Our Economy:
The economy in Newfoundland and Labrador has
never looked better and making it the perfect time to invest here.
The Lower Churchill project is expected to
provide 18,400 person years of work in the province between 2011 & 2017 and
will create 2,700 new jobs at peak employment.
The total income of this project alone will bring labour and business in
the province $1.4 billion conservatively speaking.
Mining continues to be a major industry
investment for the province. With four
new mines opening sense 2005, Voiseys Bay, Duck Pond, Beaver Brook and Pine
Cove, Newfoundland and Labrador mining ranks 5th in the world. In addition Vale Inco has invested $2.2
billion USD to construct a nickel processing facility in Long Harbour which
began in April 2009.
We are also home to a thriving and growing oil
and gas industry. With 3 producing oil
projects – Hibernia, White Rose and Terra Nova – the province accounts for 40%
of Canada’s conventional light crude output, reaching 1 billion barrels in
2009.
Future opportunities are also at foot with the
development of Hebron, the provinces 4th stand alone oil expansion,
which is expected to produce up to 200 000 barrels a day for 25 years.
The government of Newfoundland and Labrador
reported a record high employment rate in 2010 and most of the gains were in
full time employment. While final
numbers are not yet available, the province’s economic growth in 2010 is
expected to exceed all others in Canada and the economy is expected to have
another solid year in 2011.
The time to invest in the Newfoundland and
Labrador housing market is now. With
housing prices averaging around $315,000 on a national level, you can purchase
a home in the capital region of Newfoundland for 255, 000 on average.
That’s a potential savings of 8%.
If you are considering investing in the
economy in Newfoundland and Labrador or relocating to the metro St. John’s
area, give me a call or text at 709 685
8032 or email me at joefleming@nl.rogers.com for the most up to date market
conditions in the area visit my website and check out my blog at www.joefleminghomes.com
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