Economic Review 2021
The St. John’s Census Metropolitan Area (CMA) economy saw signs of recovery in 2021 with retail sales increasing as consumer spending returned to pre-pandemic levels and an increase in residential activity mainly due to low mortgage rates and pent-up demand.
Economic Review 2021 reports that economic performance in the CMA decreased by 0.6% in 2021; however, excluding oil and gas extraction, real gross domestic product in the CMA increased by 7% as many private sector industries rebounded compared to 2020 when related shutdowns due to Covid-19 were more prominent.
Housing starts in St. John’s CMA increased to 544, a 30% increase over 2020.
“This report gives us a better sense of how the local economy will remain steady throughout 2022 as most private sector service industries are expected to return to normal in 2022,” says Mayor Breen, Council Lead for Economic Development. “Although lower oil production and decreased investment on major projects are expected to hamper growth, other indicators such as employment; retail sales; and housing starts should improve as pandemic restrictions loosen.”
Employment held steady in 2021 with little change in employment levels during the year. The unemployment rate decreased to 7.8%.
The population of the CMA was estimated to be 214,674 in 2021, a 0.3% increase as gains in immigration and net intraprovincial migration more than offset losses due to out-migration and a decline in non-permanent residents.
Read the full report here.
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 and Project Analysis Division) and the City of St. John’s.
The 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 www.stjohns.ca.