Mr. Speaker, it gives me pleasure to rise today to speak to the fall economic statement, and to bring some facts to the discussion.
The 2018 fall economic statement is proof our government is creating real change for Canadians. Our government's plan to strengthen the middle class and grow the economy is working, and the results speak for themselves. Across Canada, more Canadians are working than ever before, wages are growing and middle-class Canadians have more money to save, invest and grow the economy.
In 2017, Canada had the strongest growth of all G7 countries. At 3% annually, we are projected to remain among the fastest-growing economies in the coming years.
In the past three years, our government has created more than half a million new full-time jobs. As a result, the unemployment rate has fallen to 5.8%, the lowest in 40 years. Not only that, employment gains by women have been especially strong and the level of employed Canadian women is at its highest in history.
Our government is also ensuring current wage growth is outpacing inflation, which improves the quality of life for all Canadians. These results speak for themselves. Since 2015, we have seen a strong and steady growth in both the economy and in job creation. Our government is committed to continuing this progress.
The fall economic statement is also proof our government provides tangible and valuable support for Canadian businesses and international investments. Since 2015, we have committed to funding Canadian small and medium-sized enterprises to help them explore new export opportunities.
In July 2017, we implemented the Canadian free trade agreement, which reduces barriers to internal trade in goods and services, investments and worker mobility from all provinces. This is important because if we cannot trade internally and we do not have internal mobility, how will we survive externally?
Through the federal development business innovation initiative, our government has provided mentorship, entrepreneurship, support and financing to help new businesses grow and succeed. In November last year, I had the pleasure of announcing a $400,000-investment in Clear Blue Technologies in my riding of Don Valley East. This small and medium-sized enterprise is leading the way on climate adaptability, by making effective use of sustainable and renewable sources of energy. This is the new economic way, and it will play an important part in shaping Canada's future economy.
Through our government's contribution, this company has been able to expand its marketing activities and sell its technologies to a broader range of international clients, including Côte d’Ivoire. The project alone is expected to create up to 33 full-time jobs. It reinforces our government's commitment to supporting innovative businesses, while advancing our support for the clean technology sector.
As a government, we work hard to ensure the economic well-being of Canadians, as well as that of the businesses, remains our priority.
Also, one of the government's top priorities is to ensure Canada is the top destination for businesses to invest, grow and create jobs and prosperity. We have created the strategic innovation fund, which has since proven successful in attracting and supporting business investment in Canada. Over the past years, several international corporations have invested in Canada, including Amazon, Thomson Reuters, Google, Toyota, UPS and Microsoft, increasing the number of full-time jobs.
On international trade, we have successfully negotiated the CETA, the CPTPP and the USMCA. Statistics indicate that one in every eight Canadian jobs is tied directly to international trade. This amounts to approximately two million jobs in the economy. In Don Valley East, I had the pleasure to announce the grants given to six SMEs that were export ready. They have taken advantage of the trade agreements and have been utilizing markets within the CETA, the CPTPP and the USMCA.
As well, we have reduced small and medium-sized enterprise taxes from 11% to 9%. This has given the impetus for small and medium-sized enterprises to hire more employees. Our government is committed to improving the lives of Canadians on a day-to-day basis.
In 2016, we introduced the Canada child benefit, which is a monthly tax-free benefit designed to help families with the high cost of raising children. To date, the CCB, as it is called, has helped lift more than 500,000 people, including 300,000 children, out of poverty. We have also indexed it to inflation. In my riding of Don Valley East alone, the results have alleviated 17,000 children out of poverty and 9,000 families.
Our government has launched Canada's first-ever national housing strategy, a commitment to $40 billion over 10 years to provide affordable housing to needy Canadians. As well, in May of this year, we launched the new 10-year, $13.2-billion national housing co-investment fund, which will provide low-cost loans and financial contributions to support and develop mixed income, mixed tenure and mixed use affordable housing. This initiative alone is expected to create up to 60,000 new housing units and repair up to 240,000 units of existing affordable housing.
In my riding of Don Valley East, the impact has been the repair of 68 townhouses and buildings managed by the Toronto Community Housing, as well as repairs to seniors' buildings. I was at 16 Concorde and the residents were proud to let me know how our investment in infrastructure had helped them make improvements to the buildings. I heard similar stories of gratitude from residents of 2020 and 2040 Don Mills Road.
Seniors are an integral part of our economy and it is therefore important for us to treat them with dignity. That is why our government increased the guaranteed income supplement top-up payment by up to $947, which has benefited nearly 900,000 low-income seniors. We have also appointed a Minister of Seniors to ensure they get the attention they deserve.
The fall economic statement marks the next steps in our plans. With our 2018 fall economic statement, our government is committed to enhancing confidence in Canada by supporting Canadian businesses as they grow and expand into new markets.
We have come a long way from 2015 when the Harper government, which had inherited a $13-billion surplus from its predecessor, whittled it down and left us in deficit, increasing the debt by $156.5 billion. We are ensuring that our investments give us a return on investment.
