Government of Newfoundland and Labrador

Newfoundland and Labrador Business
Department of Business, Tourism, Culture and Rural Development

t 1800.563.2299 e w

it's happening here.

It's Happening Here

Alive with opportunity. Bursting with uncommon potential. Newfoundland and Labrador is a place of dramatic natural wonder, with storied and colourful history and a strength of character unlike any other. The people of this province are fiercely proud of, and connected to, this place. And now, more than ever, we are poised to welcome the world, to blaze new trails in business and industry, and to forge the sort of partnerships that have come to define our rebust economy.

Economic Momentum

In the midst of the worldwide economic downturn, Newfoundland and Labrador advanced against the tide, with a series of strategic capital investments set to top the $8 billion mark. There is an unprecedented economic momentum at work here. Highlights from 2013 include:

  • Investment increased by 31.4% to a record $12.3 billion, driven by major project development.
  • Construction investment rose by 33.1% to $10.2 billion.
  • Consumer spending was strong with the value of retail sales increasing by 4.0% compared to 2012.