Here’s why the St. John's region should be at the top of your investment list
At the crossroads of North America and Europe. St. John's boasts this enviable location, providing easy access to transatlantic markets. The city's well-developed infrastructure, including an international airport and a deep-water port, ensures seamless connectivity for international trade and travel. It is the closest jurisdiction in North America to Europe, Middle East and India via the Suez Canal.
The region offers a pro-business environment characterized by competitive tax rates, attractive federal and provincial incentives for new businesses, and a skilled workforce. This supportive atmosphere ensures that your business can thrive from the moment you set up shop.
| |
Photo credit: Ray Mackey Photography | |
St. John's region has long been a cornerstone of Canada's offshore oil and gas industry. The city hosts major players like ExxonMobil, Equinor, and Cenovus. Newfoundland and Labrador is emerging as a key player in the wind-hydrogen sector with significant investments in large-scale projects. The region's abundant wind resources are being harnessed to produce green hydrogen, attracting an anticipated $18 billion in investment in the coming years. | |
With top-tier research institutions and companies specializing in marine engineering, environmental monitoring, and fisheries technology, St. John's region is rapidly gaining prominence as an innovation and defense hub. The Launch, Marine Institute's state of the art living lab, offers R&D, testing and demonstration capacity in a harsh cold ocean environment and was recently selected as a test centre for NATO’s defense innovation accelerator. These capabilities offer potential for economic returns and opportunities in technological and defense advancements.
Supported by a robust startup ecosystem and a culture of innovation, institutions like Genesis and Memorial University's Centre for Entrepreneurship provide vital support to budding entrepreneurs. The newly built Co. Innovation Centre serves as a collaborative space, nurturing synergy among entrepreneurs, researchers, and industry professionals to catalyze groundbreaking innovations in the region. Investors can find promising ventures in software development, biotech, and other high-tech industries. By investing in St. John’s region tech sector, you’re backing the next wave of innovation.
Check out Advantage St. John’s to learn more about business opportunities, supports and collaborations.
| |
Welcome to the new CEO of Advantage St. John's | |
The municipalities of Conception Bay South, Paradise, and St. John’s, recently announced the appointment of the Chief Executive Officer (CEO) for the joint Regional Economic Development Agency. A warm welcome to Michelle Simms who will assume the role effective July 9, 2024.
The Regional Economic Development Agency was announced last year by the three municipalities. The independent agency will focus on business investment and attraction as well as increasing the talent pool for local businesses as they continue to strengthen the metro region and the Province.
The new agency will be known as Advantage St. John’s, a brand which the City has used to promote economic development activities in the city and region. During this period of transition to the new agency, the City will continue to share its monthly Economic Snapshot newsletter and related news through the Advantage St. John’s platforms.
| |
Rising population numbers in St. John’s
On July 1, 2023, the population of the St. John’s Census Metropolitan Area (CMA) reached 232,039 people, according to a recent release from Statistics Canada. The population growth experienced in the St. John’s CMA (+3.2%) from July 1, 2022, to July 1, 2023, outpaced that of Canada as a whole (+2.9%).
International migration remains important for growth in census metropolitan areas and the St. John’s CMA led the nation with an astounding 81.2% increase (or 3,867) in immigration over the same period. Atlantic Canada cities (except for Fredericton) saw more permanent residents move in than non-permanent (temporary foreign workers and students).
| |
Solid Waste Management Innovation Fund
MMSB is now accepting submissions for its Solid Waste Management Innovation Fund. For 2024 there is a funding increase to a maximum non-repayable contribution of $50,000. The SWMIF offers financial support to innovators who are advancing sustainable waste management in Newfoundland and Labrador. Applicants requesting the maximum contribution must demonstrate strong potential for waste reduction or diversion, innovation, sustainability, or strategic value to the Provincial Waste Management Strategy.
| |
June 8 was #WorldOceanDay! Celebrated worldwide to raise awareness of the crucial role our ocean plays in sustaining life and regulating our climate, and to inspire action to protect it. In honour of this day, St. John's City Hall was lit in blue.
The St. John's region has a thriving, world-class ocean technology industry and marine science community, including advanced post-secondary institutes and training facilities. We commend them for the work they do to preserve and protect our oceans!
| |
Economic Outlook 2024: St. John's Census Metropolitan Area report, projects positive trends across GDP, employment, population, housing, and retail sales. Key highlights include a 3.2% GDP growth and a 1.7% rise in employment. | |
Invest In Canada has started a Green Hydrogen Blog Series. The first blog highlight’s Atlantic Canada’s renewable energy resources and the economic benefits of green hydrogen projects. investcanada.ca | |
Congratulations to all Memorial University and College of the North Atlantic graduates! Your hard work and dedication have paid off. We hope you have made some unforgettable memories and will start your career right here in the St. John's region. | |
Government of Canada Business Supports | |
Empowering Indigenous innovation and creativity
Learn about Indigenous knowledge and culture, and find out how Indigenous businesses have leveraged intellectual property with insights from the Canadian Intellectual Property Office. Explore tools for respectful collaboration in the arts and access funding opportunities to support growth. Find out more about Indigenous peoples and intellectual property: ised-isde.canada.ca.
| |
Upcoming Courses and Events | |
We'd love to hear from you | |
Do you have a good business news story to tell? Do you have feedback on what you would like to see covered in our monthly publication? Send your ideas to advantage@stjohns.ca | |
Latest Economic Indicators
| |
City building permits May 28, 2024
Commercial permits
Up 52% from $39,484,346 in 2023 to $60,121,755 in 2024
Industrial permits
Valued at $190,000 for 2023 and $2,500,000 for 2024
Government/institutional permits
Up from $4,216,841 in 2023 to $39,145,500 in 2024*
Residential permits
Up 85% to $45,286,199 for 2024 over $24,490,642 for 2023
Repair permits
Up 178% from $237,210 in 2023 to $659,114 in 2024
Total value of all permits for 2024
Up 116% to $147,712,568 for 2024 over $68,619,039 for 2023
*This data does not include the full range of permit activity undertaken by the provincial government and Memorial University.
| | |
Business approvals
Smiling Sisters Ltd., 34 Aldershot Street
Rentokil – Terminix, 18-28 Mews Place
Herr Beauty, 353 Main Road
Tire storage facility, 451 Kenmount Road
Danier, 48 Kenmount Road
Turf's Up Sports, 55 Hebron Way
Sylor Investments Ltd., 5 Job Street
Brogan Fire & Safety, 26 Blackmarsh Road
Three Kind Auto and Transmission, 255 Bay Bulls Road
bistro, 331 Water Street
Hey Yang Yang Restaurant, 460 Topsail Road
Pickles and Littles Boutique, 31 Peet Street
Jumping Bean, 464 Topsail Road
The Pearl Market, 2 Clift’s Baird’s Cove
The Market Family Café, 319 Hamilton Avenue
Private out-patient clinic, 63 Thorburn Road
T's Kitchen, 7-9 Queen Street
Home-based businesses
Ajoke Naija African pre-package goods, 31 Julieann Place
Jamaican Taste Catering, 43 Brooklyn Avenue
Salt Water Bath Bombs, 61 Nautilus Street
Dog Grooming Spa, 29 Palm Drive
Total business approvals for 2024 = 80 (regular = 59 and home-based = 21)
| |
Labour force characteristics as of May 2024
Labour force – 129,200 (up 5.1%)
Unemployment rate – 7.3% (up 2.2ppts)
Employment – 119,900 (up 2.8%)
Participation rate – 66.4% (up 1.3ppts)
St. John's CMA, seasonally adjusted, three-month moving average. Percentage change reflects the same month previous year. Source: Statistics Canada.
| | |
Economic indicators
The New Housing Price Index for St. John’s Metro was 105.7 in April 2024 (down -0.1%*)
The Consumer Price Index for St. John’s Metro was 161.7 in April 2024 (up 2.9%*)
Retail trade for Newfoundland and Labrador was $977 million in March 2024 (up 5.1%*)
*St. John's CMA, same month in the previous year. Source: Statistics Canada
| |
Subscribe to our social media channels to get the latest from Advantage St. John's. | | | | |