Province plans to invest in communities to help boost economic growth

The provincial government is providing more than $190 million to assist Ontario families and communities affected by the province’s moderate economic growth, Finance Minister Greg Sorbara announced last week. “While the economy is

fundamentally strong, the current situation demands proactive steps to boost jobs and growth,” said Sorbara. “These investments will continue to strengthen Ontario’s foundation for long-term prosperity and build on the overall economic plan.”

In light of more moderate growth, Sorbara unveiled measures to stimulate the provincial economy by focusing on four key areas. This year, the government will:  Invest approximately $150 million to fast-track province-wide infrastructure projects, which leverages an additional approximate $185 million in capital spending;  Provide more than $20 million to enhance skills training and job services for laidoff workers and apprentices, and bridge training and other services that help new Canadians;  Spend $22 million to advance tourism initiatives, which leverages almost $10 in visitor spending for every dollar invested; and  Strengthen inter-provincial trade initiatives.

The government hopes that through the initiatives in last week’s announcement, the equivalent of 3,000 jobs for one year will be created – that is on top of the 270,000 net new jobs the McGuinty government has created since 2003.

Details of these measures will be announced in the weeks ahead as government representatives introduce their respective initiatives.

“In the face of recent pressures, our economy has been resilient and these steps are strengthening it further,” said Sorbara. “Our targeted approach to economic development means that we are getting the best use from public funds to create new opportunities for Ontarians who need them most.”