Major City Insights: St. John’s—July 2022

Name: Major City Insights: St. John’s—July 2022
SKU: 11721-0405-WEB
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Canadian Economics

July 20, 2022

Urban City Economic Analysis

6 min read

Author: Signal49 Research

$985.00

Although the threat of COVID-19 is far from over, the economies of most major cities across Canada are back on track and weathering the storm of soaring inflation, rising interest rates, and—in many cities—cooling housing markets. Employment will keep growing this year, particularly in sectors of the economy hardest hit by the pandemic.

This edition of our Major City Insights provides new forecasts for growth in 11 major cities in Canada as of June 9, 2022.

This publication focuses on the St. John’s metropolitan economy.

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Document Highlights

Continued uncertainty in the oil industry and a rise in COVID cases late last year held the St. John’s economy to a near standstill in 2021.

A similar story is expected for 2022, with another contraction in oil and gas production this year limiting overall economic growth in St. John’s to 0.9 per cent.

Still, we expect the removal of most COVID-19 restrictions will boost output this year and next in some of the services sectors most hurt by the pandemic, including the accommodation and food services sector, the arts and entertainment sector, and the transportation and warehousing sector.

Travel to Newfoundland and Labrador is also being driven by Come Home Year celebrations across the province this year.