Friday, December 21, 2012

TIS THE BEST OF TIMES!


News today that retail spending in Newfoundland and Labrador is at an all-time high does not come as any surprise.

The economy is booming and the  culture of consumerism is keeping right up there with it. The malls and stores are jammed on with shoppers.


I was out shopping at a number of the box stores on Stavanger Drive last night. The number of jackets emblazoned with Suncor, Husky, Vale & other resource industry related companies was mind blowing. I thought I had slipped into a trade convention!

With the Hebron GBS, the Muskrat Falls project coming on the heels of the Vale facility in Long Harbour the prosperity should continue for years to come.

Than there are the thousands of  men and women who are doing the Fort McMurray shuffle. They do shift work in Alberta and bring the loot back here to Newfoundland and Labrador. That loot keeps the car dealers, quad dealers, and grocery, furniture and electronics stores buzzing all year long.

Stats Canada says that by the time Christmas and Boxing Day shopping ends Newfoundlanders, and Labradorians, are projected to have spent about $8 billion on consumer goods in 2012.

The recent slump in energy prices could mean tougher times in the future, but folks are living like there is no tomorrow.

A word of caution. Newfoundland and Labrador has  more of a staples economy today than in the days when Cod was king. Our economic fortunes are pegged to the price of oil. The price of oil keeps our schools running, our roads repaired, pays our doctors and nurses. We are dependent on it.

Are we prepared for a much deeper economic crisis than the relatively mild one one that beached our shores in 2008-09?

Let the good times roll!


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