Economic Outlook 2022
Most economic indicators in the St. John’s Census Metropolitan (CMA) are expected to show growth in 2022 as the economic recovery continues from COVID-19 shutdowns.
The number of housing starts is expected to increase by about 6.7% to 580 units in 2022. This would be a 20.9% increase compared to pre-pandemic levels in 2019.
Economic Outlook 2022 reports real Gross Domestic Product (GDP), excluding the oil and gas production industry, is expected to rise by approximately 1.5%, as many private sector industries grow in 2022.
“This report gives us a better sense of how the local economy will improve throughout 2022,” says Mayor Danny Breen, Council Lead for Economic Development. “Household income and retail trade are expected to increase, and the number of housing starts is forecasted to increase by about 6.7% to 580 starts. This would be an increase compared to pre-pandemic levels.”
Retail trade is expected to grow by 4.2% due to pent-up demand, inflationary pressures, and an expected increase in tourist activity. Household income is expected to grow by 3% as higher wages and salaries are anticipated to offset less federal COVID-19 related transfers.
Employment in the St. John’s CMA is expected to increase by 2.5% in 2022 as employment data for the first three months of the year indicate higher levels of employment in the service sector. The unemployment rate is expected to decrease by 0.8 percentage points to 7%.
The population of the St. John’s CMA is expected to increase slightly to 216,833 persons in 2022.
The Economic Outlook report also provides a summary of the final 2021 economic indicators for the St. John’s Metro area.
Note: The St. John’s Census Metropolitan Area (CMA) is a Statistics Canada geographically defined area including St. John’s and neighbouring communities. Data prepared by Government of Newfoundland and Labrador, Department of Finance (Economics Division) and the City of St. John's Department of Community Services (Economic Development, Culture and Partnerships Division).
Economic Development, Culture and Partnerships Division provides a variety of economic and statistical information, including an Economic Review/Outlook twice a year in addition to a monthly Economic Snapshot. These reports and additional data can be found in the publications section at stjohns.ca.
Learn more about the St. John’s Advantage.