The Economy 1998


St. John's Census Metropolitan Area

 

The St. John's Census Metropolitan Area (CMA) spans a diverse topography encompassing the two largest cities in the Province, many small towns, and several picturesque fishing villages. The area contains more than 174,000 people, giving it the distinction of being the second largest metropolitan center in the Atlantic Provinces.

The region's economy is diverse, reflecting its role as an economic hub of the Province. It offers many services including post-secondary education, health, transport, and financial. However, it has been the region's role in the expanding offshore oil industry and other resource mega-projects which has attracted the world's attention. As a result, several large resource companies have established a presence to oversee development, production, and/or exploration activities. These and other factors propelled 1997 employment in the CMA to outstrip the rest of Atlantic Canada, at a rate of 1.9 percent. In addition, investment growth in Newfoundland and Labrador in 1998 is expected to lead all other provinces in Canada, at a rate of 11.6 percent.p20.jpg (17103 bytes)

The region has much to offer new and expanding businesses. In addition to competitively priced housing, St. John's was judged by a KPMG study, among 42 other cities, to be the most cost-effective place to do business. The study examined several factors including land and construction costs, labour costs, transportation and distribution costs, electricity and telecommunications costs, as well as taxation. New and expanding businesses also have the advantage of being in close proximity to a well-equipped and experienced R&D community. The presence of a large university offering a wide array of technical programs, as well as a host of other post-secondary institutions, gives rise to a large and talented labour pool. In addition, all levels of government are committed to facilitating business development, with such endeavours as the establishment of EDGE, a tax incentive and investment program.

In addition to having all the modern conveniences that are demanded of today's big cities, the St. John's CMA retains an Old World charm that most cities lack. A walk through the cobblestone streets of downtown, or around the expansive network of nature trails that meander through the region, is a relaxing way to experience the beauty, tranquility, and refreshing pleasantness of the area and its people. From its natural and historic sites to its diverse range of cultural activities, the St. John's CMA offers a wide array of leisure time options. Nestled on the continent's most easterly location, an ideal vantage point between the two largest trading blocs in the world, the EU and NAFTA, the region offers true advantages and unparalleled uniqueness.


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