Ontario premier Ford vows to rebuild economy, unveils new Cabinet

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OTTAWA, June 24 (Reuters) - Doug Ford took the oath of office for a second term as the premier of Canada's most populous province on Friday with a promise to build highways and homes, and rebuild Ontario's economy.

Ford's right-leaning Progressive Conservatives returned to power with a sweeping victory in a provincial election on June 2, winning 83 seats in the 124-seat legislature.

He unveiled a larger 30-member Cabinet, moving former solicitor general Sylvia Jones to role of minister of health and deputy premier, while keeping Peter Bethlenfalvy in post as the debt-laden province's finance minister.

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Ford said he had an "ambitious plan" for his second stint, as his government faced challenges posed by inflation rates hitting a nearly 40-year high in Canada.

"That plan starts with rebuilding Ontario's economy," Ford said at his swearing-in ceremony.

He reiterated pledges made in the lead-up to the election, including new spending on highways, transit and the auto sector.

"We're investing to connect every part of our auto supply chain ... the cars of the future will be built right here, Ontario, from start to finish," Ford said.

Ontario, home to just under 40% of Canada's 38.2 million people, is Canada's manufacturing heartland. It is also one of the world's largest sub-sovereign borrowers, with publicly held debt in excess of C$400 billion ($309.6 billion).

Ford also pledged to address soaring home prices in the province by building more affordable housing.

Canada's national housing agency projects Ontario to be one of the worst affected by a housing shortage over the next decade. Provincial capital Toronto is already one of the most expensive cities to live in globally.

"Too many families are frozen out of the housing market ... we need to build more attainable homes," Ford said.

($1 = 1.2921 Canadian dollars)

(This story was refiled to fix typo in headline)

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Reporting by Ismail Shakil in Ottawa

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