Population growth is driving economic investment in Atlantic Canada including Newfoundland and Labrador.

APEC held its “Building Atlantic Canada” conference at MUN’s Signal Hill campus today.

The organization says the population rose by almost two percent in Newfoundland and Labrador last year, and similar increases are in the offing this year. St. John’s added 5,000 people last year, putting pressure on housing and other infrastructure such as health care. The apartment vacancy rate in St. John’s is currently at 3 percent. Most of the new housing in the city last year were single-family dwellings.

Virtually every segment of the economy improved last year, the only exceptions being the oil and gas and electricity sectors, primarily because Muskrat Falls is now built.

Patrick Brannen of APEC says the province and municipalities have to find ways to meet the demand, much of which is being fueled by immigrants and international students.