11138

General Merchandise Stores 452 9259 12118 21377 25217 46594

Miscellaneous Store Retailers 453 2500 3014 5514 5821 11335

Non-Store Retailers 454 2636 3697 6333 4988 11321

Transportation and Warehousing 43497 84193 127690 92091 219781

Transportation and Warehousing 48-49 43497 84193 127690 92091 219781

Air Transportation 481 - - - - -

Rail Transportation 482 - - - - -

Water Transportation 483 - - - - -

Truck Transportation 484 - - - - -

Transit and Ground Passenger Transportation 485 amp 487 11684 6176 17860 11865 29725

Urban Transit Systems 4851 x x x x x

Interurban and Rural Bus Transportation 4852 x x x x x

Taxi and Limousine Service 4853 1391 1157 2548 1274 3822

School and Employee Bus Transportation 4854 x x x x x

Charter Bus Industry 4855 x x x x x

Other Transit and Ground Passenger Transportation 4859 x x x x x

Pipeline Transportation 486 - - - - 7468

Scenic and Sightseeing Transportation 487 x x x x x

Support Activities for Transportation 488 x x x x x

Postal Service 491 x x x x x

Couriers and Messengers 492 x x x x x

Warehousing and Storage 493 791 3759 4550 3145 7695

Info Culture Enter amp Hospitality 135473 80770 216243 165892 382135

Information and Cultural Industries 51 95361 49937 145298 80771 226069

Publishing Industries 511 17537 7894 25431 16217 41648

Newspaper Periodical Book and Database Publishers 5111 8833 3382 12215 7908 20123

Software Publishers 5112 6825 5978 12803 9169 21972

Motion Picture and Sound Recording Industries 512 9870 2271 12140 4792 16932

Motion Picture and Video Industries 5121 8761 2024 10785 4349 15134

Sound recording Industries 5122 1094 236 1330 402 1732

Broadcasting (except Internet) 515 14652 1513 16165 3932 20097

Telecommunications 517 42166 31009 73175 48944 122119

Internet Service Providers Web Search Portals and Data Processing Service 518 7780 6010 13789 1313 15102

Other Information Services 519 3356 1241 4597 4740 9337

Arts Entertainment and Recreation 71 13885 8685 22570 21127 43697

Performing arts spectator sports and related industries and heritage institutio 711-712 9500 2429 11929 7840 19769

Amusement Gambling and Recreation Industries 713 4385 6256 10641 13287 23928

Accommodation and Food Services 72 26226 22149 48375 63994 112369

Accommodation Services 721 7588 3413 11001 19635 30636

Food Services and Drinking Places 722 18862 17351 36212 45512 81724

Financial Services 272708 103797 376505 177792 554297

Finance and Insurance 52 272708 103797 376505 177792 554297

Depository credit intermediation and monetary authorities 521 5221 146879 41808 188687 88186 276873

Monetary authorities - central bank 521 23 x x x 1700

Insurance carriers and related activities 524 50418 30698 81116 56780 137896

Insurance carriers 5241 45984 17582 63566 43568 107134

Agencies brokerages and other insurance related activities 5242 8870 9020 17889 12881 30770

Financial investment services funds and other financial vehicles 523 amp 526 60885 15277 76163 19945 96108

Real Estate and Rental and Leasing 211020 208196 419215 376297 795512

Real Estate and Rental and Leasing 53 211020 208196 419215 376297 795512

Real Estate 531 197992 190475 388467 356669 745136

Lessors of Real Estate 5311 71061 35435 106496 110004 216500

Offices of real estate agents and brokers and activities related to real estate 5312 5213 15344 12720 28065 17056 45121

Appendix B

Gross Domestic Product by Detailed Industry in 2013 (millions of 2007 dollars)

NAICS City of

Toronto

Rest of CMA (ex

city) CMA

Rest of Ontario (ex

CMA) Ontario

Owner-occupied dwellings 5331 111587 142320 253907 230028 483935

Rental and Leasing Services 532 10865 12610 23475 19146 42621

Automotive Equipment Rental and Leasing 5321 4855 6267 11122 4884 16006

Commercial and Industrial Machinery and Equipment Rental and Leasing 5324 na na na na na

Lessors of Non-Financial Assets 533 2162 5111 7273 508 7781

Business Services 190410 145895 336304 260268 596572

Professional Scientific and Technical Services 54 130285 89789 220073 151623 371696

Legal Services 5411 29495 7098 36592 20104 56696

Accounting Tax Preparation Bookkeeping and Payroll Services 5412 14999 9884 24884 18934 43818

Architectural Engineering and Related Services 5413 16798 20067 36864 26720 63584

Specialized Design Services 5414 2273 1115 3388 2070 5458

Computer Systems Design and Related Services 5415 29720 28308 58028 40418 98446

Management Scientific and Technical Consulting Services 5416 13330 8656 21986 14569 36555

Scientific Research and Development Services 5417 5268 5891 11159 14275 25434

Advertising and Related Services 5418 11479 4105 15584 5456 21040

Other Professional Scientific and Technical Services 5419 6924 4665 11589 9076 20665

Management of Companies and Enterprises 55 10196 8232 18428 27163 45591

Administrative amp Support Waste Mgmt amp Remediation 56 49929 47874 97803 81482 179285

Administrative and Support Services 561 46670 41549 88219 70693 158912

Offices Administrative Services 5611 6490 5220 11710 22384 34094

Employment Services 5613 10162 9873 20034 8823 28857

Business Support Services 5614 3860 2600 6461 11649 18110

Travel Arrangement and Reservation Services 5615 3913 2612 6525 2963 9488

Investigation and Security Services 5616 5032 4025 9057 6544 15601

Office Admin Facility Support Buildings amp Dwelling Services Other Services

5611 5212 5617 5619 23224 22918 46143 40433 86576

Waste Management and Remediation Services 562 3259 6325 9584 11736 21320

Personal Services 31294 22009 53303 61754 115057

Other Services (except Public Administration) 81 31294 22009 53303 61754 115057

Repair and Maintenance 811 4946 8144 13089 21543 34632

Automotive Repair and Maintenance 8111 3119 4615 7734 13559 21293

Repair and maintenance (except automotive) 8112 8113

8114 1826 3529 5355 7954 13309

Personal and Laundry Services 812 5975 5211 11186 13242 24428

Religious Grant-Making Civic and Professional and Similar Organizations 813 15849 5648 21497 24032 45529

Private Households 814 4524 3007 7531 3044 10575

Non-Commercial Services 279179 161718 440897 731443 1172340

Educational Services 61 87836 54320 142156 197350 339506

Elementary and Secondary Schools 6111 36787 45101 81888 104524 186412

Community Colleges and CEGEPs 6112 7321 2357 9678 12969 22647

Universities 6113 38795 2635 41430 72756 114186

Other educational services 6114-6117 4932 4228 9160 7499 16659

Health Care and Social Assistance 62 100537 60523 161060 243115 404175

Ambulatory Health Care Services 621 36996 30131 67127 91729 158856

Hospital 622 43594 14598 58193 86932 145125

Nursing and Residential Care Facilities 623 9588 7251 16839 39728 56567

Social Assistance 624 10359 8542 18901 24858 43759

Public Administration 91 90807 46875 137681 290978 428659

Federal Government Public Administration 911 16790 8347 25137 164506 189643

Provincial and Territorial Public Administration 912 36096 6192 42288 36145 78433

Local Municipal and Regional Public Administration 913 35087 31618 66705 86553 153258

Aboriginal Public Administration 914 -919 2833 718 3551 3652 7203

Unexplained Residual - - - - 7925

Source Statistics Canada CANSIM 379-0030 2013 LFS 2011 NHS

Legend

x = Suppressed to meet the confidentiality requirements of the Statistics Act at the provincial level

na = Ontario GDP was not available for 5324

Appendix B

Gross Domestic Product by Detailed Industry in 2013 (millions of 2007 dollars)

NAICS City of

Toronto

Rest of CMA (ex

city) CMA

Rest of Ontario (ex

CMA) Ontario

Motor Vehicle and Parts Dealers 441 6409 12259 18668 23881 42549

Furniture and Home Furnishings Stores 442 3827 3924 7751 7740 15491

Electronics and Appliance Stores 443 3487 5262 8749 7375 16124

Building Material and Garden Equipment and Supplies Dealers 444 2793 4102 6895 12919 19814

Food and Beverage Stores 445 11927 14691 26617 28324 54941

Health and Personal Care Stores 446 7949 7151 15100 21608 36708

Gasoline Stations 447 1940 3296 5236 9039 14275

Clothing and Clothing Accessories Stores 448 10954 10344 21298 17593 38891

Sporting Goods Hobby Book and Music Stores 451 2413 2828 5242 5896 11138

General Merchandise Stores 452 9259 12118 21377 25217 46594

Miscellaneous Store Retailers 453 2500 3014 5514 5821 11335

Non-Store Retailers 454 2636 3697 6333 4988 11321

Transportation and Warehousing 43497 84193 127690 92091 219781

Transportation and Warehousing 48-49 43497 84193 127690 92091 219781

Air Transportation 481 - - - - -

Rail Transportation 482 - - - - -

Water Transportation 483 - - - - -

Truck Transportation 484 - - - - -

Transit and Ground Passenger Transportation 485 amp 487 11684 6176 17860 11865 29725

Urban Transit Systems 4851 x x x x x

Interurban and Rural Bus Transportation 4852 x x x x x

Taxi and Limousine Service 4853 1391 1157 2548 1274 3822

School and Employee Bus Transportation 4854 x x x x x

Charter Bus Industry 4855 x x x x x

Other Transit and Ground Passenger Transportation 4859 x x x x x

Pipeline Transportation 486 - - - - 7468

Scenic and Sightseeing Transportation 487 x x x x x

Support Activities for Transportation 488 x x x x x

Postal Service 491 x x x x x

Couriers and Messengers 492 x x x x x

Warehousing and Storage 493 791 3759 4550 3145 7695

Info Culture Enter amp Hospitality 135473 80770 216243 165892 382135

Information and Cultural Industries 51 95361 49937 145298 80771 226069

Publishing Industries 511 17537 7894 25431 16217 41648

Newspaper Periodical Book and Database Publishers 5111 8833 3382 12215 7908 20123

Software Publishers 5112 6825 5978 12803 9169 21972

Motion Picture and Sound Recording Industries 512 9870 2271 12140 4792 16932

Motion Picture and Video Industries 5121 8761 2024 10785 4349 15134

Sound recording Industries 5122 1094 236 1330 402 1732

Broadcasting (except Internet) 515 14652 1513 16165 3932 20097

Telecommunications 517 42166 31009 73175 48944 122119

Internet Service Providers Web Search Portals and Data Processing Service 518 7780 6010 13789 1313 15102

Other Information Services 519 3356 1241 4597 4740 9337

Arts Entertainment and Recreation 71 13885 8685 22570 21127 43697

Performing arts spectator sports and related industries and heritage institutio 711-712 9500 2429 11929 7840 19769

Amusement Gambling and Recreation Industries 713 4385 6256 10641 13287 23928

Accommodation and Food Services 72 26226 22149 48375 63994 112369

Accommodation Services 721 7588 3413 11001 19635 30636

Food Services and Drinking Places 722 18862 17351 36212 45512 81724

Financial Services 272708 103797 376505 177792 554297

Finance and Insurance 52 272708 103797 376505 177792 554297

Depository credit intermediation and monetary authorities 521 5221 146879 41808 188687 88186 276873

Monetary authorities - central bank 521 23 x x x 1700

Insurance carriers and related activities 524 50418 30698 81116 56780 137896

Insurance carriers 5241 45984 17582 63566 43568 107134

Agencies brokerages and other insurance related activities 5242 8870 9020 17889 12881 30770

Financial investment services funds and other financial vehicles 523 amp 526 60885 15277 76163 19945 96108

Real Estate and Rental and Leasing 211020 208196 419215 376297 795512

Real Estate and Rental and Leasing 53 211020 208196 419215 376297 795512

Real Estate 531 197992 190475 388467 356669 745136

Lessors of Real Estate 5311 71061 35435 106496 110004 216500

Offices of real estate agents and brokers and activities related to real estate 5312 5213 15344 12720 28065 17056 45121

Appendix B

Gross Domestic Product by Detailed Industry in 2013 (millions of 2007 dollars)

NAICS City of

Toronto

Rest of CMA (ex

city) CMA

Rest of Ontario (ex

CMA) Ontario

Owner-occupied dwellings 5331 111587 142320 253907 230028 483935

Rental and Leasing Services 532 10865 12610 23475 19146 42621

Automotive Equipment Rental and Leasing 5321 4855 6267 11122 4884 16006

Commercial and Industrial Machinery and Equipment Rental and Leasing 5324 na na na na na

Lessors of Non-Financial Assets 533 2162 5111 7273 508 7781

Business Services 190410 145895 336304 260268 596572

Professional Scientific and Technical Services 54 130285 89789 220073 151623 371696

Legal Services 5411 29495 7098 36592 20104 56696

Accounting Tax Preparation Bookkeeping and Payroll Services 5412 14999 9884 24884 18934 43818

Architectural Engineering and Related Services 5413 16798 20067 36864 26720 63584

Specialized Design Services 5414 2273 1115 3388 2070 5458

Computer Systems Design and Related Services 5415 29720 28308 58028 40418 98446

Management Scientific and Technical Consulting Services 5416 13330 8656 21986 14569 36555

Scientific Research and Development Services 5417 5268 5891 11159 14275 25434

Advertising and Related Services 5418 11479 4105 15584 5456 21040

Other Professional Scientific and Technical Services 5419 6924 4665 11589 9076 20665

Management of Companies and Enterprises 55 10196 8232 18428 27163 45591

Administrative amp Support Waste Mgmt amp Remediation 56 49929 47874 97803 81482 179285

Administrative and Support Services 561 46670 41549 88219 70693 158912

Offices Administrative Services 5611 6490 5220 11710 22384 34094

Employment Services 5613 10162 9873 20034 8823 28857

Business Support Services 5614 3860 2600 6461 11649 18110

Travel Arrangement and Reservation Services 5615 3913 2612 6525 2963 9488

Investigation and Security Services 5616 5032 4025 9057 6544 15601

Office Admin Facility Support Buildings amp Dwelling Services Other Services

5611 5212 5617 5619 23224 22918 46143 40433 86576

Waste Management and Remediation Services 562 3259 6325 9584 11736 21320

Personal Services 31294 22009 53303 61754 115057

Other Services (except Public Administration) 81 31294 22009 53303 61754 115057

Repair and Maintenance 811 4946 8144 13089 21543 34632

Automotive Repair and Maintenance 8111 3119 4615 7734 13559 21293

Repair and maintenance (except automotive) 8112 8113

8114 1826 3529 5355 7954 13309

Personal and Laundry Services 812 5975 5211 11186 13242 24428

Religious Grant-Making Civic and Professional and Similar Organizations 813 15849 5648 21497 24032 45529

Private Households 814 4524 3007 7531 3044 10575

Non-Commercial Services 279179 161718 440897 731443 1172340

Educational Services 61 87836 54320 142156 197350 339506

Elementary and Secondary Schools 6111 36787 45101 81888 104524 186412

Community Colleges and CEGEPs 6112 7321 2357 9678 12969 22647

Universities 6113 38795 2635 41430 72756 114186

Other educational services 6114-6117 4932 4228 9160 7499 16659

Health Care and Social Assistance 62 100537 60523 161060 243115 404175

Ambulatory Health Care Services 621 36996 30131 67127 91729 158856

Hospital 622 43594 14598 58193 86932 145125

Nursing and Residential Care Facilities 623 9588 7251 16839 39728 56567

Social Assistance 624 10359 8542 18901 24858 43759

Public Administration 91 90807 46875 137681 290978 428659

Federal Government Public Administration 911 16790 8347 25137 164506 189643

Provincial and Territorial Public Administration 912 36096 6192 42288 36145 78433

Local Municipal and Regional Public Administration 913 35087 31618 66705 86553 153258

Aboriginal Public Administration 914 -919 2833 718 3551 3652 7203

Unexplained Residual - - - - 7925

Source Statistics Canada CANSIM 379-0030 2013 LFS 2011 NHS

Legend

x = Suppressed to meet the confidentiality requirements of the Statistics Act at the provincial level

na = Ontario GDP was not available for 5324

Appendix B

Gross Domestic Product by Detailed Industry in 2013 (millions of 2007 dollars)

NAICS City of

Toronto

Rest of CMA (ex

city) CMA

Rest of Ontario (ex

CMA) Ontario

Owner-occupied dwellings 5331 111587 142320 253907 230028 483935

Rental and Leasing Services 532 10865 12610 23475 19146 42621

Automotive Equipment Rental and Leasing 5321 4855 6267 11122 4884 16006

Commercial and Industrial Machinery and Equipment Rental and Leasing 5324 na na na na na

Lessors of Non-Financial Assets 533 2162 5111 7273 508 7781

Business Services 190410 145895 336304 260268 596572

Professional Scientific and Technical Services 54 130285 89789 220073 151623 371696

Legal Services 5411 29495 7098 36592 20104 56696

Accounting Tax Preparation Bookkeeping and Payroll Services 5412 14999 9884 24884 18934 43818

Architectural Engineering and Related Services 5413 16798 20067 36864 26720 63584

Specialized Design Services 5414 2273 1115 3388 2070 5458

Computer Systems Design and Related Services 5415 29720 28308 58028 40418 98446

Management Scientific and Technical Consulting Services 5416 13330 8656 21986 14569 36555

Scientific Research and Development Services 5417 5268 5891 11159 14275 25434

Advertising and Related Services 5418 11479 4105 15584 5456 21040

Other Professional Scientific and Technical Services 5419 6924 4665 11589 9076 20665

Management of Companies and Enterprises 55 10196 8232 18428 27163 45591

Administrative amp Support Waste Mgmt amp Remediation 56 49929 47874 97803 81482 179285

Administrative and Support Services 561 46670 41549 88219 70693 158912

Offices Administrative Services 5611 6490 5220 11710 22384 34094

Employment Services 5613 10162 9873 20034 8823 28857

Business Support Services 5614 3860 2600 6461 11649 18110

Travel Arrangement and Reservation Services 5615 3913 2612 6525 2963 9488

Investigation and Security Services 5616 5032 4025 9057 6544 15601

Office Admin Facility Support Buildings amp Dwelling Services Other Services

5611 5212 5617 5619 23224 22918 46143 40433 86576

Waste Management and Remediation Services 562 3259 6325 9584 11736 21320

Personal Services 31294 22009 53303 61754 115057

Other Services (except Public Administration) 81 31294 22009 53303 61754 115057

Repair and Maintenance 811 4946 8144 13089 21543 34632

Automotive Repair and Maintenance 8111 3119 4615 7734 13559 21293

Repair and maintenance (except automotive) 8112 8113

8114 1826 3529 5355 7954 13309

Personal and Laundry Services 812 5975 5211 11186 13242 24428

Religious Grant-Making Civic and Professional and Similar Organizations 813 15849 5648 21497 24032 45529

Private Households 814 4524 3007 7531 3044 10575

Non-Commercial Services 279179 161718 440897 731443 1172340

Educational Services 61 87836 54320 142156 197350 339506

Elementary and Secondary Schools 6111 36787 45101 81888 104524 186412

Community Colleges and CEGEPs 6112 7321 2357 9678 12969 22647

Universities 6113 38795 2635 41430 72756 114186

Other educational services 6114-6117 4932 4228 9160 7499 16659

Health Care and Social Assistance 62 100537 60523 161060 243115 404175

Ambulatory Health Care Services 621 36996 30131 67127 91729 158856

Hospital 622 43594 14598 58193 86932 145125

Nursing and Residential Care Facilities 623 9588 7251 16839 39728 56567

Social Assistance 624 10359 8542 18901 24858 43759

Public Administration 91 90807 46875 137681 290978 428659

Federal Government Public Administration 911 16790 8347 25137 164506 189643

Provincial and Territorial Public Administration 912 36096 6192 42288 36145 78433

Local Municipal and Regional Public Administration 913 35087 31618 66705 86553 153258

Aboriginal Public Administration 914 -919 2833 718 3551 3652 7203

Unexplained Residual - - - - 7925

Source Statistics Canada CANSIM 379-0030 2013 LFS 2011 NHS

Legend

x = Suppressed to meet the confidentiality requirements of the Statistics Act at the provincial level

na = Ontario GDP was not available for 5324