The second year of implementation of the Island Prosperity Strategy has been marked by strong economic development and research activity, says Premier Robert Ghiz.
“We began the Island Prosperity Strategy in 2009 with the five-year goal of seeing 2,000 new jobs for Islanders in the strategic economic sectors of renewable energy, information technology, aerospace and bioscience. Just two years into that five-year plan, we have seen 850 new jobs created in these sectors and we have seen major investments made by government and the private sector that suggest this growth will only continue,” said Premier Ghiz.
Premier Ghiz joined Innovation and Advanced Learning Minister Allan Campbell to provide an update on the Island Prosperity Strategy to industry and the public. The latest update and background materials can be found online at www.celebratinginnovation.ca.
Minister Campbell said the immediate job results are very exciting but that the economy of Prince Edward Island will see growth and expansion due to the culture of innovation that is being encouraged under the Island Prosperity Strategy.
“We have seen great industry interest in some of the physical infrastructure being developed at places such as the Biocommons Research Park, but the most strategic investments we are making are in the Island’s innovators,” said the minister. “By investing in schools, by improving science facilities at high schools, college campuses and at our university, and by helping Islanders develop the business and technical skills to succeed, we are creating an environment that I think will lead to success in our strategic sectors, in traditional Island industries like farming and fishing, and in every corner of Prince Edward Island.
For more information on the Island Prosperity Strategy, visit www.gov.pe.ca/ial.
For more information on the PEI Biocommons Research Park, visit www.innovationpei.com.
BACKGROUNDER
Progress Report 2011 – The Island Prosperity Strategy
The Island Prosperity Strategy is focused on the development of the strategic sectors of biosciences, information technology, aerospace and renewable energy, and on strengthening links with the primary industries. Innovation PEI encourages growth and innovation in these sectors with a variety of incentives and programs. The progress report contains highlights of the accomplishments made in the first two years of the five year strategy.
Over the past two years, the provincial government has invested more than $85 million in the four strategic sectors. A total of 850 new jobs have been created. Ongoing investments by government and the private sector will ensure this growth continues.
Biosciences
• The bioscience sector has grown in Prince Edward Island with more than 900 employees, including 200 PhD’s and over 30 companies.
• The bioscience sector saw significant growth in 2009 and 2010 with increased revenues to $78 million and the addition of 200 full time positions.
• Construction of the BioCommons research park is underway
• In 2009 the bioscience sector made up 2.1 per cent of Prince Edward Island’s GDP.
Information Technology
• The information technology sector in Prince Edward Island is diverse with companies creating everything from video games to E-health solutions, utility management tools to customized software.
• The Innovation and Technology Association of Prince Edward Island (ITAP) estimates there are approximately 2500 Islanders employed in information and communication technology on Prince Edward Island. Employment has risen by more than 20 percent since 2008 and over 1000 people are employed in the Island’s contact-centre industry.
• The information and communication technology industry on Prince Edward Island boasts an average salary of over $50,000.
• The GDP of the ICT industry in Prince Edward Island totalled $112 million in 2008; this accounted for 3.0 per cent of the provincial GDP.
• Prince Edward Island’s information and communication technology industry has shown great resilience during the recent economic downturn. In Canada, the total number of ICT companies declined 5 per cent from 2004 to 2009. During same period the Island’s ICT sector grew 3 per cent, from 126 firms to 130.
Aerospace
• Aerospace has developed into the fastest growing industry over the past 15 years in Prince Edward Island, reaching 10 companies and employing 1000 people, including support services.
• The aerospace industry boasts annual sales of approximately $355 million.
• The growth of the aerospace industry is expected to continue reaching 1,100 employees and $500 million in sales over the next five years.
• In 2009 the aerospace industry made up 9.5 per cent of Prince Edward Island’s GDP.
• The aerospace industry had two major highlights in 2010-2011 with the addition of 3 Points Machining & Aerospace to the PEI cluster and the expansion of Tube Fab Ltd.
• Current aerospace companies in Prince Edward Island include: MDS Coating Technology Corporation, Honeywell Aerospace, Action Aero, Marand Engineering, Tronos, Tube Fab Ltd, Vector Aerospace, Wiebel Aerospace, Testori Group and 3 Points Machining and Aerospace.
Renewable energy
• Prince Edward Island has established itself as the North American leader in wind energy. Since the inception of the Island Prosperity Strategy, wind energy output in the province has grown by 64 megawatts.
• Since the inception of the Island Prosperity Strategy, renewable energy output has increased by more than 50 percent.
• In 2010, the PEI owned wind energy sector recorded $35 million in sales. The Prince Edward Island Energy Corporation had a profit of $3.5 million.
• Renewable energy production reached new heights in 2010 and 2011 at the Wind-Hydrogen Village in North Cape as workers were successful in producing hydrogen from wind power and using the hydrogen as a generator fuel to produce electricity.
For more information on the progress report, go to www.celebratinginnovation.ca