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Ontario Government Releases Fall Economic Statement with Continued Focus on Infrastructure

The Minister of Finance has released Ontario's 2024 Fall Economic Statement
With a new legislative session underway and rumours of a potential early Spring election, the Minister of Finance today released Ontario's 2024 Fall Economic Statement “Building Ontario for You”. The government has been focused on cost-of- living measures, creating good-paying jobs and maintaining a sharp focus on building infrastructure, such as housing-enabling infrastructure, highways, and the 401 tunnel.

Although no additional funding was announced through the Housing-Enabling Water Systems Fund, the government is still planning to spend over $191 billion over the next 10 years on infrastructure related projects.

Below are a few new items from today's Fall Economic Statement, in addition to what has already previously been announced:
- Projecting a deficit of $6.6 billion in 2024–25 ($3.3 billion less than last year), with a decrease next year and a $0.9 billion surplus in 2026.
- Net debt-to-GDP ratio for 2024–25 is projected to be 37.8 per cent.
- Additional $100 million over two years for small, rural and northern municipalities.
- Additional $100 million to Invest Ontario program to assist with “attracting major investments” to the province.
- Following the recent Construction Act review and recommendations made to the Attorney General's Office, the government will be making legislative changes to enhance access to statutory adjudication and mandate the annual release of holdback.

Read more about Ontario's Fall Economic Statement here: https://budget.ontario.ca/2024/fallstatement/pdf/2024-fall-statement-en.pdf

Please reach out to Stephanie Bellotto (stephanie.bellotto@oswca.org) if you have any questions.

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