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An article from a month ago:

2007 a Banner Year for St. John's Economy

RELEASE DATE: 2008-01-22

Lowest unemployment rate recorded in over 30 years

Gross Domestic Product (GDP) attributed to the St. John's Census Metropolitan Area (CMA) is estimated to have grown by 9.7% in 2007, reaching approximately $9.2 billion (in 2002$).

Advances in oil production continues to be the main economic driver however, many other industries also recorded solid economic performance including: wholesale and retail trade; finance, insurance, real estate and leasing; information, culture and recreation; and public administration.

Employment increased by 1.2% to 94,500 - goods sector employment increased by 15.9% as a result of increased manufacturing and oil and gas employment while service sector employment declined by 1.1%. The CMA labour force was essentially unchanged at 101,500 (-0.1%). The unemployment rate declined by 1.2 percentage points to 6.9%, the lowest unemployment rate recorded in the metro region in over 30 years (the national unemployment rate for 2007 was 6.0%).

Increased consumer confidence and income gains resulted in exceptionally strong housing starts and retail sales growth. Housing starts increased by 16.1% to 1,480 starts in 2007. In the first ten months of 2007, the value of residential building permits increased by 33.8% (to $256.4 million) and the value of non-residential building permits increased by 4.2% (to $84.6 million) over the same period in 2006. Retail sales also exhibited strong growth in 2007- up by an estimated 9.2% over 2006.

The population of the St. John's CMA is estimated to have grown by 0.4% in 2007 and now stands at 184,194.

Outlook for 2008

GDP growth is expected to continue at a more moderate pace in 2008 as gains in oil production are less pronounced. Private sector services such as transportation and warehousing; information, culture and recreation; and finance, insurance, real estate and leasing; and accommodation and food services are also expected to expand. Continued employment gains, strong wage growth and a buoyant housing sector should provide an additional boost to consumer spending.

http://www.stjohns.ca/csj/NewsDetails?id=656