ECONOMIC STATISTICS:GOOD NEWS ABOUT THE SAINT JOHN ECONOMY!!!!!

iNFO IS COURTESTY OF SAINT JOHN BOARD OF TRADE AND THE SAINT JOHN REAL ESTATE BOARD:

There are up to $20 billion dollars in pending, planned and potential capital projects on the horizon in Saint John.

Launched or ongoing:

-Refurbishment of Point Lepreau, Nuclear Power Plant ($1.4 billion)

-Repsol Canaport LNG Terminal ($750 million)

-International Northeast Power Transmission Project ($155 million)

-Bangor East-West Highway and New Border Crossing ($250 million)

-Inner-Harbour Water Development Project ($250 million)

-refinery Upgrades ($150-$200 million per year)

-Pulp and Paper Upgrades ($50-$75 million per year)

In addition, there are planned projects of some magnitude including Emera Brunswick Pipeline Project from Saint John to Maine ($350 million), Harbour Clean-up ($90 million), and a potential second refinery for Irving Oil ($5-$7 billion).

Other potential projects flow from these existing ones. For instance, a potential LNG Natural Gas Power Plant ($350 million), Downstream LNG Projects (Refinery Plastics, Petrochemical, Pharmaceutical or advanced manufacturing) valued at potentially $2-$4 billion, and a second Lepreau Nuclear Reactor ($4 billion)

Saint John has an unemployment rate of under 4.5%. We also have a record high of employment growth of 8%.

A recent study described Saint John as the fastest growing metropolitan area in the east. Four key sectors contribute to this growth:

-Health Services (3000 new jobs in the last twelve months);

-Wholesale and Retail Trade (East Point Mall, now courting Costco and Best Buy);

-Manufacturing Sector (hotel rooms are full with workers on the LNG and Refinery Projects, currently 1,800 employees working in the City on these two jobs alone);

and

-The Utilities Sector

With respect to Real Estate, sale of existing homes are up by over 27%, and prices are up by over 12%. New construction is up by over 18%, with a significant portion of that going towards multi-unit construction. It is also expected that commercial construction will increase significantly. This space will be needed for complementary and industrial users working and assisting on the energy boom projects.

Traffic at the Saint John Airport is up with a 27% growth in passengers in the past year. We have two new airlines, and the competition led Air Canada to add a fifth flight to Toronto.

It is anticipated that in the next 20 years, the population of the City of Saint John will have doubled to 130,000 people. At peek production on energy projects in 2012, we estimate we will need an extra 5,800 bedrooms.

 

 

 

 

George Carroll

George Carroll

Associate
CENTURY 21 River-Valley Realty Ltd.
Contact Me

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