Recently announced labour force figures show that Prince Edward Island's economy continues to make steady progress, says Don MacKinnon, Minister of Development.
In Statistics Canada's labour force report for the month of December, Prince Edward Island recorded a one percentage point drop in its unemployment rate to 12.2%, the lowest rate for December since 1988.
"These figures reflect the growing confidence of both Island businesses and consumers in the economic direction of the province. What's encouraging is that this growth is spread province-wide across many sectors of the economy such as IT, retail, food processing, exports and construction," commented Minister MacKinnon.
Minister MacKinnon noted that Island entrepreneurs are taking advantage of government's efforts to create a business-friendly climate to expand their existing businesses and launch new ventures. By working in partnership, government has built a solid foundation for the private sector to flourish through initiatives such as the removal of the PST on clothing and footwear, marketing campaigns to bolster the fall shoulder season, stepped up efforts to boost export sales, and construction on major public and private sector projects.
"Through the Department of Development and PEI Business Development we will continue to partner with Island business to grow our economy one job, one business, one community at a time," Minister MacKinnon pointed out.