St. John's expecting economic growth this year

According to the latest Economic Outlook report released by the City of St. John's, the local economy is expected to grow this year.

Due to construction activity associated with the West White Rose project, an increase in population is anticipated.

Economic growth is anticipated to increase by 0.8. Excluding the oil and gas sector, the economy is expected to increase by 1.5 percent. Retail sales growth, currently at 5.0 percent, is projected to continue. The labour force participation is expected to fall by 0.9 percentage points.

The population of the St. John’s CMA is expected to grow to 224,000 this year while employment is forecast to increase by 1.5 percent, with the unemployment rate projected to reach a 49-year low.

Housing starts are expected to decrease by 1.2 percent. Household income is also expected to increase.