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, 2019, minimum wage is $12.25 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 2018, farm cash receipts were valued at $496.0 million. Grains, potatoes, grains, and fruits are leading production growth.2
Fisheries
The lobster fishery continues to grow with total landings 38.7 million pounds in 2018, valued at 200.2 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.3
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 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 50 bioscience companies in Prince Edward Island employing 1,600 individuals and generating revenues that exceed just over $165 million annually. The bioscience industry is currently producing various animal and human health products, treatments for diseases as well as natural products.4
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.5
Sources:
1 Statistics Canada (October 2018). Labour Force Survey.
2 Government of Prince Edward Island, Finance (2018). Annual Statistical review, 2018 (p. 14).
3 Government of Prince Edward Island, Finance (2018). Annual Statistical review, 2018
4 PEI BioAlliance. https://peibioalliance.com/
5 PEI Energy Corporation, August 2019