Prince Edward Island’s aerospace sector has reached a significant milestone as annual sales for local companies have surpassed $300 million for the very first time.
Hon. Allan Campbell, Minister of Innovation and Advanced Learning, says annual sales for PEI-based aerospace companies in 2008 were $310 million which marks a 10 % increase over the previous year. The positive growth is continuing in 2009 with sector employment also up 10 %.
“This is extremely positive news for the Island economy,” said Minister Campbell. “The aerospace industry is proving to be a solid pillar in our Government’s job creation strategy. It is providing highly skilled, well-paying employment opportunities for Islanders. This industry continues to expand at a time when many provinces are facing a downturn as a result of global economic conditions.”
Aerospace is one of the key sectors in the Government of Prince Edward Island’s innovation and economic development strategy, “Island Prosperity: A Focus For Change.”
“Our government is focused on attracting new companies to the province to complement existing businesses. We will continue to pursue new opportunities to attract jobs to the province. Our department recently participated in a series of productive meetings with aerospace companies at a recent international airshow,” said Minister Campbell. “It is important for the Province to take a proactive role in economic development in order to foster a stronger economy.”
Minister Campbell added that recent announcements in this industry are sending strong signals that the local labour force is able to compete in the global marketplace.
In the past year alone, Prince Edward Island has experienced tremendous growth in the sector. Vector Atlantic, one of the leading aerospace companies based at Slemon Park, continues to hire skilled workers and employs more than 375 people. A new aerospace company, Action Aero, has also been established in Charlottetown.
Aerospace has developed into one of Prince Edward Island’s fastest-growing industries providing a diverse range of equipment repair, electronics, interiors and engineering services to clients around the world. The industry now employs 850 skilled workers with an average industry salary of approximately $40,000.
Nine aerospace companies now call Prince Edward Island home: Action Aero, Vector Atlantic, Honeywell Engine Systems & Services, MDS-Prad, Marand Engineering Ltd., Testori Americas Corporation, Tronosjet Maintenance Inc., Tube-Fab Ltd., and Wiebel Aerospace.
For additional information, visit www.IslandProsperity.com