A stronger oil and gas sector is driving Newfoundland and Labrador’s economic growth this year with its GDP expanding faster than that of any other province in Canada.
“Most maintenance at major offshore facilities is complete and the long-awaited Terra Nova vessel is back online,” notes TD Economics.
“At 2.3 per cent real GDP growth in 2024, Newfoundland and Labrador is expected to lead the provinces before moderating in 2025.”
The economic think-tank notes that the oil sector accounts for almost one-fifth of total economic output in Newfoundland and Labrador, the most of any province.
“We expect oil production to advance by a healthy six to eight per cent this year, contributing almost half to total GDP growth,” notes TD Economics.
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“It will take some time for Terra Nova to produce at full capacity but the makeover is forecast to extend the vessel’s life by 10 years and produce an additional 70 million barrels, a solid source of oil production for years to come.”
Mining is also on the upswing in the province as metal prices, primarily iron ore, nickel, and copper, are poised to find support due to less restrictive policies by the banks this year, spurring an increase in global demand and production.
“The mining sector remains a medium-term bright spot for Newfoundland and Labrador’s economy as mineral exploration expenditures ramp up with support from the provincial government’s investments in its Critical Minerals Plan.”
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Employment in the province is forecast to grow by 3.1 per cent this year, creating many opportunities for foreign nationals who want to immigrate to Canada and get their permanent residence under economic immigration programs.
The latest data from Immigration, Refugees and Citizenship Canada (IRCC) reveals Newfoundland and Labrador welcomed 5,485 new permanent residents last year, up 56.9 per cent from the 3,495 the previous year.
Permanent Immigration To Newfoundland And Labrador Up 56.9% Last Year
Newfoundland and Labrador also welcomed 4,815 temporary foreign workers under the International Mobility Program (IMP) and another 1,210 through the Temporary Foreign Worker Program (TFWP) last year. The province also issued 4,145 study permits to international students last year.
With the growth in Newfoundland and Labrador’s economy, foreign nationals may want to consider immigration to that province which they can do through Canada’s two-tier immigration system.
It allows foreign nationals to gain their permanent residency through the federal Express Entry system’s Federal Skilled Worker (FSW) program, Federal Skilled Trades (FST) program and Canadian Experience Class (CEC), as well as the Provincial Nominee Programs (PNP) of the 10 Canadian provinces.
In Atlantic Canada, the Newfoundland and Labrador Provincial Nominee Program (NLPNP) nominates individuals wishing to obtain Canadian permanent residence from that province to the federal government through periodic draws under the following seven categories:
- Express Entry Skilled Worker
- Skilled Worker
- International Graduate
- Priority Skills NL
- International Graduate Entrepreneur
- International Entrepreneur
- Atlantic Immigration Program
The Express Entry Skilled Worker category is for applicants who:
- Have a profile in the federal Express Entry pool
- Have a high-skilled job offer from an eligible Newfoundland and Labrador employer for at least two years with the possibility of extension
- Salary and benefits must meet provincial standards and prevailing wage rates
- Score a minimum of 67 points out of 100 on the PNP point assessment grid
- Have an IRCC work permit with at least four months remaining at the time of application or be entitled to apply for one
- Have a Canadian post-secondary degree or diploma, or a foreign qualification with an approved educational credential assessment
- Demonstrate the intention and ability to settle permanently in Newfoundland and Labrador.
- Have sufficient settlement funds and/or financial resources
- Provide language test results matching level declared in Express Entry profile
The Skilled Worker category is for those who have a guaranteed offer of employment from a Newfoundland and Labrador employer or who are already working in the province on a valid work permit.
Applicants must:
- Have a full-time job offer from a Newfoundland and Labrador employer
- Have a work permit or be entitled to apply for one
- Have the qualifications, training, skills, and/or accreditation required for the job
- Demonstrate the intention and ability to settle permanently in Newfoundland and Labrador
- Demonstrate that they have sufficient settlement funds and financial resources to successfully establish themselves and any dependents in Newfoundland and Labrador
- Have an employer (or future employer) who can demonstrate a need for their skillset
- Demonstrate sufficient English or French language capability to do the job
The International Graduate category is for recent graduates who have a Post-Graduate Work Permit (PGWP) and a job or job offer from a Newfoundland and Labrador employer. In order to qualify under this category, the applicant must:
- Have a PGWP with at least four months of validity remaining
- Have a full-time job or job offer from an eligible employer in NOC 0, A or B, or in an NOC C occupation on the In-Demand Occupation list that guarantees a minimum of 30 hours per week and is of at least one year in duration with a reasonable expectation of extension
- Have a job offer that is either:
- Directly related to the field of study if the applicant completed their studies outside of Newfoundland and Labrador (Out-of-province graduates must work for a minimum of one year in Newfoundland & Labrador before applying), or
- Not directly related to the field of study provided the applicant is a graduate of Memorial University or College of the North Atlantic and meets the following criteria:
-
- Requires a post-secondary degree or diploma
-
- Can reasonably be expected to lead to career advancement
- Is in a field in which the applicant has a combination of skill, experience and/or training in the last five years
- Be 21 to 59 years old
- Intend to settle permanently in Newfoundland and Labrador
- Have sufficient settlement funds
- Have sufficient English or French language capability to perform the employment duties. Language testing is required for NOC C, In-Demand occupations
- If the applicant has an ownership stake in a business in which they are employed, that stake cannot exceed 10 per cent
The Priority Skills NL category is aimed at candidates with work experience in occupations in demand in Newfoundland and Labrador plus a high level of education and language ability.
Candidates must complete an Expression of Interest (EOI) and those with the highest scores and greatest interest from employers are invited to apply to the NL PNP.
EOI are accepted from candidates with:
- at least one year of experience in the last 10 years in one of Newfoundland and Labrador’s in-demand occupations
- a PhD or Master’s from Memorial University within the past three years in technology, health care, aquaculture or agriculture
- a Canadian Language Benchmark (CLB) level 5 or higher in English. IELTS or CELPIP test must have been taken within the last year
- at least 21 years old
- intend to live permanently in Newfoundland and Labrador
The International Graduate Entrepreneur category is aimed at graduates of Memorial University or College of the North Atlantic who have already started or bought a local business.
Eligible candidates must:
- Be at least 21 years of age
- Provide a business plan with verified supporting financial documents
- Have completed a degree or diploma after at least two academic years of full-time, in-person study at Memorial University or College of the North Atlantic with the degree or diploma having been completed within two years of submission of the EOI
- Have a valid PGWP
- Want to live permanently in Newfoundland and Labrador while owning and actively managing a business of significant economic benefit to the province
- Have at least one year’s continuous experience actively managing and owning the current business (33.3 per cent minimum ownership)
- Create at least one full-time job for Canadian citizens or permanent residents
- Demonstrate that the business is a for-profit entity with the primary purpose of earning profits through the sale of goods and/or services
- Score at least 7 on the Canadian Language Benchmark in speaking, listening, reading and writing in English or French
- Complete an online EOI
- Receive an Invitation to Apply (ITA) from the Newfoundland immigration
The International Entrepreneur category is intended for experienced business owners or senior business managers who wish to permanently reside in Newfoundland and Labrador who must:
- Be 21 to 59 years of age
- Provide a business plan with verified supporting financial documents
- Have a minimum of Canadian high school diploma or equivalent
- Want to live permanently in Newfoundland and Labrador while owning and actively managing a business of significant economic benefit to the province
- Have at least $600,000 in unencumbered net business and personal assets that can readily be transferred to Canada
- Be able to invest at least $200,000 to establish a business in Newfoundland and Labrador with minimum ownership of 33.3 per cent, or $1 million in equity investment
- Create at least one full-time job for Canadian citizens or permanent residents
- Demonstrate the business is a for-profit entity with the primary purpose of earning profits through the sale of goods and/or services
- Have at least two years’ experience actively managing and owning a business (25 per cent minimum ownership) in the last five years or five or more years’ experience in a senior business management role in the last 10 years
- Score of at least 5 on the Canadian Language Benchmark in speaking, listening, reading and writing in English or French (acceptable tests are Canadian English Language Proficiency Program (CELPIP) General Test, or International English Language Testing System (IELTS), General Training Test; or Test d’evaluation de francais (TEF)
- Complete an online EOI
- Receive an ITA from the Newfoundland immigration
The Atlantic Immigration Pilot Program is a joint federal-provincial program targeting skilled workers and international students. It is an employer-driven immigration program.
