Fall Economic Statement to Benefit Manufacturing SMEs

CME CALLS FOR MORE TO BE DONE TO IMPROVE MANUFACTURERS’ COMPETITIVENESS

November 6, 2019 (Toronto, ON) – Today, the Ontario Government released its Fall Economic Statement which is set to help reduce the manufacturing sector’s skill shortage crisis and help shape a manufacturing strategy for the province. However, more must be done on investment and growth of our sector.

“The proposed measures will benefit manufacturers, particularly small-medium businesses,” said Dennis Darby, President and CEO of CME. “CME congratulates  the government for establishing a small business strategy and cutting taxes.”

“Labour and shortage shortages remain the top issue for our members. The move to streamline the requirements of the Ontario nominee program along with the commitments to establish a STEM education strategy and new skill trades training supports will make it easier to find skilled workers, a challenge for 85% of manufacturers,” added Darby.  “However, there remains more work to help Ontario become a country-leading jurisdiction for manufacturing productivity and competitiveness again.”

Manufacturing is vital to Ontario’s economy and to the prosperity of all Ontarians. The numbers speak for themselves: the sector directly accounts for more than 12 per cent of provincial GDP, generates more than $300 billion in annual output, and accounts for more than 80 per cent of Ontario’s exports.

“CME encourages the government to focus on creating more manufacturing jobs and growing the sector by lowering hydro prices, providing incentives to adopt new technologies, and conduct a wholesale review of industrial property tax rules,” Darby said.