St. John's releases 2022 Economic Review

The City of St. John’s has released the Economic Review for 2022. It is an annual report on economic indicators for the St. John’s Census Metropolitan Area.

Last year the city experienced moderate-to-strong growth in most sectors. The overall economy, excluding oil and gas production, is estimated to have increased by 2.3% as many private sector industries benefitted from the tourism sector’s “Come Home 2022” campaign. However, real gross domestic product (GDP) decreased by 2.1%, primarily due to lower offshore oil production.

Employment totalled over 116,400 in the St. John’s CMA in 2022, surpassing its 2019 level by 5,200 jobs. The unemployment rate decreased by 1.4 percentage points to 6.7%.

There was an increase in retail sales by 7.8% to $4.8 billion, although inflation was cited as the primary reason.

Household income increased and new housing construction increased.

The St. John’s population is growing again. The population was estimated to be 219,119 in 2022, up 2.3% from 2021.

Economic growth is expected to increase this year. This growth will be led by the goods-producing sector and includes oil project investments and production. The St. John’s CMA is also expecting growth in the tourism industry.