OCS June Economic Update

After losing over 93,000 jobs in April, Ontario’s construction industry saw a slight increase in May according to Statistics Canada’s Labour Force survey data released on Friday. The industry picked up 3,100 jobs in May, an increase of less than 1% over April. You can find the full update by clicking here. 

This is may be surprising to some as Ontario began a partial reopening of non-essential construction on May 4, before reopening fully on May 16. While it’s too early to make definitive conclusions, this could indicate that construction activity is slow to reopen, and that physical distancing requirements have limited the number of workers who can return to work. Regardless of the reasons, it’s clear that the loss of jobs in Ontario’s construction industry has been arrested. Statistics Canada reported the latest GDP numbers at the end of May. Canada’s GDP fell by 7.2% in March over February.