Ontario Releases 2025 Fall Economic Statement: "A Plan to Protect Ontario"

Finance Minister Peter Bethlenfalvy tabled the 2025 Ontario Economic Outlook and Fiscal Review this afternoon, outlining a plan to protect Ontario’s economy from the impact of new U.S. tariffs while keeping the province on a path to balance by 2027–28.

The province continues its historic $201 billion 10-year capital plan, including over $33 billion in 2025-26, with major projects such as:

• Highway 413 and Bradford Bypass construction and 401 tunnel feasibility work
• GO 2.0 transit expansion and new subway projects
• $4 billion Municipal Housing Infrastructure Program and $400 million Ontario Community Infrastructure Fund for rural and northern roads, bridges and water systems
• Continued investment in health, education, long-term care and critical minerals infrastructure through the Building Ontario Fund

The record $201 billion capital program — including highways, transit, bridges and municipal infrastructure — underscores a continued commitment to aggregate-intensive construction. Projects such as Highway 413 and the Bradford Bypass signal sustained demand for close-to-market supply, while critical-minerals and industrial investments align with Ontario’s “build at home” agenda that favors domestic materials and labour. This massive investment, coupled with the $115 billion in the federal government’s budget, signal increased demand for aggregate in the years to come.

Other notable highlights include nearly $30 billion in relief and investment for workers and businesses affected by U.S. trade actions. This includes:

• The Protect Ontario Financing Program ($1 billion launched; $5 billion total) to support Ontario-based companies in steel, aluminum, copper and auto sectors hit by tariffs
• An additional $100 million investment through the Ontario Together Trade Fund to help SMEs diversify and expand inter-provincial trade
• Creation of Protect Ontario Workers Employment Response (POWER) Centres to retrain and upskill workers at risk of layoffs

For the housing sector, the full HST rebate (8 per cent provincial portion) for first-time home buyers of new homes up to $1 million is meant to give relief to the housing market and help spur activity.

Another notable element is the development of a multi-year Tax Action Plan to update personal and corporate income taxes, lower costs and improve Ontario’s competitiveness within the G7 (starting in the 2026 budget).

Much like the federal budget that devoted a significant portion to infrastructure investment, Ontario’s 2025 Fall Economic Statement commits to growth through capital investments in infrastructure. Both the federal budget and the Fall Economic Statement reflect a positive outlook for the aggregate industry in Ontario as projects move forward and demand for stone, sand and gravel picks up.

The real key now will be ensuring that these ambitious commitments translate into action. For Ontario’s construction and aggregate sectors, the benefits of this record capital investment will only be realized when shovels hit the ground and these large-scale infrastructure projects move from plans on paper to active work sites — driving jobs, growth and the steady demand for stone, sand and gravel that keeps Ontario building.