Business Sector Opportunities
The Town of Torbay offers virtually unlimited business opportunities. From cottage industries to multi-national corporations, Torbay is a sound and strategic business locale. Just a few of myriad opportunities are highlighted below:
Air and Defense
Torbay is only minutes from the St. John’s International Airport. From there, six airlines offer regularly scheduled passenger service, year-round; and two charter airlines offer seasonal services to Canadian and southern destinations. As well, Cougar Helicopters operates out of St. John’s. In its primary role, Cougar provides transfer of personnel to and from their offshore locations. Its secondary role is the provision of search and rescue services to offshore operators.
Significant opportunity exists for the Town of Torbay to contribute to the aerospace and defense sector. The investment attraction and export development potential for job creation and economic growth in the Province are significant. In 2007 more than 30 companies employed over 1,000 employees in the sector, generating annual sales of approximately $150 million.
Tourism is thriving in Newfoundland and Labrador. Out-of-province visitor arrivals were up by a healthy 9.9% in 2012, translating to over a half million tourists. As the vast majority of visitors arriving on the Island fly, rather than drive, it is of significant advantage that the St. John’s International Airport is just 5 km away from the Town of Torbay. The Province’s major ports are also increasingly popular ports of call for cruise ships, with 2012 a record-breaking year.
The Town of Torbay has much to offer tourists visiting the Province of Newfoundland and Labrador. Just 12 km away from downtown St. John’s, Torbay is close enough to the capital city to avail of all the urban amenities, while offering a picturesque, rural community experience. Host to its own, annual celebrations, such as The Hillside Festival in July, Torbay provides excellent opportunities for relaxing and socializing.
Download the Tourism Plan: Comprehensive Tourism Plan
Minutes from Torbay, the Port of St. John’s is a modern and accessible supply and service centre, a strategic transportation hub, and one of the most strategically-located and leading ports on the North American east coast.
Newfoundland and Labrador’s primary and most advanced container terminal is located in the Port of St. John’s. This terminal is the primary offshore energy supply and service centre on the east coast of Canada. A popular destination for cruise ships, it is also one of the most active fish-handling ports in the Province.
The Port of St. John’s provides:
- A strategic location close to shipping lanes and resources
- A highly specialized local workforce and business community
- Business sectors, which include: container, RoRo, dry bulk, liquid bulk and general cargo
- A comprehensive distribution network
- Excellent repair and maintenance facilities
- Extensive storage capabilities for water, fuel, synthetic fluids and chemicals
- A naturally sheltered, ice-free port
- Greater access, flexibility and service than ever before
Oil & Gas
The oil and gas industry within the Province of Newfoundland and Labrador accounts for approximately 36% of the Province’s nominal Gross Domestic Product (GDP) and 2% of employment. The Province currently produces about 40% of Canada’s conventional light crude oil. There are three offshore projects operating in the Province: Hibernia, Terra Nova and White Rose. In addition, the Province signed an agreement in August of 2008 with the Hebron consortium to develop the Hebron oil field. Construction of the Hebron project will create an estimated 4.1 million person hours of employment in the Province.
In November, 2010, Nalcor Energy and Emera signed a deal to begin the Lower Churchill (Muskrat Falls) Hydoelectric Project. This $6.2 billion project, now underway, includes a 824 MW capacity generating station; a four-turbine powerhouse; two concrete dams; a 59 km long reservoir, with an area of 101 square km; and a Labrador-island transmission link. The most expensive capital works project in the Province’s history, the first phase is anticipated to take six years to complete.
Manufacturing and Construction
The manufacturing industry accounts for 4% of Newfoundland and Labrador’s GDP and 6% of employment. The three main manufacturing groups include food processing (mainly seafood), newsprint, and refined petroleum. The total value of shipments from Newfoundland in 2008 was $6.6 billion, and capital construction investment in the Province reached 33.1 billion. Residential construction also increased greatly due in part to the high demand for housing in the Province. Torbay has a variety of construction and contracting companies including: Coady Construction & Excavating Ltd., Leo Keating Contracting, Nino Construction, SEA Contracting and Stan Codner Contracting, to name a few. These companies play a significant role in the Town’s business community.
Newfoundland and Labrador has approximately 558 farms averaging 160 acres in size. The leading crops include vegetables (notably turnip, potatoes, cabbage and carrots), greenhouse products and berries. The principal agricultural products are livestock, dairy, and poultry. Torbay is home to Ryan’s and Connor’s Dairy Farm, located on Bauline Line, which provides dairy products to the Community and Province. There are also residential areas available in Torbay with land that could be converted to farming fields.