2022 Economic Review Now Available

The City of St. John’s has released Economic Review 2022, our annual report on economic indicators for the St. John’s Census Metropolitan Area (CMA).

“Our economy showed signs of moderate to strong growth last year,” said Mayor Breen, Council Lead for Economic Development. “The population is once again growing, unemployment is down, household income is up and the outlook for 2023 is positive.”

Key indicators

• The St. John’s population is growing again after a few years of stagnation. Population in the CMA was estimated to be 219,119 in 2022, up 2.3% from 2021.
• The metro 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 totaled over 116,400 in the St. John’s CMA in 2022, surpassing its 2019 level by 5,200 jobs. The major drivers of job growth can be attributed to trade, accommodation and food services sectors.  The unemployment rate decreased by 1.4 percentage points to 6.7%.
• Household income increased by 9.1% to $12.9 billion, driven by increased employment and gains in wages.
• New housing construction increased by 34.7% to 733 units, mostly due to pent-up demand emerging from the pandemic and increased in-migration.
• Retail sales increased by 7.8% to $4.8 billion, mainly due to higher prices caused by inflation.

Outlook for 2023

In 2023 economic growth, as measured by the GDP, is anticipated to increase. 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.

Learn more

The City of St. John’s prepares a variety of economic and statistical information including Economic Review, Economic Outlook and the monthly Economic Snapshot. Sign up to receive these publications and read other economic data at StJohns.ca/Economy. To learn more about the advantages of working, living, investing and studying in St. John’s, visit AdvantageStJohns.ca

Note: The St. John’s Census Metropolitan Area (CMA) is a Statistics Canada geographically defined area including St. John’s and neighbouring communities. Data prepared by Government of Newfoundland and Labrador, Department of Finance (Economic and Project Analysis Division) and the City of St. John’s.