page_title: St. John's, Newfoundland and Labrador
section_title: Economy
hierarchical_section_title: St. John's, Newfoundland and Labrador / Economy
caption_attribution_description: The Terra Nova Oil Project
context_page_description: St. John's is the capital and largest city of the Canadian province of Newfoundland and Labrador. It is on the eastern tip of the Avalon Peninsula on the large Canadian island Newfoundland. The city spans 446.04 square kilometres and is the easternmost city in North America.
  Its name has been attributed to the Nativity of John the Baptist, when John Cabot was believed to have sailed into the harbour in 1497 and to a Basque fishing town with the same name. Existing on maps as early as 1519, it is one of the oldest cities in North America. It was officially incorporated as a city in 1888. With a metropolitan population of approximately 219,207, the St. John's Metropolitan Area is Canada's 20th largest metropolitan area and the second largest Census Metropolitan Area in Atlantic Canada, after Halifax.
  The city has a rich history, having played a role in the French and Indian War, the American Revolutionary War, and the War of 1812. Italian inventor Guglielmo Marconi received the first transatlantic wireless signal in St. John's. Its history and culture have made it into an important tourist destination.
context_section_description: St. John's economy is connected to both its role as the provincial capital of Newfoundland and Labrador and to the ocean. The civil service which is supported by the federal, provincial and municipal governments has been the key to the expansion of the city's labour force and to the stability of its economy, which supports a sizable retail, service and business sector. 
  With the collapse of the fishing industry in Newfoundland and Labrador in the 1990s, the role of the ocean is now tied to what lies beneath it – oil and gas – as opposed to what swims in or travels across it. The city is the centre of the oil and gas industry in Eastern Canada and is one of 19 World Energy Cities. ExxonMobil Canada is headquartered in St. John's and companies such as Chevron, Husky Energy, Suncor Energy and Statoil have major regional operations in the city. Three major offshore oil developments, Hibernia, Terra Nova and White Rose, are in production off the coast of the city and a fourth development, Hebron, discovered in 1981 and put online in 2017, is estimated to contain over 700 million barrels of producible hydrocarbons. 
  The economy has grown quickly in recent years. In 2010 and 2011, the metro area's gross domestic product (GDP) led 27 other metropolitan areas in the country, according to the Conference Board of Canada, recording growth of 6.6 per cent and 5.8 per cent respectively. At $52,000 the city's per capita GDP is the second highest out of all major Canadian cities. Economic forecasts suggest the city will continue its strong economic growth in the coming years not only in the "oceanic" industries mentioned above, but also in tourism and new home construction as the population continues to grow. In May 2011, the city's unemployment rate fell to 5.6 per cent, the second lowest unemployment rate for a major city in Canada.
  St. John's is also becoming known as an entrepreneurial city. In a 2009 report by the Canadian Federation of Independent Business, Communities in Boom: Canada’s Top Entrepreneurial Cities, St. John's was ranked the best major city in Atlantic Canada and 19th overall in Canada for providing a good environment for small business development.
caption: An oil platform in the Terra Nova oil field. A number of offshore oil developments lie off the coast of St. John's.
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