page_title: Ontario
section_title: Economy
hierarchical_section_title: Ontario / Economy
caption_attribution_description: English: OAKVILLE, ONTARIO, CANADA, June 3, 2008 - Ford Motor Company employee Nick Aphayvong helps build the all new 2009 Ford Flex at the Oakville Assembly Plant. Ford marked the official launch of production during an employee celebration and plant tour. Photo by: Sam VarnHagen/Ford Motor Co. (06/03/2008)
context_page_description: Ontario is one of the thirteen provinces and territories of Canada. Located in Central Canada, it is Canada's most populous province, with 38.3 percent of the country's population, and is the second-largest province in total area. Ontario is the fourth-largest jurisdiction in total area when the territories of the Northwest Territories and Nunavut are included. It is home to the nation's capital city, Ottawa, and the nation's most populous city, Toronto, which is also Ontario's provincial capital.
  Ontario is bordered by the province of Manitoba to the west, Hudson Bay and James Bay to the north, and Quebec to the east and northeast, and to the south by the U.S. states of Minnesota, Michigan, Ohio, Pennsylvania, and New York. Almost all of Ontario's 2,700 km border with the United States follows inland waterways: from the westerly Lake of the Woods, eastward along the major rivers and lakes of the Great Lakes/Saint Lawrence River drainage system. These include Rainy River, Pigeon River, Lake Superior, St. Marys River, Lake Huron, St. Clair River, Lake St. Clair, Detroit River, Lake Erie, Niagara River, Lake Ontario and the St.
context_section_description: Ontario is Canada's leading manufacturing province, accounting for 52% of the total national manufacturing shipments in 2004. Ontario's largest trading partner is the American state of Michigan. As of April 2012, Moody's bond-rating agency rated Ontario debt at AA2/stable, while S&P rated it AA-. Dominion Bond Rating Service rated it AA(low) in January 2013. Long known as a bastion of Canadian manufacturing and financial solvency, Ontario's public debt-to-GDP ratio is projected to be 38.4% in fiscal year 2023–2024.
  Mining and the forest products industry, notably pulp and paper, are vital to the economy of Northern Ontario. As of 2011, roughly 200,000 ha are clearcut each year; herbicides for hardwood suppression are applied to a third of the total. There has been controversy over the Ring of Fire mineral deposit, and whether the province can afford to spend CAD$2.25 billion on a road from the Trans-Canada Highway near Kenora to the deposit, currently valued at CAD$60 billion.
  An abundance of natural resources, excellent transportation links to the North American heartland and the inland Great Lakes making ocean access possible via container ships, have all contributed to making manufacturing the principal industry of the province, found mainly in the Golden Horseshoe region, which is the largest industrialized area in Canada, the southern end of the region being part of the North American Rust Belt. Important products include motor vehicles, iron, steel, food, electrical appliances, machinery, chemicals, and paper.
  Hamilton is the largest steel manufacturing city in Canada followed closely by Sault Ste. Marie, and Sarnia is the centre for petrochemical production. Construction employed more than 6.5% of the province's work force in June 2011. Ontario's steel industry was once centred in Hamilton. Hamilton harbour, which can be seen from the QEW Skyway bridge, is an industrial wasteland; U.S. Steel-owned Stelco announced in the autumn of 2013 that it would close in 2014, with the loss of 875 jobs. The move flummoxed a union representative, who seemed puzzled why a plant with capacity of 2 million tons per annum would be shut while Canada imported 8 million tons of steel the previous year. Algoma Steel maintains a plant in Sault Ste Marie.
  Ontario surpassed Michigan in car production, assembling 2.696 million vehicles in 2004. Ontario has Chrysler plants in Windsor and Bramalea, two GM plants in Oshawa and one in Ingersoll, a Honda assembly plant in Alliston, Ford plants in Oakville and St. Thomas and Toyota assembly plants in Cambridge and Woodstock. However, as a result of steeply declining sales, in 2005, General Motors announced massive layoffs at production facilities across North America, including two large GM plants in Oshawa and a drive train facility in St. Catharines, that resulted in 8,000 job losses in Ontario alone. In 2006, Ford Motor Company announced between 25,000 and 30,000 layoffs phased until 2012; Ontario was spared the worst, but job losses were announced for the St Thomas facility and the Windsor Casting plant. However, these losses will be offset by Ford's recent announcement of a hybrid vehicle facility slated to begin production in 2007 at its Oakville plant and GM's re-introduction of the Camaro which will be produced in Oshawa. On December 4, 2008 Toyota announced the grand opening of the RAV4 plant in Woodstock, and Honda also plans to add an engine plant at its facility in Alliston. Despite these new plants coming online, Ontario has not yet fully recovered following massive layoffs caused by the global recession; its unemployment rate was 7.3% in May 2013, compared to 8.7 percent in January 2010 and approximately 6% in 2007. In September 2013, the Ontario government committed CAD$70.9 million to the Ford plant in Oakville, while the federal government committed CAD$71.1mn, to secure 2,800 jobs. The province has lost 300,000 manufacturing jobs in the decade from 2003, and the Bank of Canada noted that "while the energy and mining industries have benefitted from these movements, the pressure 
caption: A worker at the Oakville Assembly installs a battery in an automobile. The automotive industry is a contributor to the economy of Ontario.
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