Labrador's Economy
Labrador's economy has been built around the resources of land and sea. Early economics of Labrador was tied largely to the abundance of whales, cod and other fish species. These stocks provided profitable opportunities for fishermen from France, England, Spain and neighboring island of Newfoundland.
Forestry and tourism began in Labrador in the early 20th century and the Air Base in Goose Bay has been active since the Second World War. In recent decades mining and the development of hydro-electricity have been major contributors to Labrador's economy, with some of the largest operations in the world. Although the cod fishery has been closed since 1992, the fishery remains the most important employer for coastal communities. Today shrimp, scallop, crab and turbot are the species of choice.
Forestry and tourism began in Labrador in the early 20th century and the Air Base in Goose Bay has been active since the Second World War. In recent decades mining and the development of hydro-electricity have been major contributors to Labrador's economy, with some of the largest operations in the world. Although the cod fishery has been closed since 1992, the fishery remains the most important employer for coastal communities. Today shrimp, scallop, crab and turbot are the species of choice.
