Good Year Economically for St. John's
The St. John’s Census Metropolitan Area economy saw improved performance in several economic indicators in 2019.
Economic growth, as measured by real gross domestic product, is estimated to have increased by 5.4% to $18.0 billion in 2019.
“The labour market and household income posted positive growth,” says Mayor Breen, Lead for Economic Development, “however, an economic slowdown is evident in housing starts which declined 24.1% to 480 units, and modest retail sales growth of 0.6%.”
In 2019, the labour force increased by 2.9% to 124,500, while the unemployment rate decreased by 0.9 percentage points to 7.5%. This was the lowest recorded unemployment rate since 2015.
Household income increased by 4.1%, to $11.2 billion driven by gains in wages and salaries.
The population of the St. John’s area was estimated to be 212,300 as of July 1, 2019, a 0.1% decrease from the previous year.