City Shares Economic Outlook and Population Projections

Economic growth (as measured by real GDP)  is expected to increase again in 2014 but at a much slower rate than seen in 2013, according to the latest findings from the Office of Strategy and Engagement.
 
The City has released Economic Outlook 2014 for the St. John’s Metropolitan Area. Included are economic indicators, an overview of economic performance in 2013 and some demographic details. Of note:

• Household Income and Retail Trade are projected to lead growth in 2014.
• Employment and wage gains are drivers of household income, and are again expected to show growth in 2014, which in turn will bolster consumer spending.
• Employment is forecasted to grow at a rate of 1.6 per cent; the unemployment rate is forecasted to decline to 5.6 per cent.
• The population of the St. John’s Census Metropolitan Area (CMA) grew to 208,400 as of July 1, 2013; a slight increase is anticipated in 2014.

“This data is very informative for us and for many organizations, and has implications for the future of St. John’s and the region,” said Councillor Bruce Tilley, Chair of the Standing Committee on Economic Development, Tourism and Public Engagement.
 
In addition to Economic Outlook 2014, the City of St. John’s has released population projections developed for both the City of St. John’s and the St. John’s Census Metropolitan Area (CMA). These reports outline scenarios for population growth to 2036 and provide commentary around age distribution and household data.
 
According to the latest projections, the City’s population has fluctuated around 100,000 over the past 25 years. However, growth has resumed in recent years, anchored by buoyant economic conditions, climbing to 106,170 people in 2011. As we move towards 2036 in the City of St. John’s, it is anticipated that the age group of 25 to 34 will show the strongest declines, while the population 65 and over will show large population increases. The growth in the number of households will continue to outpace population growth, resulting in a decline in average household size.
 
Media Contact:
Susan Bonnell
Manager, Marketing and Communications
City of St. John's
Phone: 709-576-3906
Cell: 709-690-9285
E-mail: sbonnell@stjohns.ca