Island Economy

Prince Edward Island has a vibrant and growing economy. 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.

As of October 1, 2024, minimum wage is $16.00 per hour and the provincial government has numerous programs available to help students get into the job market.

2024 Annual Statistical Review Highlights

• 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

Agriculture

Farm cash receipts for 2024 totaled $829.2 million, an increase of 2.8 percent over 2023. This compares to a decrease of 1.6 percent for Canada as a whole.

Fisheries

The Department of Fisheries, Tourism, Sport and Culture estimates that the value of total fish landings in 2024 rose 16.2 percent to $450.0 million, following a 9.2 percent decrease in 2023. M

Retail Trade

Retail sales on Prince Edward Island in 2024 increased for the fifteenth consecutive year, with a 1.5 percent increase, as compared to a 1.3 percent increase for Canada as whole.

Construction, Investment and Housing

Statistics Canada estimates that total non-residential capital expenditures on Prince Edward Island valued $1.3 billion in 2024, an increase of 12.0 percent over 2023.

Tourism

Tourism had a positive year in 2024, with 1.7 million visitors coming to the Island. This was an increase of 6.0 percent over 2023 and surpassed the previous record set in 2019.