Island Economy

Prince Edward Island has 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 industry sectors including bioscience and advanced manufacturing. 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 76,900 as of October 2018¹.

As of April 1, 2018, minimum wage is $11.55 per hour and the provincial government has numerous programs available to help students get into the job market.

Agriculture

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 2017 seeing $493.7 million in farm cash receipts.² Potatoes, grains and oilseeds, and blueberries lead production growth.³

Fisheries

The lobster fishery continues to grow with total landings 36.4 million pounds in 2017, valuing $225.8 million.  Because Prince Edward  Island’s population is too small to absorb this production, exports are a vital part of the industry. There are more 4,151 commercial fishers and 47 licensed processing facilities on Prince Edward Island. The industry employs as many as 8,000 individuals during peak productions.⁴

Tourism

Ever since Prince Edward Island was marketed as a “getaway from high-pressured society” in the 1800s, visitors come from all over the world to relax, golf, eat, and see Anne of Green Gables^TM. The Island hosts more than 1.5 million visitors annually.

Aerospace

Aerospace is one of the fastest growing sectors in Prince Edward Island with over 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.

Bioscience

There are over 45 bioscience companies in Prince Edward Island with revenues exceeding $150 million each year. The bioscience industry is currently producing various animal and human health products, treatments for diseases as well as natural products.

Information Technology

There are approximately 2,500 people employed by over 100 information and communications technology companies in the industry. The Island’s skilled workforce and low operation costs attract companies to establish in the province.

Renewable Energy

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 renewable energy industry grows.

Working together, we have built an economy that is balanced, connected and growing.

Sources:

¹ Statistics Canada (October 2018). Labour Force Survey.

2 Government of Prince Edward Island, Finance (2018). Annual Statistical review, 2017 (p. 14),

³ Department of Agriculture and Fisheries (2018). Agriculture at a Glance.

4 Department of Agriculture and Fisheries (2018).  Prince Edward Island Landed Volume and Value Preliminary Report for 2017.