The Canadian PressSeptember 11, 2013 08:46
ST. JOHN'S, N.L. - Offshore oil and major construction projects have sparked an economic boom in St. John's and other parts of Newfoundland and Labrador that has never been seen here before.
Housing prices have soared, wages are up, unemployment is down and restaurants and bars are among the country's busiest. Once considered a fiscal basket case, the province leads economic growth forecasts this year as investors flock to the Rock.
"It has a lot to do with the oil boom, which is continuing," said Al Stacey, president of the Newfoundland and Labrador Association of Realtors.