Economic Review 2015: Changing Economic Conditions

Economic Review 2015 reports that the St. John’s Census Metropolitan Area (CMA) recorded tepid economic performance in 2015, as some indicators experienced slow growth while others declined.

“While the moderating of the economy is obvious, some indicators such as household income still recorded increases, although the rate of growth has declined,” said Mayor Dennis O’Keefe. “The unemployment rate increased to 6.5 per cent, but still remains low when compared with previous years, and ranks mid-range in comparison to other CMAs in Canada.”

The annual Economic Review 2015 noted that real gross domestic product (GDP) declined by 2.5 per cent.  While retail trade in 2015 was on par with the previous year, housing starts declined in 2015 by 19.9 per cent.  

“The data in this report reflects what we have seen happening in the local economy,” says Councillor Dave Lane, Chair of the Economic Development, Tourism and Public Engagement Standing Committee. “The impacts associated with oil price declines are being experienced here, and it is anticipated that economic activity will be mixed into 2016 as well.”

As of July 1, 2015, the population of the St. John’s CMA is estimated to have been 214,300, up 1.0 per cent from the previous year.
 
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 (Economic Research and Analysis Division) and the City of St. John's (Office of Strategy & Engagement), February 2016.

The Office of Strategy and Engagement provides a variety of economic and statistical information, including an Economic Review/Outlook twice a year in addition to a monthly Economic Update. These reports and additional data of can be found in the publications section at www.stjohns.ca. 
 
Media Contact:
Kelly Maguire
Media Relations
City of St. John's
709-576-8491
kmaguire@stjohns.ca