City of St. John’s Releases 2024 Economic Review

 

"The economy of the St. John’s CMA experienced significant growth in 2024, with positive trends in a number of key areas,” said Councillor Tom Davis, Lead for Business Growth. "We are pleased to see an increase in important indicators such has household income, employment, the housing market and retail trade, as they contribute highly to the quality of life of residents. We look forward to continued growth in 2025.”

• The economy of the St. John’s CMA experienced significant growth in 2024, with real gross domestic product (GDP) increasing by 5.2% due to a rebound in oil production. 

• Excluding oil and gas extraction, the CMA’s real GDP rose by 5.6%, fueled by robust construction activity and spinoff effects from strong growth in the goods sector boosted many service sector industries.

• The St. John’s CMA saw employment growth in 2024, with total employment reaching 122,700, an increase of 3.5% from 2023. The construction sector added 1,000 jobs, benefiting from heightened residential building activity.

• The St. John’s population grew again in 2024, with the CMA population estimated to be 239,316, a 2.8% increase from 2023.

• Household income in the St. John’s CMA reached $12.58 billion in 2024, an 8.0% increase, reflecting stronger employment and higher wages.

• Retail sales grew by 6.7% to $6 billion, driven by increased consumer demand and rising prices.

• The housing market saw a surge in new construction, with 871 housing starts in 2024—a 78.5% increase over the previous year—spurred by lower interest rates.

• Inflation in the St. John’s CMA rose by 2.2% in 2024, marking a slowdown from 3.7% in 2023 and the 32-year high of 5.9% recorded in 2022.

The St. John’s CMA economy is expected to experience growth in 2025. Oil production is expected to increase. 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.

The City of St. John’s prepares a variety of economic and statistical information including the Economic Review, Economic Outlook and the monthly Economic Snapshot. Sign up to receive these publications and read other economic data at StJohns.ca/Economy. 

 

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 the Economics Division, Department of Finance, Government of Newfoundland and Labrador, and the City of St. John’s.