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Canada Province economic profile
Ontario - Economic Profile
Statistics, economic information and rankings for this Central Canadian province
In 2026, the province of Ontario has a population of 16,534,547, having grown an annualized 2.2% over the five years to 2026, which ranks it 6th out of 13 provinces and territories by growth rate. Ontario's gross domestic product (GDP) in 2026 reached $909.3b, with growth of 2.2% over the 5 years to 2026. Businesses in Ontario employed a total of 5,466,372 people in 2026, with average annual employment growth over the past five years of 2.6%. The top three sectors by total employment are Real Estate & Rental & Leasing in Canada, Finance & Insurance in Canada, Manufacturing, while the unemployment rate across the province in 2026 was 7.4%.
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Province economic profile
Ontario Economic Overview
$909.3b
Gross province product
16,534,547
Population
1,193,688
Businesses
Province economic profile
Ontario Industry Trends
Learn about current trends affecting the most significant industries for Ontario's province economy, down to the county level. IBISWorld offers provincial industry research reports across all 13 provinces and territories, including 422 industries in Ontario.
What are Ontario's Largest Industries by Revenue?
The largest industries by revenue in Ontario are Commercial Banking, New Car Dealers and Gasoline & Petroleum Wholesaling, which generated $210.4b, $69.2b and $58.6b in 2026.
| Industry | 2026 revenue | |
|---|---|---|
| 1. | Commercial Banking | $210.4b |
| 2. | New Car Dealers | $69.2b |
| 3. | Gasoline & Petroleum Wholesaling | $58.6b |
| 4. | Automobile Wholesaling | $56.4b |
| 5. | IT Consulting | $51.2b |
| 6. | Pharmaceuticals & Pharmacy Supplies Wholesaling | $46.8b |
| 7. | Life Insurance & Annuities | $46.3b |
| 8. | Gasoline & Petroleum Bulk Stations | $42.7b |
| 9. | Supermarkets & Grocery Stores | $41.2b |
| 10. | Electric Power Transmission | $32.0b |
Province economic profile
Top Companies in Ontario
Learn about current trends affecting the top companies in Ontario.
Top 10 Companies Headquartered in Ontario by Employment
The largest companies by employment in Ontario are Government of Ontario, Royal Bank of Canada and Td Bank N A, which employed 225,597, 56,260 and 56,050 people in 2026.
| Company | 2026 employment | Share of employment | |
|---|---|---|---|
| 1. | Government of Ontario | 225,597 | 4.1% |
| 2. | Royal Bank of Canada | 56,260 | 1.0% |
| 3. | Td Bank N A | 56,050 | 1.0% |
| 4. | Walmart | 48,100 | 0.9% |
| 5. | Jim Pattison | 45,207 | 0.8% |
| 6. | University of Toronto | 20,000 | 0.4% |
| 7. | Bridgemarq Real Estate Services | 20,000 | 0.4% |
| 8. | Rogers Communications Inc. | 16,000 | 0.3% |
| 9. | Costco Wholesale | 15,120 | 0.3% |
| 10. | Home Depot | 14,505 | 0.3% |
Province economic profile
Ontario Sector Statistics
In Ontario, certain sectors drive a higher share of provincial GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Ontario's GDP by Sector?
The Real Estate & Rental & Leasing in Canada, Finance & Insurance in Canada and Manufacturing sectors contributed the most to Ontario's GDP in 2026, representing a combined 32.8% of provincial GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the provincial economy, in addition to how the provincial economy is evolving over time.
| Sector | GDP | Growth 2026 | Annualized growth 2021-26 |
|---|---|---|---|
| Real Estate & Rental & Leasing in Canada | 115,985,445,450 | 1.6% | 1.1% |
| Finance & Insurance in Canada | 93,816,120,165 | 2.6% | 2.0% |
| Manufacturing | 89,633,944,427 | -1.5% | -0.6% |
| Professional, Scientific & Technical Services in Canada | 81,033,984,744 | 3.6% | 4.5% |
| Healthcare & Social Assistance in Canada | 69,078,653,953 | 3.5% | 3.7% |
| Public Administration in Canada | 68,981,664,509 | 2.6% | 2.7% |
| Wholesale Trade | 57,854,189,608 | 1.1% | 1.0% |
| Construction | 56,434,885,645 | -1.3% | -1.7% |
| Educational Services | 55,859,954,941 | 3.8% | 3.6% |
| Retail Trade | 41,717,842,551 | 1.3% | 1.5% |
| Information | 38,479,537,532 | 1.3% | 1.7% |
| Transportation & Warehousing in Canada | 37,863,541,488 | 5.7% | 8.5% |
| Administration, Business Support & Waste Management Services | 27,872,089,759 | 1.0% | 1.5% |
| Accommodation & Food Services in Canada | 17,346,579,136 | 4.9% | 7.7% |
| Other Services (except Public Administration) | 17,301,842,086 | 2.5% | 4.0% |
| Utilities | 15,831,632,666 | 2.2% | 2.4% |
| Agriculture, Forestry, Fishing & Hunting in Canada | 10,602,917,574 | 3.1% | 3.4% |
| Arts, Entertainment & Recreation in Canada | 10,212,959,503 | 10.5% | 15.2% |
| Mining | 7,815,937,994 | 2.8% | 3.9% |
What is Ontario's Employment by Sector?
The Retail Trade, Manufacturing and Accommodation & Food Services in Canada sectors contributed the most to employment in Ontario in 2026, representing a combined 38.8% of provincial employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the provincial economy as a whole.
| Sector | Employment | Growth 2026 | Annualized growth 2021-26 |
|---|---|---|---|
| Retail Trade | 872,623 | 2.1% | 1.7% |
| Manufacturing | 616,747 | 1.4% | 2.5% |
| Accommodation & Food Services in Canada | 610,565 | 2.2% | 9.1% |
| Professional, Scientific & Technical Services in Canada | 606,949 | 2.6% | 3.3% |
| Healthcare & Social Assistance in Canada | 485,472 | 2.9% | 2.6% |
| Wholesale Trade | 376,733 | 1.4% | 1.8% |
| Administration, Business Support & Waste Management Services | 333,743 | 2.8% | 3.4% |
| Construction | 319,529 | 3.3% | 4.0% |
| Transportation & Warehousing in Canada | 263,518 | 1.5% | 4.0% |
| Finance & Insurance in Canada | 222,509 | -0.3% | 1.4% |
| Information | 133,363 | 2.4% | 3.1% |
| Educational Services | 113,311 | 0.0% | 1.8% |
| Agriculture, Forestry, Fishing & Hunting in Canada | 113,143 | 2.5% | 2.7% |
| Other Services (except Public Administration) | 103,303 | 2.7% | 2.3% |
| Real Estate & Rental & Leasing in Canada | 79,094 | 2.2% | 1.8% |
| Arts, Entertainment & Recreation in Canada | 77,180 | 0.5% | 7.9% |
| Utilities | 72,291 | -1.3% | 1.9% |
| Mining | 18,064 | 2.6% | 3.3% |
Province economic profile
Ontario Employment Trends
5.5m
Employment
7.4%
Unemployment
What Employment Trends are Impacting Ontario?
The province of Ontario employs 5,466,372 people in 2026, which ranks it 1st out of 13 provinces and territories. Employment in Ontario has grown at an annualized rate of 3.2% over the five years to 2026, overperforming the national average of 1.6%. Major sectors by employment in Ontario include Retail Trade, Manufacturing and Accommodation & Food Services in Canada, which employed 872,623, 616,747 and 610,565 people in 2026, respectively. Ontario's unemployment rate is 7.4% in 2026, which ranks it 10th out of 13 provinces and territories. Ontario's unemployment rate has trended downwards at a rate of -1.9% over the five years to 2026, overperforming the Canada economy as a whole.
Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in Ontario, and compare them to the Canada economy, using the chart below.
$117.6k
Per capita disposable income
What is Ontario's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Ontario's DPI in 2026 was $117.6k, compared to the Canadian average of $120.6k, which places it 5th out of 13 provinces and territories.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in Ontario's per capita disposable income, and compare it to the Canadian average, using the chart below.
Province economic profile
Ontario Construction & Building Trends
$3.2b
Nonresidential construction
$5.8b
Residential construction
88,955
Building permits
What can construction trends tell you about a province’s economy?
In Ontario, non-residential construction was $3.2b in 2026, which ranks it 8th out of 13 provinces and territories. Residential construction was $5.8b in 2026, which places Ontario 4th out of 13 provinces and territories. The number of building permits issued in Ontario in 2026 was 88,955, representing a -6.1% annualized growth rate between 2021 and 2026.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a province. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in Ontario, and compare it to trends in the number issued in Canada as a whole, using the chart below.
Province economic profile
Ontario Population Statistics
Which Counties in Ontario have the Largest Populations?
The counties with the highest populations in Ontario are Toronto, Ottawa - Gatineau and Hamilton, which had populations of 6,374,419, 1,365,588 and 716,792 people in 2026.
| Region | 2026 population | Annual growth 2021-26 | Share of population |
|---|---|---|---|
| Toronto | 6.4m | 2.9% | 38.5% |
| Ottawa - Gatineau | 1.4m | 2.4% | 8.3% |
| Hamilton | 716.8k | 1.5% | 4.3% |
| Kitchener - Cambridge - Waterloo | 578.7k | 3.1% | 3.5% |
| London | 532.9k | 2.7% | 3.2% |
| St. Catharines - Niagara | 406.1k | 1.8% | 2.5% |
| Oshawa | 378.0k | 1.8% | 2.3% |
| Windsor | 341.5k | 2.4% | 2.1% |
| Barrie | 199.7k | 2.0% | 1.2% |
| Kingston | 168.7k | 3.1% | 1.0% |
| Guelph | 155.8k | 2.1% | 0.9% |
| Greater Sudbury | 152.6k | 1.0% | 0.9% |
| Brantford | 126.6k | 1.2% | 0.8% |
| Peterborough | 124.5k | 2.0% | 0.8% |
| Thunder Bay | 111.4k | 1.0% | 0.7% |
| Belleville | 92.3k | -2.2% | 0.6% |
Province economic profile
Ontario Demographics
In Ontario, 23.0% of the population has a Bachelors or higher.
Education level in Ontario
| Education level | Share (%) |
|---|---|
| Bachelors or higher | 23.0 |
| Primary Education | 3.7 |
| Other | 73.3 |
Ontario Province industry reports
IBISWorld Province Industry Reports help you quickly understand how an industry performs at the province level compared with the national level, with accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 422 Ontario industry reports.
Other provinces to explore
Compare Ontario’s economy with other provinces in Canada.
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