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By 2042, it is projected that nearly 20 million people will call Ontario home. Ontario’s current population has exceeded the 15 million milestone with net migration to the province reaching over 275,000 people in 2021–22, the highest ever recorded. Since 2018, the government has also reduced unnecessary red tape, saving people, businesses, municipalities, not-for-profit organizations, universities and colleges, school boards and hospitals $576 million in annual regulatory compliance costs. This includes savings from the new Ontario Made Manufacturing Investment Tax Credit proposed in this Budget. In 2023, the government would enable an estimated $8.0 billion in cost savings and support for some Ontario employers, with $3.6 billion to go to small businesses. The government has undertaken significant actions to improve competitiveness by lowering costs for business. The province has attracted historic new investments in the automotive sector and clean steel to strengthen Ontario’s manufacturing sector. The government’s Plan to Build is the right plan to navigate Ontario through the difficult challenges of today and build a strong economy for the future. The United States’ Inflation Reduction Act is also threatening Ontario jobs and competitiveness. Ontario, like the rest of the world, continues to face uncertain times, as a result of heightened geopolitical instability and ongoing supply chain disruptions that are putting a strain on the economy and have resulted in higher inflation and interest rates. Building Ontario’s Economy for Today and Tomorrow

This plan is building a strong Ontario economy for the future, today. The government has taken significant actions to drive growth by lowering costs, getting key infrastructure projects built faster, attracting more jobs and investment, and cutting red tape to help businesses, families and workers. Amid short-term uncertainty, the government’s Plan to Build is creating conditions for long-term economic growth and a strong future for Ontario.

Innovation awards at venue horseshoe casino