In this edition:
- Paid employment up 12,900 in July
- Ontario invests almost $200m in research and innovation
- Grimsby’s Century Condos project receives awards
- Goods-producing industries offset service sector losses for small overall GDP growth in July
- Ontario will maintain operations at Pickering nuclear station
- Open house tonight on hovercraft plan in St. Catharines
Paid employment up 12,900 in July
The number of employees receiving pay or benefits from their employer—measured by the Survey of Employment, Payrolls and Hours (SEPH)—edged up by 12,900 (+0.1%) in July, bringing the total increase to nearly 1.3 million (+7.9%) since July 2021. Gains in Alberta (+8,100; +0.4%) and British Columbia (+6,500; +0.3%) were partially offset by a decline in Newfoundland and Labrador (-4,300; -1.9%), while little change was reported in the remaining provinces.
Payroll employment in professional, scientific and technical services increased by 7,400 (+0.6%) in July, a faster growth than in June (+4,800; +0.4%). Nationally, much of the payroll employment gain within the sector was seen in computer systems design and related services (+5,000; +1.4%) and architectural, engineering and related services (+1,300; +0.6%). Every month since September 2021, payroll employment in the computer systems design and related services industry has outpaced the sector’s growth rate as a whole.
Payroll employment in the accommodation and food services sector rose at a slower pace in July (+6,500; +0.5%) than in June (+24,200; +2.0%). Increases were seen in full-service restaurants and limited-service eating places (+3,300; +0.3%) and traveler accommodation (+2,100; +1.3%).
Ontario invests almost $200m in research and innovation
The Ontario government has announced an investment of more than $198 million in research projects at colleges, universities and research hospitals across the province. The funding is being delivered through the Ontario Research Fund and Early Researcher Awards and supports researchers in making discoveries that advance knowledge, drive progress and create jobs for the people of Ontario.
The funding will support 241 research projects across the province and will be used to cover the costs of research operations and infrastructure, including building, renovating and equipping research facilities with the latest technology, and supporting researchers to attract and retain research talent.
Grimsby’s Century Condos project receives awards
The Ontario Home Builders’ Association (OHBA) conferred Grimsby’s Century Condos project with three awards, including:
- Architectural Design: Mid-Rise Building (4-10 Storeys)
- Image & Advertising: High or Mid-Rise Ad Campaign (4+ Storeys)
- Prestige Award: Project of the Year – High or Mid-Rise
The Century Condos project is a heritage-inspired project being built in Downtown Grimsby. The 4-storey boutique residence is artfully designed to blend the rich history of Grimsby with modern elegance. In addition, this project will feature a geothermal heating and cooling system – the first of its kind in Grimsby.
Goods-producing industries offset service sector losses for small overall GDP growth in July
Real gross domestic product (GDP) edged up 0.1% in July, after a similar increase in June (+0.1%). Growth in goods-producing industries (+0.5%) was partially offset by a decline in services-producing industries (-0.1%), with 11 of 20 industrial sectors increasing in July.
The mining, quarrying and oil and gas extraction sector expanded 1.9% in July, following slight declines in the previous two months, with growth in all three subsectors. Oil sands extraction (+5.1%) increased strongly in July, following decreases in the previous two months. An increase of synthetic oil production coupled with a record level of production of marketable crude bitumen in Alberta contributed the most to growth.
Ontario will maintain operations at Pickering nuclear station
The Ontario government is supporting Ontario Power Generation’s (OPG) continued operation of the Pickering Nuclear Generating Station. At the Ontario government’s request, OPG reviewed their operational plans and concluded that the facility could continue to safely generate electricity.
Further operation of Pickering Nuclear Generating Station beyond September 2026 would require a complete refurbishment. The last feasibility study was conducted between 2006 and 2009. With significant economic growth and increasing electrification of industry and transportation, Ontario has asked OPG to update its feasibility assessment for refurbishing Pickering “B” units at the Nuclear Generating Station, based on the latest information, as a prudent due diligence measure to support future electricity planning decisions.
Refurbishment of Pickering Nuclear Generating Station could result in an additional 30 years of reliable, clean and zero-emissions electricity from the facility.
Open house tonight on hovercraft plan in St. Catharines
Hoverlink Ontario is hosting an open house between 6p.m. to 8p.m. this evening at the Grantham Lions Club.
Earlier this month the group announced a plan to launch a 30 minute service next summer that will link Ontario Place in Toronto to Port Weller in St. Catharines.
The year round service would make up to 48 crossings a day and hold up to 180 passengers each trip.
Focus on Markets
Home prices have ‘never been so unaffordable’ in Canada, says RBC
Yahoo! Finance
Canada’s housing market marked a milestone in the second quarter — but not the good kind. RBC’s latest Housing Affordability Measure showed it’s the most difficult it’s ever been to buy a home in Canada in the second quarter as borrowing costs jumped and home prices remained relatively elevated despite their recent declines.
“The frenzy that drove resale activity and prices to incredible heights at the start of this year is gone. Many buyers have been forced to the sidelines either because they no longer qualify for a mortgage or have seen their purchasing budget drastically reduced,” Robert Hogue, the assistant chief economist at Royal Bank of Canada, wrote in a note to clients on Thursday.
Dow Jones plunges after key economic data; Apple dives On downgrade
Investor’s Business Daily
The Dow Jones Industrial Average plunged 550 points Thursday morning after the release of key economic data — U.S. GDP and first-time unemployment claims. Apple stock sold off on a Bank of America downgrade.
On Wednesday, the Dow Jones Industrial Average rallied 1.9%, while the Nasdaq and S&P 500 also climbed about 2% each.
Wednesday’s The Big Picture column commented, “Put another way, Friday does not qualify as the first day of a budding rally attempt. Thus, the Nasdaq has accomplished two up sessions in a row. That’s nothing to really crow about for the bulls, especially in a stock market that continues to flash bearish action. The S&P 500 just snapped a six-day losing streak. So, it’s only just begun a new rally attempt after undercutting its June 17 low of 3,636.”
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
