The Evidence
Newfoundland and Labrador is riding a crest of prosperity,
according to Statistics Canada. The federal agency reported that
the commodity boom offers a unique opportunity for the province,
and those who do business here, to tap into the extensive
natural resources.
2005 - Canadian Business magazine ranks St. John's (the capital of Newfoundland and Labrador and the business hub for the Northeast Avalon) as the most cost effective city for businesses in Canada.
2006 - Statistics Canada Census determines that 39.6 per cent of all businesses in the province are on the Northeast Avalon.
2007 - Statistics Canada survey shows that Newfoundland and Labrador led the nation in labour productivity growth for the sixth year in a row. With nominal gross domestic product growth of 13.4 per cent, due largely to exports in the oil and gas and mining sectors, the provincial economy leads the nation. www.theglobeandmail.com
2008 - The Royal Bank of Canada forecasts Newfoundland and Labrador will lead economic growth in Canada with real GDP up 7.5 per cent. (Well above the 2.8 per cent growth in 2006).
The Real Property Association of Canada has identified St. John’s as the city with the lowest commercial tax rate in Canada. Commercial property owners in St. John’s pay tax rates of less than two per cent per $1,000 of assessed value.