By 2006, that number had dropped drastically to about 1,700. Fortunately, like many single-industry towns, declines are followed by development. Like Schefferville to the north, rising iron-ore prices have given way to a huge resurgence of the community.
However, the region has recently proven to harbor massive iron-ore deposits and has already attracted investments by Canadian and foreign interests, all destined for the extraction and refining of the raw material which is essential for construction and infrastructural development around the globe. Other mining prospects also remain excellent and yet more investment has been dedicated to the extraction of new mineral discoveries, such as silica. Resulting infrastructural improvements will, furthermore, make way for the exploitation of forestry products and repopulation of the area will undoubtedly result in increased recreational fishing, hunting, wildlife observation and adventure tourism.
Service companies are expanding to cater to the mining industry and sufficient commercial land, warehousing and retail spaces exist to meet the needs of the current and future population and businesses. Road and air transportation to the area is continually improving, and the communities of Wabush and Labrador City are efficiently managed by the local population.
Although remote, the town nonetheless offers all the modern amenities of any small community, including a hotel, restaurants and recreational facilities. Its residents, however, are its greatest asset. Warm, welcoming and curious about outsiders, residents of the area are the best reference for visitors interested in its history. Wabush remains an oasis of calm along the rocky shores of the turbulent grey Atlantic.