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Home » Industry & Business » What Makes St. John’s a Vibrant Hub For Tech and Research Companies

St. John’s- the Newfoundland and Labrador capital boasts numerous advantages for businesses to thrive and for workers seeking a better quality of life.

When many people think of St. John’s, Newfoundland, and Labrador, they picture its scenic harbour, colourful houses along Jellybean Row and historic Signal Hill. While they are very much a part of the provincial capital, there is another story that offers a modern-day perspective for St. John’s — a vibrant city focused on innovation and technology, where companies are thriving.

There are many advantages the city offers businesses large and small, including a well-trained, educated workforce, an enticing lifestyle, and a welcoming, increasingly diverse community with a passion for adventure and creativity.

The St. John’s advantage

Many companies, specializing in sectors like technology, ocean research and the environment, have already recognized St. John’s as an emerging city well worth investing in, including Verafin, a financial crime management software development company that has become a true Canadian success story. Recently purchased for $2.75 billion USD, it employs 800 local people — 600 of which are graduates of Memorial University, consistently ranked as one of Canada’s top research universities.

There are more than 165 companies in the local technology sector, employing over 6,400 people and generating in excess of $1.6 billion in revenue. In a recent study, 92 percent of tech sector companies surveyed planned on expanding. They’ll be able to do that in St. John’s, thanks largely to its top-notch workforce.

As the last two years have shown, the pandemic is causing major changes in our priorities, including how we live and work. In many large cities across the country, residents are leaving in hopes of finding a better quality of living. They’re moving away from large urban centres to find a sense of belonging and purpose.

Finding a better work-life balance

By contrast, the St. John’s region is experiencing its largest inward migration in nearly 50 years. It ticks a lot of boxes for those seeking something different. When it comes to housing prices, for example, prices continue to soar in major cities, making home ownership nearly impossible. In the St. John’s metro area, where the average household income is $116,411 and the average house price is $307,619, it is within reach. It’s a big reason why many young professionals and families are moving to the area.

For companies, the bounty St. John’s offers is a tremendous advantage for attracting top-tier talent that can play a vital role in creating successful businesses.

Add into the mix the people and the land itself. Newfoundlanders and Labradorians are famously hospitable and proud of what their province offers, including some of Canada’s most stunning scenery and green spaces. The East Coast Trail is a hiker’s paradise, stretching 336 kilometres and passing directly through St. John’s. There’s also more than 100 kilometres of ocean views and scenic mountain biking trails nearby, creating one of Canada’s top outdoor destinations.

For companies, the bounty St. John’s offers is a tremendous advantage for attracting top-tier talent that can play a vital role in creating successful businesses. It means an engaged workforce that enjoys a healthy work-life balance. Now is the time to discover St. John’s and learn why it’s an ideal place to invest in, to live and to grow your business.

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