Island Economy
Prince Edward Island has a vibrant and growing economy. 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.
Prince Edward Island averaged 76,700 people employed during 2020, as of July, 2021.1.
As of July, 2021, minimum wage is $13.00 per hour and the provincial government has numerous programs available to help students get into the job market.
Agriculture
Farming in Prince Edward Island is a traditional industry with an important economic contribution. In 2020, farm cash receipts increased by 9.3 per cent and were valued at an all time high of $606.3 million.2
Fisheries
The lobster fishery is an integral sector of PEI’s primary industries, annually contributing hundreds of millions to the Island economy.3 Because Prince Edward Island’s population is too small to absorb this production, exports are a vital part of the industry. There are 4,231 commercial fishers and 47 licensed processing facilities on Prince Edward Island. The industry employs as many as 8,500 people at peak production.4
The seafood industry has an economic contribution of $938 million to the Island’s economy and a further $262 million in other provinces for a combined economic impact of $1.2 billion, according to a study by Ernst and Young.
Tourism
Each year, the Island hosts more than 1.5 million visitors who come from all over the world to relax, golf, eat, and experience Anne of Green GablesTM.
Aerospace
Aerospace is a key and growing sector in Prince Edward Island with over 1,000 employees and annual sales of more than $400 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 55 bioscience companies in Prince Edward Island employing 1,700 individuals and generating revenues that exceed just over $220 million annually. The bioscience industry is currently producing various animal and human health products, treatments for diseases as well as natural products.5
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 24 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.6 Prince Edward Island has set ambitious climate targets and is working towards being Canada’s first net zero province by 2040.
Sources:
1 Statistics Canada (October 2019). Labour Force Survey
2 Government of Prince Edward Island, Finance (2020). Annual Statistical review, 2020 (p. 17)
3 Government of Prince Edward Island, Finance (2020). Annual Statistical Review, 2020
4 Government of Prince Edward Island, Fisheries and Communities (2019). 2019 Fishery Statistics
5 PEI BioAlliance. https://peibioalliance.com
6 PEI Energy Corporation, August 2019