Over the past decade, St. John’s has been energized as a hub of economic activity. Fuelled by offshore petroleum and a wealth of other natural resources, St. John’s has one of the hottest economies in Canada. Public and private investments have reached record levels, personal disposal income is on the rise, and business development opportunities are the best in decades. Large natural resource projects have brought technical, construction and service employment to the city. In turn, significant investments are being made by the private sector in office, hotel and retail developments.
- Year round sea port and international airport make St. John’s a gateway for economic growth.
- St. John’s is at the forefront of the oil and gas industry with 80% of eastern Canada's offshore petroleum resources located offshore.
- Newfoundland produces close to one-half of Canada's conventional light crude oil and St. John’s is the major service centre for Newfoundland’s oil and gas industry.
- Memorial University in St. John’s is the largest university east of Montreal.
- Excellent R&D location– Memorial University, C-Core and NRC Institute for Ocean Technology are some of the most advanced ocean technology research facilities in the country.
Several strategic sectors offer considerable opportunity for investment.
- Ocean Technology - St. John’s has garnered an international reputation for its expertise in ocean technology. The city has a critical base of research facilities, companies and expertise related to offshore petroleum development and ocean engineering technologies. Local expertise in harsh environments has specific application to new opportunities emerging in other jurisdictions around the world including in the North.
- Offshore Energy - As the main supply base for the growing Canadian offshore industry, St. John’s is home to many international oil companies and supply and service firms. The offshore petroleum industry holds vast potential for St. John's and Newfoundland & Labrador. St. John’s is a member of the World Energy Cities Partnership.
- Tourism - St. John’s is one of the oldest cities in North America with a rich history, natural beauty and high-quality amenities. Tourism revenues in the St. John's metro area have risen 65.5 per cent over the past 10 years. Significant investments are occurring in the hotel sector and an expansion to the St. John’s Convention Centre will be completed in 2015.
- Arts and Culture - the arts community in St. John’s is creative, dynamic and widely recognized. The arts sector plays an integral role in the economy and quality of life of the city, region and province.
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