Economic Snapshot

KPMG's 2006 Guide to International Business Costs, ranked Charlottetown as the third lowest-cost city among 91 G7 providing exceptional value to your investments.

According to Statistics Canada, the provincial economy expanded by 1.8 percent in 2004 and 1.5 percent in 2003 in constant dollar terms. For 2005, the Province is expected to maintain its moderate pace of economic expansion. The P.E.I. Department of Provincial Treasury forecasts the growth of the provincial economy to be in the order of 2.0 per cent for 2005, revised upward from the 1.8 per cent forecast published in the 2005 Provincial Budget.

The Canadian economy continues to perform well in 2005. The national economy advanced by an annualized rate of 3.2 percent in the second quarter, a significant improvement from the first quarter. Driving growth was strong consumer spending and private investment, particularly in housing.

Labour Advantage

Average employment in Prince Edward Island for the first ten months of 2005 increased by 1,800 persons, or 2.7% compared to the same period in 2004. The participation rate is at 68.5%, the highest in Atlantic Canada. Employment gains in the first ten months of 2005 occurred in the manufacturing, educational service, and accommodation and food service sectors. The labour force in PEI is well educated: 36% are high school graduates and hold a certificate or diploma; 9.2% hold a university degree; only 8.2% have less than grade 9. In the greater Charlottetown area, over 13% of employees have a university degree; only 4.8% have less than a grade 9 education. The average job turnover is 91 months - 43% workers have been with employer for more than 6 years. The days lost per worker are the lowest in the country, and only 8.8% of the private sector on PEI is unionized. 

Cost Competitiveness

KPMG's 2006 Guide to International Business Costs, ranked Charlottetown as the third lowest cost city among 91 G7 locations - providing exceptional value for your investments. Charlottetown is the lowest cost business location for electronic assembly, precision manufacturing, aircraft manufacturing, and specialty chemical production. 

Growth Sectors

Prince Edward Island is an excellent business location offering a competitive business environment, state of the art infrastructure and a skilled labour force. 

Whether it is general information or specific assistance you are seeking, if you are starting, expanding, relocating your business, or investing in an Island business, please visit the following website: here

Aerospace

Some of the best-known names in aerospace today have chosen to establish and grow their businesses in Prince Edward Island. The low business cost, provincial tax environment, as well as the training and education geared specifically towards the industry are the major incentives. With employment growth at over 15% per year, the aerospace sector accounts for over 800 employees and export sales approaching $300 million yearly.

For more information on the Aerospace sector please visit their website

BioScience

Prince Edward Island, with the abundance of natural resources and pristine environment, is poised for further growth of its biosciences sector. Companies are currently involved in areas such as veterinary vaccines, point-of-care diagnostics and human therapeutics. It is a growing private sector with 15 companies and over 200 PhD's employed.

For more information please visit their website

Information Technology and New Media

PEI has lower development costs, great employee retention and employee satisfaction. The I.T. industry in PEI has a strong focus for investment recruitment and a strong database of available labour skill sets. To learn more about the IT industry, please visit the following website here.

Agri-Food & Seafood

Prince Edward Island has an abundance of agriculture and marine resources. Prince Edward Island's "clean and green" environment gives a natural, competitive advantage in the food products we offer the world market. For more information, please visit here

Diversified Manufacturing

Prince Edward Island has well-trained workers, excellent communications and business infrastructure, and a highly developed transportation network to make doing business that much easier. The Confederation Bridge is a vital transportation link and an engineering success story in its design and construction. To learn more about this sector, please visit their website