Bay is poised for
All economic indicators in the Happy Valley-Goose Bay region show improvements over the last number of years, with similar predictions for the future. This makes the Labrador economy one of the fastest growing in Canada, and an attractive investment opportunity. Due to the approval of many large energy and mining projects, including the Muskrat Falls Hydro Project, the Hebron Project, the expansion of Iron Ore mines in Labrador West and the development of the Voisey’s Bay Underground Project, capital investment in Newfoundland and Labrador is expected to maintain record highs.
In terms of employment, the Muskrat Falls Hydro Project alone, located just 25 kilometres west of Happy Valley-Goose Bay, the construction phase is complete, however, there is still lots of opportunity for employment with the other major projects in the region mentioned above. There is still significant activity relating to uranium exploration as well as the exploration of rare-earth elements. According to the Inventory of Major Capital Projects (posted for 2021-22), major capital spending of $17 billion was underway in the province.
|Inventory of Major Capital Projects
($ Millions) 2021-22
|Mining and Oil & Gas
|Health Care/Personal Care
|*10.1 billion is the Muskrat Falls project
|Source: The Economy 2021, Government of NL
In addition to the economic boom being experienced by a number of large mining and energy projects, Happy Valley-Goose Bay also functions as a service centre for central Labrador. The town is the primary service centre for the Voisey’s Bay mineral development, which is situated some 350 kilometres north at a remote location.
Paired with a booming and expansive economy, the Happy Valley-Goose Bay Town Centre development will perfectly align the region’s growing needs.
To visit the Labrador North Chamber of Commerce website