ECONOMY GROWS TO BE THIRD BEST
By Adnews Staff
Ontario's economy sits in third place in the country despite a booming year in the auto and high-tech sectors, according to Statistics Canada. The 4.5 per cent growth rate was well above the national average of 3.8 per cent, however, Alberta and Saskatchewan economies grew at 6.5 and 5.2 per cent respectively. Alberta can thank a banner year in the oil patch and Saskatchewan took advantage of the hot energy sector to make up for a poor performance in agriculture. Ontario's strong showing is a sign that it is beginning to finally benefit from the province-wide restructuring that began after the 1989 Free Trade Agreement with the United States. Fifteen per cent of all cars, trucks and minivans made in North America are manufactured in Ontario. Now the sixth largest auto manufacturer in the world, Ontario produces more cars than Italy. High-tech firms have done well also. Ontario's high-tech firms leaped 16 per cent last year, mostly in cellular phone and long-distance switching equipment. Housing construction was the strongest in ten years last year with a 22 per cent jump over 1996.