Economic outlook looks good for St. John's
The economic outlook looks good for St. John's.
The city is expected to grow this year as the economic recovery continues from the COVID-19 shutdowns.
The number of housing starts is expected to increase by about 6.7% to 580 units this year. This would be a 20.9% increase compared to pre-pandemic levels in 2019.
Real Gross Domestic Product is expected to rise by approximately 1.5%. Employment is expected to increase by 2.5%.
“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.