City of St. John's Economic Outlook 2024 Shows Promising Year Ahead

The City of St. John's released its Economic Outlook 2024 report, which provides data on several economic indicators.

GDP is projected to increase by 3.2% to reach $16.1 billion. This boost is largely due to the Terra Nova floating production, storage, and offloading vessel operating at full capacity.

Employment is forecast to rise by 1.7%. Growth is expected in sectors such as 'Forestry, fishing, mining, quarrying, oil and gas,' and 'Construction,' with a collective increase of 5.1% in the goods sector.

The population of the St. John’s CMA is expected to grow by 1.4% to 235,359 persons by the end of 2024.

Housing starts are anticipated to rebound and retail sales are expected to continue growing.