2013 August Economic Update - City of St. John's

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2013 August Economic Update - City of St. John's

ECONOMIC UPDATEAUGUST 2013Contact us at business@stjohns.ca to beadded to our monthly distribution listECONOMIC INDICATORSThe New Housing Price Index for St. John’s Metro was 149.6 inMay 2013 up 1.8%*The Consumer Price Index for St. John’s Metro was 125.8 in June2013 up 2.0%*Retail sales for Newfoundland and Labrador were $726 million inMay 2013 up 5.3%** same month in the previous year.BUSINESS BRIEFSOil boom boosts businessA recent report from MemorialUniversity outlines just how much ofan effect Newfoundland and Labrador’soil boom has had on the province’sproductivity growth. The study,conducted by Ottawa’s Centre for theStudy of Living Standards and fundedby the Department of Economics,through its Collaboration for AppliedResearch in Economics initiative, foundthat Real GDP in the province’s businesssector increased at nearly twice therate of Canada’s (4.55% per year inN.L., compared with 2.50% nationally)between 1997 and 2010. The studyfound that nearly 70% of additionalnominal output in Newfoundland andLabrador from 1997 to 2010 is due tothe mining and oil and gas extractionsector, which, in 2010, represented50.4% of the province’s business sector’soutput, compared with 8.2% in 1997.St. John’s education levelabove national averageAccording to the National HouseholdSurvey in 2011, 65.9% of adults aged25 years and over in St. John’s hadcompleted some form of postsecondaryLABOUR FORCE CHARACTERISTICSSt. John’s Metro, (seasonally adjusted, three-month moving average)Jun 13Chg.*Labour Force 114,800 -2.3%Unemployment Rate 6.1% -1.2ptEmployment Rate 65.0% -2.6ptParticipation Rate 69.2% -3.2pt* same month in the previous year.education, compared with 59.6% at thenational level. Of the population aged25 years and over in St. John’s, 29.0%had a university certificate or degree. Anadditional 24.6% had a college diplomaand 12.2% had a trades certificate.The share of the adult population thathad completed a high school diplomaas their highest level of educationalattainment was 20.6%, and 13.6% hadcompleted neither high school nor anypostsecondary certificates, diplomas ordegrees. www.statcan.gc.caRestaurant and bar salessoar in provinceStatistics Canada recently releaseddata detailing restaurant and barsales growth from month-to-monthin 2013, as well as year-over-year.In May, restaurant and bar sales inNewfoundland and Labrador totalled$68.2 million, up 2.5% from theprevious month’s $66.6 million, secondonly to Nova Scotia’s 2.6% growth andtripling the Canadian average of 0.8%growth. On a year-over-year basis May’ssales were up 10.7% from the $61.6million in food and drinks sold in theprovince in May 2012.


ECONOMIC UPDATE AUGUST 2013Business ApprovalsFusion Dance Studio82 O’Leary Ave.Vale NL141 Torbay Rd.iSYS - Intelligent SystemSolutions Corporation27 Austin St.Aquarium 1013-7 Cashin Ave.B and B RestaurantLimited 14 Forbes St.Franklyn’s FinestMotorcycle Goods &Accessories576 Water St.Sandman Hotel227-229 Kenmount Rd.The Reluctant Chef281 Duckworth St.Black Sea restaurant193 Water St.Tavola restaurant178 Water St.Bench Avalon MallNew HomeBased BusinessPhotography business31 Druken Cres.Family Home Child Care3 Newhook Pl.Family Home Child Care302 Newfoundland Dr.City Building Permits (Year to date as of July 22, 2013)Type 2012 2013 % VarianceCommercial $135,800,800 $53,200,800 -61Industrial $3,600,100 $131,000 -96Institutional $12,700,200 $71,300,200 461Residential $101,900,200 $84,800,200 -17Repairs $2,900,500 $2,300,600 -21Total $256,901,800 $211,732,800 -18Upcoming EventsSt. John’s Time Aug. 1 to 11 www.stjohnstime.caTuckamore Chamber Music Festival Aug. 5 to 18 www.tuckamorefestival.caKINvention 2013 Aug. 14 to 17 www.kincanada.caFrench Presence in Newfoundland andLabrador conferenceAug. 14 to 16Noia Annual Golf Tournament Aug. 15 www.noia.caCanadian Association of Insolvency andRestructuringLunch and Learn - “Power Hours” MasteringYour TimeAug. 15 to 17Aug. 20www.francotnl.net/englishwww.cairp.cawww.bot.nf.caNational Apprenticeship Competition Aug. 23 to 25 www.natac.ca/nacFCM Board of Directors Meeting Sept. 4 to 7 www.fcm.caCity InitiativesSt. John’s to Host National EconomicDevelopers ConferenceThe City of St. John’s is thrilled that it has beenselected as the site for the Economic DevelopersAssociation of Canada (EDAC) annual conferenceSeptember 21 to 24, 2013. This premier eventfor economic developers attracts over 350professionals from across Canada. The 2013conference theme Innovation on the Edge aimsto generate new ideas and seek out creative approaches for economic developmentlocally, regionally and nationally. The University of Waterloo is offering a pre-conferenceseminar on Investment Readiness from September 19 to 21. To register for theconference visit www.edac.ca348 Water StreetCity of St. John’s, P.O. Box 908St. John’s, NL A1C 5M2(709) 576-8107business@stjohns.ca

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