Newfoundland Labrador 2010 Budget Highlights

March 29, 2010 · Filed Under Newfoundland Economy, Newfoundland Oil and Gas, St. John's General · Comments Off 

Economic Performance 2009

    • Real GDP declined 8.9%.
    • Employment fell by 2.5% and the unemployment rate increased to 15.5%.
    • Retail sales grew by 2.6% – the strongest performance in the country, with Newfoundland and Labrador being one of only two provinces to record sales growth.
    • Labour income increased by 4.2% – the second best performance among provinces.
    • Housing starts of 3,057; the second highest in 20 years.
    • Capital investment growth ranked fourth among provinces.
    • Personal income growth of 3.9% and disposable income growth of 4.7%.
    • Population of 508,925 as of July 1, 2009, an increase of 0.5% and the largest percentage increase since 1983.
    • Non-resident travel and tourism visitors increased 0.7% to 483,200 with expenditure growth of 1.4% to $375 million.
  • 2010 Economic Outlook
    • Real GDP forecast growth of 4.0%.
    • Employment growth of 2.3% to 219,900.
    • Unemployment rate forecast to decline 0.6 percentage points to 14.9%.
    • Personal income and disposable income growth of 3.9% and 3.3% respectively, aided by wage gains and employment growth.
    • Retail sales growth of 5.0%.
    • Increase in population of 0.5% due to positive net migration.
    • Capital investment expected to increase by 23.0% to $6.2 billion.
    • Housing starts expected to increase 1.5% to 3,102. Residential construction spending of $1.6 billion, an increase of 3.5%.
    • Value of mineral shipments expected to increase about 60%, to $3.1 billion.
    • Total overnight tourist visits expected to increase by 1.3%.

2010 Investments in Infrastructure

Funding for the Conception Bay South Bypass extension, Team Gushue Highway extension and completion of the Torbay Bypass;

2010 Investments in Diversification

More than $126 million in funding for initiatives under the Departments of Finance, Business and Innovation, Trade and Rural Development including:

  • $61 million in tax credits and incentives;
  • $11 million in the Regional/Sectoral Diversification Fund;
  • $2 million in the Aerospace and Defence Development Fund;
  • $1 million for the Innovation Enhancement Fund plus $1 million in the Commercialization Fund, both under the Innovation Strategy;
  • $1 million in the Oil and Gas Manufacturing and Services Export Development Fund as part of a two-year $3 million commitment;
  • $4.9 million under the five-year Oceans of Opportunity Strategy to advance the ocean technology sector; and
  • Other programs including the Small and Medium-sized Enterprise Fund, the Business Attraction Fund, and the Business and Market Development Program.

Newfoundland’s Population Increases

October 1, 2009 · Filed Under Local St. John's, Newfoundland Economy, St. John's General · Comments Off 

Newfoundland’s population has increased according to Statistic’s Canada.  The population has grown by 2,484 over the past year to 508,925. This increase might not seem like a big number, but Newfoundlander’s are accustomed to a decline in population year over year.

From April to June 2009, Newfoundland and Labrador’s population climbed 0.28%, the highest second-quarter growth rate since 1983. In contrast to the other Atlantic provinces, the increase was mostly attributable to a net gain in interprovincial migration. It was also the fourth consecutive quarter in which Newfoundland and Labrador has posted gains in its exchanges with the other provinces and territories.

On July 1, 2009, Canada’s population was estimated at 33,739,900. In the second quarter of 2009, Canada’s population grew by 121,200 (+0.36%)

Alberta was the Western province with the fastest demographic growth rate from April to June 2009, at 0.59%.

From April to June, Prince Edward Island had the fastest demographic growth rate in the Atlantic provinces at 0.53%