The City of St. John’s released its economic outlook for 2017, and all indicators show that the economy did poorly in the capital city in 2017.
Employment in the St. John’s metropolitan area declined by 5.6 per cent in 2017 to 109,000. In the goods sector, employment declined by nearly 10 per cent, while it declined by about five per cent in the service sector.
The unemployment rate also increased to 8.4 per cent. Among Canadian cities, only Calgary had a higher unemployment rate than St. John’s in 2017. Meanwhile, the growth in household income is at its lowest level since 1997. Housing starts fell 8.4 per cent in 2017 and home sales fell by 17 per cent.