The growth of land-based industries during the first half of the 20th century helped diversify Newfoundland and Labrador's economy into sectors other than the fishery.
Advances in transportation during the late 1800s and the early 1900s affected the development of the forestry and mining industries in Newfoundland and Labrador.
During the mid-1960s, American entrepreneur John Shaheen arranged with Newfoundland and Labrador Premier Joseph Smallwood to construct an oil refinery at Come By Chance.