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 2023 Annual Statistical Review)

• PEI population increased by 3.9 per cent to total 173,787 as of July 1, 2023.
• Employment averaged an all-time high of 89,000, with a record annual increase of 5.7 per cent.
• Total labour income increased 8.3 per cent.
• Farm cash receipts reached an all-time high of $814.8 million, an increase of 7.5 per cent.
• Retail sales increased by 4.1 per cent, to a record $3.5 billion.
• International exports increased by 17.4 percent to $2.3 billion, a new all-time high.
• 2023 GDP increased by 2.2 per cent (real GDP by industry). PEI’s GDP growth has exceeded national growth in seven of the last nine years.
• Island population as of July 1, 2023, was 173,787, an increase of 3.9 per cent over 2022, the second highest growth among provinces and territories.
• Employment averaged 89,000, a new all-time high. This was a record annual increase of 4,800, or 5.7 per cent. This marks the second consecutive year with record employment growth.
• Unemployment rate averaged 7.3, a decrease of 0.3 percentage points over 2022 and the lowest annual rate on record.
• Total labour income increased by 8.3 per cent.
• 2023 lobster landings were 43.9 million pounds (down 1.1 per cent) and valued at $298.8 million (down 4.5 per cent).
• Farm cash receipts increased 7.5 per cent over 2022 to reach a new all-time high of $814.8 million.
• The All-Items Consumer Price Index for PEI showed inflation was 2.9 per cent in 2023, the lowest annual rate among provinces.
• Retail sales increased by 4.1 per cent to reach an all-time high of $3.5 billion.
• Housing starts totaled 1,139, a decrease of 13.6 per cent.
• Investment in non-residential construction and machinery increased 16 per cent.
• New motor vehicle sales in 2023 numbered 7,670 (up 13.9 per cent) and valued $370.2 million (up 29.3 per cent).
• International exports increased by 17.4 per cent, to reach $2.3 billion, a new all-time high.
• Manufacturing shipments increased for the third consecutive year, rising 8.1 per cent to an all-time high of $3.3 billion.

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 and working towards a $10 a day daycare fee by the end of 2023.

Job & Career Opportunities

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

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.