Prince Edward 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 2018.

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.

According to the WorkPEI Employment Analysis, there are 4,600 people employed in agriculture in 2019.

Some job titles:

Farmer
Labourers
Agriculture Technician
Vegetable/fruit harvester
Agronomist
Veterinarian/ Veterinary Technician
Horticulturalist
Truck driver
Agricultural Equipment dealer or mechanic
Agricultural Engineer

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.

Job titles in the Fishery industry

Operations Manager
Production Manager
Accountant
Maintenance
Parts Manager
Port Captain
Port Manager
Forklift Operator
Quality Control
Night Sanitation Crew
Production Line Worker
Plant Custodian
Product Manager

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.

The industry provides 15,000 to 17,000 full-time, part-time, seasonal, and year-round jobs, which is equivalent to 7,900 full-time year-round jobs. Categories of work include:

Accommodations: Housekeeping, front desk, general managers, and supervisors.
Food & Beverage Services: Servers, bartenders, line cooks, chefs, kitchen staff, front end workers, supervisors and managers
Travel Services: Visitor information counsellors and tour guides
Transportation: Ferry boat captains, airport, taxi drivers, and motor coach drivers
Recreation & Entertainment: Golf courses, bike rentals, outdoor adventures, and cultural events.

According to Tourism HR Canada, the Food and Beverage Services industry is the largest employer among tourism businesses, accounting for over 50 percent of tourism jobs.

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.

The aerospace and defence industry in Prince Edward Island is thriving and enjoys many business advantages:

A highly skilled and loyal workforce;
Easy access to major international markets including Halifax, Montreal, Toronto, New York, and London;
Customized incentive packages to meet the needs of any size business;
A great quality of life and close working partnerships for owners and employees;
A local aerospace training centre with programs that can be customized;
Increased profit with a competitive cost structure;
Canada’s only aerospace tax rebate;
World class strategic infrastructure.

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.

Bioscience is a sector that provides employment for people with a wide range of qualifications, from entry level to PhD.

PEI Bioscience companies focus on:

Human health & nutrition
Fish health
Animal health & nutrition
Human/animal health diagnostics
Contract manufacturing services
Medical devices

Job titles include: scientist, quality control/assurance, engineering, production, and business administration

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.

The Information and Communications Technology Council (ICTC) is the national centre of expertise for the digital/computing economy.

The top five occupations experiencing labour shortages according to ICTC research area:

Computer and Information Systems Managers
Computer Engineers (expert Software Engineers and Designers)
Database Analysts and Database Administrators
Computer Programmers and Interactive Media Developers
Graphic Arts Technicians

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.

Creative/Cultural sector

The Creative / Cultural sector includes visual and performing arts, music, media, writing, heritage and more, which are collectively known as the creative industries.

CreativePEI works on behalf of 10 industries on PEI