St. John’s Releases Economic Review

The City of St. John’s has released the 2024 Economic Review. In 2024 the region experienced significant growth.

Real gross domestic product increasing by 5.2 percent due to a rebound in oil production. Excluding oil and gas extraction, the real GDP rose by 5.6 percent, fueled by robust construction activity and spinoff effects from strong growth in the goods sector boosted many service sector industries.

Employment grew in 2024, with total employment reaching 122,700.

The St. John’s population grew again in 2024, with the CMA population estimated to be 239,316.

Household income reached $12,583 million in 2024. Retail sales grew by 6.7 percent to $6,000 million, driven by increased consumer demand and rising prices.

The housing market saw a surge in new construction, with 871 housing starts in 2024.

Inflation rose by 2.2 percent in 2024.

Growth is expected to continue in 2025, however, there remains a significant risk to this outlook. A potential Canada-US trade war may result in significant job losses, particularly in industries most exposed to the US market.