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 2022 Annual Statistical Review)
- Population increased by 3.6 per cent;
- Employment averaged 84,200, with a record increase of 5.4 per cent;
- Total labour income increased 10 per cent;
- Farm cash receipts reached an all-time high of $727.7 million, an increase of 36.7 per cent;
- Retail sales increased by 8.3 per cent;
- International exports increased by 17.2 percent to reach $2 billion;
- GDP by industry for Prince Edward Island expanded by 2.9per cent in 2022. Increases were recorded in 13of the 20 major industry groups;
- Island population as of July 1, 2022 was 170,688, an increase of 3.6 per cent over 2021;
- Unemployment rate averaged 7.6 per cent, a decrease of 2.1 percentage points over 2021;
- The All-Items Consumer Price Index (CPI) for Prince Edward Island was up 8.8 per cent in 2022 compared to 2021;
- Housing starts totalled 1,318, an increase of 4.6 per cent over 2021.
Cost of living
Residents of Prince Edward Island enjoy a comfortable life, with relatively low costs of living, housing and heating costs. Although rising, housing and real estate costs remain among the lowest in the country. The province has one of the highest home ownership rates in the country.
Job & Career Opportunities
Career opportunities in Prince Edward Island are as diverse as the land we call home.
You can make a difference here. Our people and our companies have many unique stories, but keeping score has never been our thing.