Newfoundland and Labrador’s economy is expected to buck the national trend next year and grow at a faster rate – rather than slow down as in other provinces – and is looking to economic immigration to fill those jobs.
“Bucking the trend of deep slowdowns across most provinces in 2023, economic growth in Newfoundland and Labrador is expected to accelerate next year from this year’s modest pace,” wrote TD Economics’ Beata Caranci, Derek Burleton, Rishi Sondhi, and Jenny Duan in their latest provincial economic forecast.
Newfoundland’s oil industry is expected to be buoyed by Ottawa’s go-ahead for the Bay du Nord offshore oil megaproject and a return to production planned for the Terra Nova and White Rose production facilities.
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“As oil production receives a boost from these sources next year, government revenues should also see significant support, with the extent of it determined by how elevated prices remain,” the economists wrote.
In their latest Provincial Economic Forecast: Most Economies to Narrowly Keep Their Heads Above Water in 2023, released in late September, the economists also expect Newfoundland and Labrador’s GDP to receive a boost from growth in the mining sector.
“Construction on the province’s new Valentine Lake gold mine will start this year, providing a lift to employment,” they note. “This marks another step towards export diversification. Meanwhile, gold prices will remain relatively high over the forecast period as the commodity retains its status as an inflationary hedge.”
Although Newfoundlanders have taken on more debt this year – a factor which typically limits consumer spending as prices rise – the average household debt ratio in that province is still lower than the national average in Canada.
The real estate sector is also doing relatively well in Newfoundland and Labrador compared to the rest of Canada.
“Amid very tight supply/demand balances in the province, average home prices have continued to climb since the broader Canadian market started retrenching in February despite the drag from higher interest rates,” note the economists.
“Meanwhile, home sales are above their long-term averages, reflecting solid affordability conditions in the province.”
Newfoundland’s Real GDP Growth Rate Forecast To Triple Next Year
TD Economics forecasts the rate of real GDP growth in Newfoundland and Labrador to triple next year compared to 2022, rising from 0.4 per cent this year to 1.2 per cent next year. Then, real GDP growth in Newfoundland and Labrador is expected to rise even further in 2024.
That will mean more jobs in the province. Newfoundland and Labrador’s provincial government is eyeing higher immigration levels to get the workers needed to fill them.
The province wants to almost triple the number of new immigrants that settle in the province every year from its pre-Covid-19 pandemic high of 1,850 in 2019 to 5,100 new permanent residents per year in 2026.
So far, Newfoundland and Labrador are on track to welcome 3,015 new permanent residents this year.
Here are the top 10 most in-demand jobs in Newfoundland and Labrador
1. Registered Nurses (NOC 3012)
Registered nurses and registered psychiatric nurses provide direct nursing care to patients, deliver health education programs and provide consultative services regarding issues relevant to the practice of nursing.
In early November, there were 194 job listings for registered nurses in Newfoundland and Labrador on the Indeed.ca job website.
This occupation comes with a median annual wage of $78,234 in that province based on a 37.5-hour work week.
2. Physicians – Family (NOC 3112) and Specialists (3111)
Indeed listed 133 positions for family physicians and specialists in Newfoundland and Labrador in early November.
General practitioners and family physicians diagnose and treat diseases, physiological disorders and injuries. In Newfoundland and Labrador, they make a median annual salary of $187,675.
Specialists, a category that includes surgeons, diagnose and treat diseases and physiological or psychiatric disorders and act as consultants to other physicians. The Newfoundland and Labrador median annual salary for a surgeon is $278,480.
3. Software Developer (NOC 2174)
As the people who write, modify, integrate and test computer code for software applications, data processing applications, operating systems-level software and communications software, these information technology pros are in hot demand.
“This is one of the top jobs in part because businesses of all types and sizes need developers to create app solutions, develop or maintain in-house software or help implement cloud or other technologies,” notes Randstad Canada.
“One of the lessons learned during COVID-19 lockdowns in recent years was that technology could make or break a business. Companies that seamlessly transitioned into remote work environments often fared better. Add to that the growing need to rely on data and automation to remain competitive, and it’s no wonder so many businesses are on the hunt for skilled developers.”
In Newfoundland and Labrador, software developers earn a median annual wage of $70,317 based on a standard, 37.5-hour work week, Job Bank data reveals. The Indeed job website had 35 such job listings in Newfoundland in early November.
4. Cooks (NOC 6322) and Food and Beverage Servers (NOC 6513)
Restaurateurs in Newfoundland and Labrador are having a tough time of attracting cooks and servers as the hospitality sector faces an unprecedented labour shortage.
Indeed listed 222 jobs for cooks and another 109 jobs for servers in Newfoundland and Labrador in early November.
The median annual income for a cook or a server in the province’s hospitality sector, based on a 37.5-hour work week, is $27,300.
5. Delivery Truck Driver (NOC 7514)
Drivers get materials, consumer goods and people where they need to be and are in big demand in Newfoundland and Labrador with Indeed listing 142 jobs for these workers in early November.
“Whether you have the credentials to operate large commercial vehicles or the detail-oriented nature required for local deliveries, chances are you can find an open position to match,” notes Randstad.
Truck drivers in Newfoundland and Labrador earn a median annual wage of $39,000 based on a standard work week, according to the government’s Job Bank website.
6. Miner (NOC 8231)
Miners do a tough job. They drill, blast, and operate mining machinery, and perform related duties to extract coal and ore in mines and work either directly for mining companies or their specialized contractors.
In early November, Indeed had 83 job listings for miners in Newfoundland and Labrador and many of these listings were for multiple jobs of the same type in the same location.
Miners in Newfoundland, as Newfoundland and Labrador are affectionately called, earn a median annual income of $62,536 based on a standard 37.5-hour work week, Job Bank data reveals.
7. Heavy Equipment Operators (NOC 7521)
Those workers who operate the heavy equipment used in the construction and maintenance of roads, bridges, airports, gas and oil pipelines, tunnels, buildings and other structures, in surface mining and quarrying activities, and in material handling work are in hot demand.
Indeed listed 44 jobs for heavy equipment operators in Newfoundland and Labrador in early November.
Employed by construction companies, heavy equipment contractors, public works departments and pipeline, logging, cargo-handling and other companies, these workers have a median annual income of $50,700 based on a standard work week in Newfoundland and Labrador.
8. Heavy Equipment Mechanics (NOC 7312)
Repairing, troubleshooting, adjusting, overhauling and maintaining mobile heavy-duty equipment used in construction, transportation, forestry, mining, oil and gas, material handling, landscaping, land clearing and farming lets heavy equipment mechanics earn an annual median income of $66,300 in Newfoundland and Labrador, based on Job Bank data for a 37.5-hour work week.
In early November, Indeed had 33 job listings for heavy equipment mechanics in Newfoundland and Labrador and Job Bank estimated the job prospects for this occupation as fair.
“This occupational group is expected to face labour shortage conditions over the period of 2019-2028 at the national level,” notes Job Bank.
9. Construction Trades (NOC) 7611
With the economy expected to grow at a faster rate in the coming two years, the demand for workers in the construction trades is sure to pick up.
These are the people who work at construction sites, in quarries and in surface mines, usually for construction companies, trade and labour contractors, and surface mine and quarry operators.
In early November, Indeed had 48 job listings for those wanting to work in the construction trades in Newfoundland and Labrador and Job Bank data shows the median annual income for these workers is $39,000 based on a standard, 37.5-hour work week.
10. Retail Sales Associate (NOC 6421)
The people who work in retail stores greeting customers, showing them the merchandise, racking up sales and restocking the shelves are in great demand in Newfoundland and Labrador with 255 job listings on Indeed in early November.
Based on a standard work week, Job Bank data indicates these workers earn a median annual income of $26,715 in Newfoundland and Labrador.
Across Canada, Job Bank is forecasting a labour shortage of 7,400 workers in retail sales through 2028.