Prince Edward Island is fortunate to have a vibrant and growing business community. Island businesses continue to deliver the highest quality products and service to the marketplace.
Our economy features a mix of traditional resources - agriculture, fisheries and tourism - that have undergone significant modernization as well as new industries. Business acumen and entrepreneurship are at the core of PEI's economic success.
The number of jobs in PEI reached an all-time high of 74,200 in 2014. Minimum wage is $11.00 per hour and the provincial government has numerous programs available to help students get into the job market.
Farming in Prince Edward Island first began when French settlers planted grain crops around 1720. Since then, agriculture has grown into an important economic industry with 2014 seeing $496.2 million in farm cash receipts. Production of potatoes, soybeans, and blueberries are reaching record highs and continue to expand.
The fisheries also continue to grow with a total landing of 29 million pounds in 2014 - that is a value of $114 million. Because the Island’s population is too small to absorb this production, exports are a vital part of the industry.
There are more than 4,500 fishers working in PEI and approximately 60 registered processing facilities are currently operating.
Ever since Prince Edward Island was marketed as a “getaway from high-pressured society” in the 1800s, visitors come from all over the world in order to relax, golf, eat, and see Anne of Green GablesTM. Each year, there are approximately 1.3 million visitors.
Aerospace is one of the fastest growing sectors in Prince Edward Island with over 10 companies, 1,000 employees and annual sales of $362 million. Slemon Park, located in Summerside, is the only aerospace park in Canada that offers an on-site customized training centre.
There are over 35 bioscience companies in Prince Edward Island with revenues exceeding $100 million each year. The industry is currently producing various animal and human health products, treatments for diseases as well as natural products.
There are over 100 IT companies in Prince Edward Island with approximately 2,500 people currently employed by the industry. The Island’s skilled workforce and low operation costs are attracting more and more companies to establish themselves in the province.
Over 30 per cent of Prince Edward Island’s electrical needs are furnished through a combination of provincially and privately owned wind developments. The Island is a lead innovator in wind energy and is committed to continue researching and developing as the industry grows.
Working together, we have built an economy that is balanced, connected and growing.