Economic News Affecting St. John's

[statbass]

Originally Posted by J_Murphy

Unfortunately the province made a bonehead move by accepting environmental liabilites for the site, without even having an environmental assessment done!

Please read this:

http://www.macleans.ca/economy/econo...ome-by-chance/

Agreed, and not fully disclosing the information makes it seem even more suspicious. I guess the question is will the economic gain of keep the oil refinery running offset the potential cost of the environmental liabilities? Hmmm... once I say that out loud it doesn't seem to sit well.

[statbass]

VOCM News
Nov 4, 2014

The provincial government has come up with measures it hopes will diversify the economy. VOCM's Brian Madore reported live at 10:00 from "The Common Ground" on Harvey Road in St. John's.

Premier Paul Davis announced $10-million to create the Venture Newfoundland and Labrador fund, a pool of money to help knowledge-based companies which are in their infancy. The fund will be managed by GrowthWorks Atlantic, a venture capital management firm. Government is also contributing $10-million to the $65-million Build Ventures fund, which focuses on development in the Atlantic region as a whole. It's a funding source for early-stage technology based companies.
...

http://www.vocm.com/newsarticle.asp?mn=2&ID=50526

[PoscStudent]

While some of today's announcement was previously announced, it was great to see more detail given to it. I think it's super important initiative for the province and the city. Verafin was mentioned during the event this morning, they started out small and now they work out of that office building on the corner of Newfoundland Drive and Portugal Cove Road. I don't know if they take up the whole building but I believe there sign is the only on it. More people getting into starting their own businesses will only increase the need for office space in the city.

Hopefully people with business ideas will be less afraid of taking the risk due to this new fund.

[delesseps]

From the CBC:

Mixed among the sale signs and the hustle and bustle of early Christmas shopping, some may also have noticed the number of empty storefronts with "for lease" banners in the windows and doors.

There's been a lot of vacant commercial space in St. John's for as long as I've been here. I don't expect that to change without an increase in population density inside of the Parkway.

[SignalHillHiker]

http://www.cbc.ca/m/news/canada/newf...ence-1.2832983

Woot woot!

At least they're trying now.

[SignalHillHiker]

http://www.cbc.ca/news/canada/new-br...aine-1.2833264

Cod stocks have completely collapsed in the Gulf of Maine.

[SignalHillHiker]

NL aiming for value-added production in forestry sector:

http://www.thetelegram.com/News/Loca...estry-sector/1

Awesome news.

[SignalHillHiker]

And not-so-great news. Interesting look at the possible economic slowdown in St. John's by CBC:

http://www.cbc.ca/news/canada/newfou...down-1.2836038

Part of me worries about coverage like this because perception is reality in some ways - but you can't go around with blinders on either.

[delesseps]

Originally Posted by SignalHillHiker

And not-so-great news. Interesting look at the possible economic slowdown in St. John's by CBC:

http://www.cbc.ca/news/canada/newfou...down-1.2836038

Part of me worries about coverage like this because perception is reality in some ways - but you can't go around with blinders on either.

I haven't noticed any new residential infill in the centre city (between Elizabeth Ave and Downtown) this year, which is a major change from the last four construction seasons. It's a truism that incomes haven't kept up with the cost of housing. Prices of recent-build houses are eye-watering, and I expect that most people who want to live in the city are contenting themselves with existing housing stock. As I've pointed out before, commercial real estate in St. John's has been overbuilt since before I moved here in 2008.

[displacednewfie]

Originally Posted by SignalHillHiker

And not-so-great news. Interesting look at the possible economic slowdown in St. John's by CBC:

http://www.cbc.ca/news/canada/newfou...down-1.2836038

Part of me worries about coverage like this because perception is reality in some ways - but you can't go around with blinders on either.

Here is something I'd never thought I would ever say.......I have more expenses here in NL than I did out west. Everything I fill up my car and go to the supermarket I feel like I am getting brutally gang raped.

[PoscStudent]

Originally Posted by SignalHillHiker

And not-so-great news. Interesting look at the possible economic slowdown in St. John's by CBC:

http://www.cbc.ca/news/canada/newfou...down-1.2836038

Part of me worries about coverage like this because perception is reality in some ways - but you can't go around with blinders on either.

I found the article to be a bit over the top.

[displacednewfie]

Originally Posted by PoscStudent

I found the article to be a bit over the top.

As did I. Condo buildings are vacant here for the simple reason they are in the wrong location and they come with no main floor amenities(sp) which in turn makes them nothing more than glorified apartment buildings with a few higher end details.

[statbass]

Originally Posted by displacednewfie

Here is something I'd never thought I would ever say.......I have more expenses here in NL than I did out west. Everything I fill up my car and go to the supermarket I feel like I am getting brutally gang raped.

I think that's dependent on where you fill up. Gas on the East End ranges from $1.11 to $1.16 - that's better than gas in Halifax and on par with most spots in NB, even Quebec for that matter. Now, comparing it to Alberta there's a larger price gap, but that's pretty much always been the case.

As for groceries, I don't have hard stats but we do get the short end of the stick, especially when it comes to dairy and produce. Although, if you buy groceries at Costco (e.g. dairy, produce, meats) there are substantial savings compared to Sobeys and Dominion. 2L milk @ costco for $3.69 whereas Dominion it's $4.15-$4.20.

[Marty_Mcfly]

Originally Posted by statbass

I think that's dependent on where you fill up. Gas on the East End ranges from $1.11 to $1.16 - that's better than gas in Halifax and on par with most spots in NB, even Quebec for that matter. Now, comparing it to Alberta there's a larger price gap, but that's pretty much always been the case.

As for groceries, I don't have hard stats but we do get the short end of the stick, especially when it comes to dairy and produce. Although, if you buy groceries at Costco (e.g. dairy, produce, meats) there are substantial savings compared to Sobeys and Dominion. 2L milk @ costco for $3.69 whereas Dominion it's $4.15-$4.20.

Yeah and this is just a consequence of our location anyway, hot economy or not our grocery price is going to be high. Unless we all become dairy farmers.

[SignalHillHiker]

Yeah, our milk is local but the supplies they need to keep the cows alive aren't. So our prices get inflated that way.

[J_Murphy]

Originally Posted by statbass

As for groceries, I don't have hard stats but we do get the short end of the stick, especially when it comes to dairy and produce. Although, if you buy groceries at Costco (e.g. dairy, produce, meats) there are substantial savings compared to Sobeys and Dominion. 2L milk @ costco for $3.69 whereas Dominion it's $4.15-$4.20.

For me, that small savings would be eaten up by driving to Costco when I could just walk to the supermarket. Also the thought of going to Costco and dealing with the traffic and people gives me anxiety....lol. I just hate it down there.

On a side note, we talk about all these things that are more expensive in St. John's, but how do other expenses compare? I'm pretty sure we have the lowest personal tax rate in Atlantic Canada, not sure how we compare with the rest of Canada (Alberta exempted of course). How do insurance rates and basically all the other day-to-day, month-to-month expenses add up?

[displacednewfie]

Originally Posted by J_Murphy

For me, that small savings would be eaten up by driving to Costco when I could just walk to the supermarket. Also the thought of going to Costco and dealing with the traffic and people gives me anxiety....lol. I just hate it down there.

On a side note, we talk about all these things that are more expensive in St. John's, but how do other expenses compare? I'm pretty sure we have the lowest personal tax rate in Atlantic Canada, not sure how we compare with the rest of Canada (Alberta exempted of course). How do insurance rates and basically all the other day-to-day, month-to-month expenses add up?

Aside from electricity everything else is almost on par with Alberta(only province I can speak of). I will say this though, I have immense sympathy of people living in St. John's who are not working in O&G or in a well paying job, I have taken photos of common stuff in the supermarket and sent them to friends back in Alberta and they were shocked to see a small Inside Round Roast selling for $18.50 at Dominion.

[statbass]

Originally Posted by displacednewfie

Aside from electricity everything else is almost on par with Alberta(only province I can speak of). I will say this though, I have immense sympathy of people living in St. John's who are not working in O&G or in a well paying job, I have taken photos of common stuff in the supermarket and sent them to friends back in Alberta and they were shocked to see a small Inside Round Roast selling for $18.50 at Dominion.

Not going to argue with you there, on average we do pay more for groceries and gas than most other provinces. But comparing us to Alberta can skew results. Using the beef example; we all know Alberta is beef territory and prices are probably the lowest there compared to all of Canada. I wonder what the price difference would be if we compared, say, seafood? My guess is that Albertans are paying a higher premiums, but that only makes sense.

Let's face it, Alberta (probably Sask too) is the economic engine of Canada. If you compare it to any other province chances are Alberta will come out on top- at least in terms of economic indicators.

[Stryker]

Originally Posted by displacednewfie

Aside from electricity everything else is almost on par with Alberta(only province I can speak of). I will say this though, I have immense sympathy of people living in St. John's who are not working in O&G or in a well paying job, I have taken photos of common stuff in the supermarket and sent them to friends back in Alberta and they were shocked to see a small Inside Round Roast selling for $18.50 at Dominion.

We live on an island, I don't understand your surprise in food prices.


That being said there is a definite gouge culture with respect to alot of things.

Resturant food quality is absolute garbage in this town.

I'd rather eat fast food 9 times out of 10 than buy from most local places.


That being said, we all knew a lull was coming. Bullarm-Long Harbor, were shorttime booms, we all knew weren't gonna last forever.


What's surpising and comforting is that the people assumed to be living paycheck to paycheck in the trades, are actually making rational decisions on there future.

Which is what I think is really causing this creep in the growth.

I'm just guessing but I've been hearing rumours of this kind of stuff from my pipe fitting-welding friends, ever since we got together thankgiving weekend.

[Marty_Mcfly]

Originally Posted by Stryker

We live on an island, I don't understand your surprise in food prices.


That being said there is a definite gouge culture with respect to alot of things.

Resturant food quality is absolute garbage in this town.

I'd rather eat fast food 9 times out of 10 than buy from most local places.


That being said, we all knew a lull was coming. Bullarm-Long Harbor, were shorttime booms, we all knew weren't gonna last forever.


What's surpising and comforting is that the people assumed to be living paycheck to paycheck in the trades, are actually making rational decisions on there future.

Which is what I think is really causing this creep in the growth.

I'm just guessing but I've been hearing rumours of this kind of stuff from my pipe fitting-welding friends, ever since we got together thankgiving weekend.

Long Harbour just recently went online and processed their first Nickel. I won't say the boom is over for them, there's just been a shift in the worker demographic there. Long Harbour will be an economic driver for many, many generations to come. You just won't hear much about it now that Joe Blow from Bay whatever can't walk onto the site with limited experience and make $70 an hour for driving a dump truck back and forth.

I guess what I should say is that Long Harbour will continue to benefit the province directly now that it's online, whereas when it was in construction phase the main benefit were the hard working tradesman/labourers putting the jigsaw together.