Province guide · NL
Newfoundland and Labrador: Ocean Economy and Resource Opportunity
Newfoundland and Labrador has a resource-rich economy built on the ocean, mining and energy, and a strong tradition of self-reliant entrepreneurship. Small businesses serve communities spread across a large geography.
Fishing enterprises, tourism operators, contractors, retailers and service firms make up most employers.
Industries and Regional Strengths
St. John’s is the main centre for offshore energy, ocean technology, government, health care and Memorial University. Western Newfoundland supports tourism, forestry and fisheries. Labrador is home to iron ore and nickel mining and hydroelectric development, with Indigenous governments and businesses as key partners.
Many coastal communities depend on seasonal fishing and tourism.
Opportunities for Small Businesses
Opportunities include ocean technology, aquaculture, tourism, mining supply and clean energy projects. Unique culture and landscapes support a strong tourism brand.
Distance, transportation costs and population decline in rural areas require careful planning. Digital sales and regional partnerships help firms reach wider markets.
Discover Newfoundland and Labrador’s Business Community
CanadianSME shares the stories, insights and experiences of Newfoundland and Labrador’s entrepreneurs and business leaders. Explore small business news, founder interviews, practical resources and industry perspectives that connect and inform the province’s business community.
