October 2021
Business Resource Hub + Economic Snapshot
The Economic Snapshot & Business Resource Hub is a monthly newsletter of the City of St. John’s highlighting economic indicators, upcoming business events and recent business news/resources for the St. John’s metro area.

Learn more at advantagestjohns.ca
City Initiatives and Updates
New to St. John’s? Check out My New St. John’s Live Expo
The City of St. John’s strives to create a city where people feel connected, have a sense of belonging and are actively engaged in community life. 

With over 40 booths featuring variety of service providers and organizations My New St. John’s LIVE Expo will help drive engagement in all aspects of social, economic and cultural life in St. John’s. The Expo will take place on Thursday, Oct. 14 from 10 a.m. to 4 p.m. at the St. John’s Community Market, 245 Freshwater Road. Event admission is free.
Starting a Business in the City of St. John’s

Thinking of becoming an entrepreneur and starting your own business in St. John’s? At the Business Information Centre, we can assist you in navigating the regulatory process. Our team works directly with our colleagues across City Departments to allow for a more streamlined experience. The Centre also provides connections to business and financing resources, economic data, and customized demographic profiles. Talk to us first, so you get the information you need to launch your venture!

To learn more about the advantages of starting a business in St. John’s visit advantagestjohns.ca.
News Briefs
Podcast series builds awareness of NL's growing tech sector

A new 10-episode podcast created by techNL, titled Creators at the World’s Edge, promotes the tech sector in Newfoundland and Labrador. The podcast includes interviews from senior leaders at local tech companies who are growing this $1.6-billion industry. The podcast builds awareness and encourages other entrepreneurs to bring their initiatives to the province.  A video series titled Sparking Innovation, was released alongside the podcast. Episodes can be found at: technl.ca/voices.

Fueling Entrepreneur Potential through Venture Capital

Improving access to capital is crucial for innovative entrepreneurs and our growth and development as a province as we look to diversify and build our economy. The government of Newfoundland and Labrador recently announced contributions to two venture capital funds to support early-stage entrepreneurs:

  • $750,000 in funding is going to Sandpiper, a venture capital fund that invests in women and non-binary-led tech companies. Sandpiper Ventures has closed the first $10 million of a planned $20 million funding round for its flagship Fund, with the backers including 30 women, individual investors, and Scotiabank’s Roynat Capital.
  • $10 million to the first close of the Venture Newfoundland and Labrador II fund, adding on to a $6.3 million private sector funding raise. The fund will continue to be managed by Pelorus Venture Capital and will provide capital for new companies, promote diversity, and build on the significant momentum propelling the local tech startup industry.

New Job-Matching Immigration Program

Newfoundland and Labrador employers that are looking to hire immigrants, temporary foreign workers and international students are getting a new tool to make that happen: the Pathways Job Matching program. Under the new program, the Government of Newfoundland and Labrador will be matching organizations that have year-round, full-time positions that they’ve been unable to fill, with international graduates living in the province who are seeking full-time employment, and individuals who have open work permits here and in other parts of Canada, who would like to permanently relocate to the province. For further details visit www.gov.nl.ca
COVID-19 Program Update
Vaccine Passport for Residents and Businesses 
In order to help keep businesses open and further protect Newfoundlanders and Labradorians from COVID-19, the Government of Newfoundland and Labrador (NL) has launched its vaccine passport. The vaccine passport is a certified record of proof of vaccination that will allow access to a business or venue for non-essential and recreational activities. Businesses will scan the NLVax codes using an app called NLVaxVerify, which is available for download on Google Play and in the Apple App Store. People can get their QR code through the app, MyGovNL, and through the online vaccine portal. When entering a business requiring the passport, all people age 12 and over will also be required to show a piece of ID to prove they are the owner of the associated QR code. Visit gov.nl.ca/covid-19 for a list of venues run by businesses and organizations where a vaccine passport will be required. NL’s Vaccine Passport System will come Into effect October 22.
Virtual Event Listings
Oct 18-21 techNL Innovation Week 2021

Dynamic keynote speakers, panel discussions and interactive sessions will provide opportunities to learn, connect and create solutions to move Newfoundland and Labrador’s thriving technology and innovation ecosystem forward. For more information click here.
Book your spot!
Latest Economic Indicators
City Building Permits
October 4, 2021
Commercial permits
were down -15% from $126,118,464.72 in 2020 to $106,802,254.04 in 2021

Industrial permits
were valued at $3,000.00 for 2020 and $4,164,500.00 for 2021

Government/Institutional permits
were up from $136,500.00 in 2020 to $32,800,499.00 in 2021*

Residential permits
were up 35% to $46,622,242.55 for 2021 over $34,604,353.72 for 2020

Repair permits
were up 38% from $2,687,294.90 in 2020 to $3,711,538.83 in 2021

Total value of all permits
was up 19% to $194,101,034.42 for 2021 over $163,549,613.34 for 2020

*Note that this data does not include the full range of permit activity undertaken by the provincial government and Memorial University.
Business Approvals
Rocky River Smokehouse, 279 Portugal Cove Rd.
Terra Bruce Productions, 27 Mayor Ave.
Freak Lunch Box, 48 Kenmount Rd.
SmartICE, 53 Blackmarsh Rd.
Craft Brewery, 27 New Gower St.
Elaine’s Café, 206 Duckworth St.
Hickeys Timber Mart, 53-59 Main Rd.


Home-Based Businesses
Daycare Centre, 16 Brake Pl.
Music lessons, 52 Cape Pine St.


Business Approvals to date for 2021
Total 104

Regular 84
Home-based 20
Labour Force Characteristics
...as of September 2021
   
  • Labour Force 115,800 (down -1.8%)
  • Unemployment Rate 6.3% (down -3.5 ppts)
  • Employment 108,400 (up 1.9%)
  • Participation Rate  63.6% (down -3.5 ppts)

St. John's CMA, seasonally adjusted, three-month moving average. Percentage change reflects the same month previous year. Source: Statistics Canada.
Economic Indicators
The New Housing Price Index for St. John’s Metro was 102.8 in August 2021 up 6.1%*

The Consumer Price Index for St. John’s Metro was 144.7 in August 2021 up 4.3%* 

Retail trade for Newfoundland and Labrador was $815 million in July 2021 up 3.1%*


* St. John's CMA, same month in the previous year. Source: Statistics Canada
**seasonally adjusted,.
Department of Community Services | Economic Development, Culture and Partnerships
City of St. John's | 709-576-8107 | business@stjohns.ca