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Economy & Cost of Living

Prince Edward Island’s economy features a mix of traditional resources – agriculture, fishing and tourism – as well as growing industry sectors of food, bioscience and advanced manufacturing.

The economy of Prince Edward Island is traditional and modern, rural and urban. Our economy is successful because people, from every community and sector across our province, are passionate about Prince Edward Island. Creativity, entrepreneurship and hard work are values that are rooted deeply here.

We continue to experience population growth, due in part to increased international immigration. In fact, PEI is the only Atlantic province in which the population is becoming younger.

Key Indicators (from the 2024 Annual Statistical Review)

  • Population increased by 2.8 per cent to a total of 178,550 as of July 1, 2024
  • Employment averaged a new all-time high of 92,500
  • Total labour income increased 9.2 per cent to $5.4 billion
  • Housing starts increased 48.7 per cent for a total of 1,694, the most starts on PEI since 1973
  • International exports increased 7.8 per cent to an all-time high of $2.5 billion
  • PEI’s Consumer Price Index showed inflation was 1.8 per cent, down from 2.9 per cent in 2023

A herd of dairy cows grazing in a field with wind turbines in the background in Prince Edward Island.

Cost of living

Residents of Prince Edward Island enjoy a comfortable life, although inflation, interest rates, global instability, supply chain disruptions, the pandemic, hurricanes, and climate change have all impacted the cost of living here. The Prince Edward Island government has responded with programs and support for Islanders over the last number of years, which include tax credits, assistance with home heating, energey efficient incentive programs, a successful rural transit system $10 a day daycare fee.

Job & Career Opportunities

Career opportunities in Prince Edward Island are as diverse as the land we call home.

A brewery worker inspecting equipment in a craft brewing facility.

 

Work Here

You can make a difference here. Our people and our companies have many unique stories, but keeping score has never been our thing.

Connect with us

Let’s talk about your next move.

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