If you’re interested in starting a business in PEI, it’s important to know the major industries in Prince Edward Island.
The economy of Prince Edward Island features a mix of traditional resources such as agriculture, fisheries, and tourism, that have undergone significant modernization, as well as new industry sectors including bioscience and advanced manufacturing. In this article we take a close look at each industry:
Agriculture Industry in PEI
Prince Edward Island is known for its thriving agriculture industry, which represents about 42.5% of the total land area. The Island has a total land area of 1.4 million acres, with farms covering 594,324 acres. The agriculture industry on PEI is diverse, with potato and dairy contributing the most farm market receipts.
The Island has a proud tradition of offering only the best products from the land and sea, sustainably produced in a quality environment, harvested, and processed with care. The agriculture industry on PEI is a significant contributor to the Island’s economy, providing jobs and income for many Islanders.
The following table shows the top agricultural products produced on PEI and their market value:
|Agricultural Product||Market Value (CAD)|
Potatoes are the most significant agricultural product on PEI, with the Island being known as Canada’s “Potato Capital.” The Island is the largest potato-producing province in Canada, accounting for over 25% of the country’s total potato production.
The dairy industry is also a significant contributor to the agriculture sector, with over 165 dairy farms on the Island. The Island’s dairy industry is known for producing high-quality milk, which is used to produce various dairy products such as cheese, butter, and yogurt.
In recent years, the Island’s agriculture industry has undergone significant modernization, with the adoption of new technologies and practices to improve efficiency and sustainability. The Island’s agriculture industry is committed to producing high-quality products while minimizing its impact on the environment.
- Government of Prince Edward Island
- PDF Prince Edward Island’s Agriculture Industry
- PEI Industry & Sectors – Choose PEI
Seafood Industry in PEI
Prince Edward Island’s seafood industry is a major contributor to the province’s economy. The industry is comprised of the commercial fishery, aquaculture, and processing sectors. PEI is known for its high-quality seafood products, including mussels, lobster, oysters, and clams.
The commercial fishery sector involves catching fish and seafood from the wild. The industry has a long history on the island, with fishing communities dating back to the 1700s. Today, the commercial fishery sector is a significant employer and contributes millions of dollars to the provincial economy.
Aquaculture, on the other hand, involves the cultivation of fish and seafood in controlled environments. PEI’s aquaculture industry is known for producing high-quality products such as Atlantic salmon, rainbow trout, and shellfish. The industry has grown significantly in recent years, with more than 200 aquaculture farms operating on the island.
The processing sector involves preparing seafood products for sale and distribution. PEI’s seafood processing facilities are known for their high standards of quality and safety. The processing sector is a significant employer on the island and contributes millions of dollars to the provincial economy.
Overall, the seafood industry is a vital part of Prince Edward Island’s economy, providing jobs and economic growth. The industry is committed to sustainable practices and ensuring the long-term viability of the island’s seafood resources.
- PEI Industry & Sectors – Choose PEI
- PEI Seafood Sector Economic Contribution Study
- Economic Contributions of the Seafood Sector in Prince Edward Island
Aerospace Industry in PEI
Prince Edward Island’s aerospace industry is thriving, and it offers many business advantages. The industry has been growing at a rate of 20% a year and is now the province’s third-largest export industry. The seven companies operating in the province directly employ 550 people, but with two new ventures coming on stream, there is a commitment for further growth to 900 employees and $250 million in exports.
The industry’s success is due to several factors, including a highly skilled and loyal workforce, easy access to major international markets, and customized incentive packages to meet the needs of any size business. Prince Edward Island is also home to the Aerospace and Defence Industry Association of Prince Edward Island (ADIA-PEI), which represents and promotes the province’s aerospace and defence industry.
The aerospace industry in Prince Edward Island includes key manufacturing industries such as aerospace and defence, biosciences, renewable energy, packaging material, live-bottom trailers, wood products, and shipbuilding. The industry is supported by the province’s research and development institutions, including the University of Prince Edward Island’s School of Sustainable Design Engineering, which offers a Bachelor of Science in Sustainable Design Engineering with a specialization in Aerospace Engineering.
In addition to the manufacturing sector, Prince Edward Island’s aerospace industry includes research and development, maintenance, repair, and overhaul (MRO), and training. The province’s MRO sector includes companies such as Vector Aerospace Engine Services Atlantic, which provides engine repair and overhaul services for the aerospace and aviation industries. The training sector includes companies such as Slemon Park Corporation, which provides training for aircraft maintenance engineers and technicians.
Overall, Prince Edward Island’s aerospace industry offers a wealth of opportunities for businesses and individuals looking to invest or expand. With a supportive business environment, a highly skilled workforce, and access to major international markets, the province’s aerospace industry is well-positioned for continued growth and success.
- Aerospace and Defence Industry – Prince Edward Island
- Aerospace Growing on Prince Edward Island – Wings Magazine
Bioscience Industry in PEI
Prince Edward Island’s bioscience industry is a rapidly growing sector that has been identified as a key pillar in the economic foundation of the province. The industry is supported by the government and a range of organizations, including the PEI BioAlliance, which has been instrumental in facilitating the work of businesses, academic and research institutions, and federal and provincial government agencies.
If you are interested in the bioscience industry, you should know that Prince Edward Island offers a competitive business location by way of costs, access to infrastructure, and experience. The province’s ability to attract and retain world-class talent is as important to large companies such as Sekisui and Novartis as it is to SMEs such as Chemaphor, Nautilus, Neurodyn, and Phyterra.
The bioscience industry in Prince Edward Island is supported by a range of organizations that work to promote the sector, including the PEI BioAlliance, which has been instrumental in the establishment of the industry as a key pillar in the economic foundation of the province. The BioAlliance has also been instrumental in coordinating the work of bioscience companies, federal and provincial government partners, and research and development organizations such as the National Research Council, University of Prince Edward Island, the Atlantic Veterinary College, Holland College, Agriculture and AgriFood Canada, and BioFoodTech.
If you are interested in the bioscience industry in Prince Edward Island, you should know that the sector has continued to experience remarkable growth through the pandemic, thanks to the concerted efforts of the PEI BioAlliance and other organizations. The BioAlliance has reported that the sector has been able to maintain its momentum, with companies continuing to expand their operations and create new jobs.
In summary, the bioscience industry in Prince Edward Island is a rapidly growing sector that is supported by the government and a range of organizations. The sector offers a competitive business location by way of costs, access to infrastructure, and experience, and has been identified as a key pillar in the economic foundation of the province. If you are interested in the bioscience industry, you should consider exploring the opportunities that Prince Edward Island has to offer.
Manufacturing Industry in PEI
Prince Edward Island’s manufacturing industry is diverse and growing. The province’s key manufacturing industries include aerospace and defence, biosciences, renewable energy, packaging material, live-bottom trailers, wood products, and shipbuilding. If you are looking to invest or expand your business, PEI’s manufacturing sector offers a range of opportunities.
One of the largest manufacturing industries in PEI is aerospace and defence. The industry has been growing steadily in recent years, with companies such as MDS Coating Technologies, a provider of advanced coatings for the aerospace industry, expanding their operations in the province. The aerospace and defence industry in PEI is supported by the province’s strong research and development capabilities, including the National Research Council’s Aerospace Research Centre and the University of Prince Edward Island’s Atlantic Veterinary College.
Another key manufacturing industry in PEI is biosciences. The province has a growing cluster of bioscience companies, including BioVectra, a leading contract development and manufacturing organization, and Sekisui Diagnostics, a global leader in clinical diagnostics. The bioscience industry in PEI benefits from the province’s strong research and development capabilities, including the National Research Council’s Biotechnology Research Institute and the University of Prince Edward Island’s School of Sustainable Design Engineering.
Renewable energy is another growing manufacturing industry in PEI. The province has a strong wind energy sector, with companies such as Northumberland Ferries Limited and Maritime Electric Company Limited investing in wind turbines to generate electricity. The renewable energy industry in PEI benefits from the province’s abundant natural resources, including wind, solar, and biomass.
In conclusion, Prince Edward Island’s manufacturing industry is diverse and growing, with opportunities in aerospace and defence, biosciences, renewable energy, packaging material, live-bottom trailers, wood products, and shipbuilding. The province’s strong research and development capabilities, natural resources, and business-friendly environment make it an attractive location for businesses looking to invest or expand in the manufacturing sector.
OceanTech and Marine Industries in PEI
Prince Edward Island is surrounded by the Atlantic Ocean, and it’s no surprise that the marine and OceanTech industries are a significant part of the province’s economy. These industries include everything from fishing and aquaculture to marine transportation and marine technology.
One of the key growth sectors in Prince Edward Island is Advanced Marine Technology, which involves the development and production of innovative marine technologies. The sector has seen a significant increase in sales, from under $5 million to more than $20 million, and has become an essential part of the province’s economy.
The marine industry is also a significant contributor to the province’s GDP, with marine sectors contributing 10.3% to the total provincial GDP. The industry employs thousands of people in the province, and it’s a vital part of the island’s culture and heritage.
In addition to traditional marine industries, Prince Edward Island is also home to a thriving OceanTech industry. The industry includes companies that are developing innovative technologies for the marine sector, such as sensors, underwater robots, and oceanographic instruments.
Some of the key players in the OceanTech industry in Prince Edward Island include the National Research Council’s Ocean, Coastal and River Engineering Research Centre, the Centre for Ocean Ventures and Entrepreneurship, and the Marine Institute at Memorial University.
Overall, the marine and OceanTech industries are essential to Prince Edward Island’s economy and culture. These industries provide employment opportunities, contribute to the province’s GDP, and help to develop innovative technologies that will benefit the marine sector for years to come.
Renewable Energy and Clean Tech Industries in PEI
Prince Edward Island is known as the Green Province and has established itself as a North American leader in wind energy. Over 30 percent of PEI’s electrical needs are furnished by a combination of provincially-owned and private wind developments. The Renewable Energy Act passed in 2005 contributed to this increase by requiring utilities to source a minimum of 15% of their energy from renewable sources (including out of province purchases) by 2010. In mid-2015, the act was amended to eliminate this requirement. In 2020, the government began the process of reviewing its energy legislation.
Accelerating clean tech growth on Prince Edward Island will diversify the economic sectors through an emerging economic sector cluster. It will help companies across diverse sectors adopt clean technology, optimize waste, and use clean energy, supporting long-term competitiveness and sustainable economic growth. The government of Prince Edward Island has announced plans to establish a clean tech business and education hub in Georgetown. This hub could be renewable energy, could be storage for renewable energy, or it could be a solution for other clean tech businesses.
Renewable energy and clean tech are not only good for the environment, but they also provide economic benefits. Clean tech companies create jobs, attract investment, and can help diversify the economy. Prince Edward Island is well-positioned to continue its leadership in renewable energy and clean tech, making it an attractive destination for businesses and investors in these sectors.
- Renewable Energy | Government of Prince Edward Island
- Clean tech business and education hub planned for Georgetown, P.E.I. government announces
- Provincial and Territorial Energy Profiles – Prince Edward Island
Information and Communications Technology Industry in PEI
If you are looking to invest or work in Prince Edward Island’s Information and Communications Technology (ICT) sector, you will be pleased to know that it is consistently growing across many areas. The digital economy on PEI grew almost 30% from 2010 to 2017, and the province is home to many companies that offer innovative ICT products and services.
Some of the key areas of growth in PEI’s ICT sector include:
- Health care: Many companies are developing and implementing digital health solutions to improve patient care and outcomes.
- Independent software vendors: PEI has a thriving community of software developers who create custom software solutions for clients across different industries.
- Financial services: Fintech companies are leveraging technology to disrupt traditional financial services and offer innovative solutions to consumers.
- Aerospace and defence: PEI has a strong aerospace and defence industry, and ICT plays a crucial role in designing and manufacturing advanced aircraft and defence systems.
- Wireless and mobile applications: With the rise of smartphones and tablets, there is a growing demand for mobile applications that can enhance productivity, communication, and entertainment.
- Gaming: PEI has a vibrant gaming industry, with many companies developing and publishing games for different platforms.
PEI’s ICT sector is supported by Innovation PEI, which offers funding, networking, and other resources to help companies grow and succeed. The province also has a strong talent pool of skilled ICT professionals who are trained in areas such as software development, cybersecurity, data analytics, and project management.
If you are interested in learning more about PEI’s ICT sector, you can visit the Information and Communications Technology page on the Government of PEI website.
Tourism Industry in PEI
Prince Edward Island’s tourism industry is one of the most important sectors of the economy, contributing significantly to the province’s GDP. The island’s natural beauty, rich history, and vibrant culture make it a popular destination for travelers from around the world.
As a tourist, you can explore the island’s stunning landscapes, including its beautiful beaches, rolling hills, and lush forests. You can also learn about the island’s history by visiting its many historic sites, such as the Confederation Centre of the Arts, which celebrates the birthplace of Canada, or the Green Gables Heritage Place, which inspired L.M. Montgomery’s classic novel, Anne of Green Gables.
In addition to its natural beauty and historic sites, Prince Edward Island is also known for its culinary scene. The island is famous for its fresh seafood, including lobster, oysters, and mussels, as well as its delicious potatoes, which are grown in the red soil of the island.
The tourism industry in Prince Edward Island is supported by Tourism PEI, which manages provincial tourism infrastructure, conducts tourism-related research, and administers and enforces the provisions of the Tourism Industry Act and regulations. The Tourism Industry Association of Prince Edward Island (TIAPEI) also provides programs and projects to support the industry.
Overall, tourism is a vital industry in Prince Edward Island, providing jobs and economic benefits to the province. Whether you’re interested in exploring the island’s natural beauty, learning about its history, or sampling its delicious cuisine, Prince Edward Island has something for everyone.