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.

St. John’s Gives Green Light to East End Condos

May 13, 2008 · Filed Under St. John's Condos, St. John's Real Estate · Comments Off 

A major residential development for downtown St.John’s has been given the green light. St. John’s City Council has given the okay for six residential condominium buildings to be located on the former Standard Manufacturing site on Water Street East. Each building will have eight units for the total of 48 and there will be one level of indoor parking. Condos of this status are much needed in the downtown core. The condos will be a great attraction for oil companies, investors and new employees moving to Newfoundland due to the oil and gas industry.

7 Reasons to Invest in Newfoundland Real Estate

March 2, 2008 · Filed Under Newfoundland Top 7 · 4 Comments 

The Top 7 Reasons to Invest in Newfoundland Real Estate are:

7. Average price for a home in Newfoundland is MUCH lower then the Canadian average house price. A 2-apt home for $200,000 can fetch you an extra $1600 a month cash flow (before expenses and mortgage)

6. The next few years are looking promising for the real estate market. Remax is predicting a 12% increase in housing prices for 2008.

5. Oil and Gas – Hebron, White Rose, Hibernia, Terra Nova Project, all major contributors to the Newfoundland Economy.

4. The cost of living in Newfoundland is lower per person/family then other provinces in Canada.

3. Danny Williams. Whether you like him or not, the “Danny Williams Effect” has certainly placed a positive spin on Newfoundland.

2. View some of the most spectacular images in the world off the coast of Newfoundland and Labrador. Watch whales breach and icebergs float by your reasonable priced ocean front property. Own a little corner of the world you can call your own.

1. Quality of living. Newfoundland being an island has a low crime rate and a high standard of living. Little to no traffic. Plenty of provincial parks and golf courses. Top notch amenities. As well as our genuine Newfoundland hospitality, quick wit, and charm.