The economy of Newfoundland and Labrador had traditionally been based on the fishery, but during the past century has been supplemented by natural resources-based activities such as mining and pulp and paper. For the first time in many years, the province is experiencing unprecedented expansion and development of its natural resources. In the late 1970's the Hibernia oil field was discovered on the Grand Banks, off the coast of Newfoundland. Approximately 80% of discovered petroleum resources in Eastern Canada are located offshore Newfoundland and Labrador; we produce 50% of Canada’s conventional light crude oil. Churchill Falls hydro project is one of the world’s largest underground power houses. Proposed developments will increase generating power to supply an additional 1.5 million homes. Other major developments affecting out economy include the hydromet plant, Come-By-Chance oil refinery, marine/ocean technologies, our information technology industry, and eco-tourism.
Newfoundland and Labrador offers everything from vibrant bustling cities, to peaceful and tranquil rural communities. Our province’s population generally resides along the coast due to the history of our origins as fishing economy. Nowadays, our towns and cities are becoming as diverse as our population. Regardless of where you chose to settle here you’ll find some things remain consistent – friendly neighbors, clean air and water, quality community services and people focused on achieving a good balance in their lives.
The Capital is St. John’s with a population of approximately 106,000. There are several communities with population in the 10,000 to 25,000 range including Corner Brook, Grand Fall-Windsor, Gander, Clarenville and Mount Pearl, which tend to act as a service hubs for the numerous small communities known as “outports” around the coast. All Newfoundland communities are linked by a very good system of roads.
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