Economic Review 2022 – 2023

March 6, 2023

The purpose of Economic Review 2022-23 is to help the business community understand the factors impacting the local economy and recognize that the Town of Clarenville is a good place to do business. Please view the Economic Review below.


In general, the economic outlook for the Town of Clarenville is positive. Economic Review 2022-23 suggests that the local economy performed well in 2022 with most indicators showing a mixture of stabilization and growth with many business re-starts post the Covid-19 pandemic and several new SMEs opening their doors in 2022. This optimistic outlook is further supports by recent private sector investments in new rental market housing construction, facility enhancements at the Braya Renewable Fuels Refinery in nearby Come By Chance, and international interests in wind and hydrogen production for this area.

Similarly, the expansion of the shipyard by Canadian Maritime Engineering, anticipated construction opportunities with the Bay du Nord Oil and Gas Project, along with international work by SubC Imaging, are key areas for industrial expansion and local spin-off opportunities.

To support these developments, the Town’s focus on economic development, strategic tourism planning and planned investments into municipal capital projects will further strengthen local infrastructure and market the Town’s strong economic potential.

Last modified: March 6, 2023

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