A document released today — Economic Review 2016 — reports that economic performance in the St. John’s Census Metropolitan Area (CMA) was not good in 2016, and projects a “subdued outlook” for 2017.
1.) “Economic activity in the St. John’s Census Metropolitan Area (CMA) is expected to remain subdued in 2017.” (In part because the Hebron and Long Harbour projects are moving past their peak construction periods).
2.) “Economic indicators including GDP, employment, and retail sales are expected to remain weak in 2017.”
3.) Because labour force growth was greater than that of employment, “The unemployment rate increased by 1.3 percentage points to 7.8 per cent.”
4.) “Among all the 33 CMAs in Canada, only five had a higher unemployment rate than that of the St. John’s CMA in 2016.”
5.) “Household income increased by 1.1 per cent in 2016 to $11.0 billion, the lowest rate of growth in this indicator since 1997.”
Councillor Dave Lane, Chair of the Economic Development, Tourism and Public Engagement Standing Committee, says “The economic slowdown is evident in housing starts, which declined 15.4 per cent to 833 units, and the unemployment rate which increased to 7.8 per cent.”