Economic Insights - Year in Review, 2024

With population growth (largely driven by immigration), new business approvals continuing at a steady pace, gains in commercial and industrial investment, and our consistent ranking as one of the top performing urban centres for business activity in Canada, there is positive momentum for the City of St. John's economic outlook for 2025. Housing starts saw significant growth and house prices remain favourable in comparison with other metro areas in Canada.



St. John’s metro had the highest median individual income in Atlantic Canada 2022($), 4% above the national median income. Growth in household income in 2024 increased 8.0% as increased employment levels and higher wage rates increased labour compensation in the CMA.

Business and Development Activity

In 2024, the City of St. John’s approved 173 new businesses, 22% (or 38) of those were home-based compared to 164 new business approvals in 2023. The value of commercial building permits increased 10% to over $118 million in 2024.          

2024 St. John’s Real Estate

The overall office vacancy rate decreased slightly in the fourth quarter 2024 to 20.4% compared to 21.3% in the fourth quarter 2023, according to Cushman & Wakefield Atlantic. The overall industrial vacancy rate in St. John’s metro increased to 15.4% in the fourth quarter 2024 up from 11.4% in the fourth quarter 2023.



In the residential market, housing starts in the St. John’s metropolitan area, increased by 78.5% (or 871 units) as lower interest rates increased the demand for new residential housing. The sale of single detached units in St. John’s increased 0.5% to 806 units in 2024 and the sale of multiple-family units totaled 438 units, up 7.9%. The overall MLS® Home Price Index composite benchmark price for homes in St. John’s averaged $348,658 in 2024, a gain of 7.1% compared to 2023. 

Applause Awards: call for Climate Change Leadership Awards

Nominations are now open for the City of St. John's 2025 Applause Awards. The annual civic awards program honours individuals, groups, and organizations who inspire and uplift our community through their exceptional efforts and achievements. The awards celebrate those who make a difference in our community.  

The Climate Change Leadership Awards, one of 8 Applause Award categories,

recognizes individuals and organizations who have demonstrated exemplary leadership in climate change action. Nominations are accepted in two categories - Corporate Climate Leadership Award and Community Climate Leadership Award.

Submissions are open until Friday, February 28, 2025.

The contribution of culture to St. John’s economy and jobs 

In 2022, it was estimated that the direct economic impact of culture products was $254.3 million in St. John’s Census Metropolitan Area (CMA), which equates to $2,300 per resident compared to $1,783 per resident nationally. Some key contributors to the GDP of culture products in St. John’s CMA include:



– Audio-visual and interactive media: $35.3 million

– Visual and applied arts: $21.5 million

– Written and published works: $15.4 million

– Other domains: $182.1 million

According to Census data, in 2021, workers in culture-related occupations earned on average employment income of $50,560 in St. John's CMA and $55,200 in Canada.

Key cultural jobs in St. John's include:

– Live performance: 284 (or 11.29%)

– Visual and applied art: 230 (9.14%)

– Written and published works: 205 (or 8.15%)

– Other domains: 1,797 (or 71.42%)

Source: Cultural Statistics Strategy, Statistics Canada and Canadian Heritage

New Business Navigator Program

To help make it easier to navigate government resources and processes for small businesses, the Government of Newfoundland and Labrador has launched a new Business Navigator initiative. Business navigators can provide information for businesses related to:

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• Provincial Government regulations and programming.
• Identifying licences, permits and inspections needed to operate your business.
• Providing support information for additional requirements like financing, taxes and staffing.

To find out more about the program, and to get started, head to the Business Navigator page on the provincial government's website. 

Fortis named among Canada's best employers

Forbes has recognized St. John’s-based company Fortis in the 2025 “Canada’s Best Employers” list. Fortis ranked 45^th out of 300 employers and is the only company on the list from Newfoundland and Labrador.