Recent reports indicate the PEI economy is showing positive trends. Both the Globe and Mail and the Investment Dealers Association of Canada (IDA) tout Prince Edward Island as a leader in economic growth in Atlantic Canada.
Mike Currie, Minister of Development and Technology, says he credits much of the good economic news to Premier Pat Binns. "The Premier has always believed that the economy had to diversify in order to be more stable and more successful. With our investments in aerospace and the IT sector, we have shown we can broaden our economic base, while still supporting our traditional industries," he said.
Minister Currie says he believes earlier efforts to diversify are now having a major effect on sectors such as exporting. For the past four years, export growth in this province has been in the double digits. According to a report from Industry Canada, exports were worth more than $455 million to the province's economy, up 30 percent from the previous year.
In the Globe and Mail's semi annual Report on Business, PEI placed at or near the top in a number of important indicators - beating out the other Atlantic provinces in almost every case.
The report says that PEI led the country in housing starts, a fifteen percent jump from six months ago, and that employment jumped 1.3 percent to place PEI third in the country in job growth.
Good news also came from the Investment Dealers Association of Canada. They reported that Islanders are enjoying the strongest back-to-back economic performances since the construction of the Confederation Bridge in the mid 1990's.
The report attributed the surge in economic growth to buoyant domestic demand and strong exports.
"Thanks to removing the sales tax on clothing and footwear, retail sales are topping one billion dollars annually," said Minister Currie. "With the continued growth of our retail sector, I see no reason why this trend won't continue," he said.
The IDA report also indicated that PEI's IT industry is continuing to grow, with firms almost doubling from 40 to 70 in the past year. Annual industry revenues are projected to double from an estimated $140 million dollars presently, mainly generated from exports.
"Our government is not only investing in business, but we are investing in the people of this province," said Minister Currie. "We understand that the two must go hand in hand in order to create long-term, meaningful employment for Islanders."
As a result of all the good economic news, analysts from the Toronto Dominion Bank figure real after-tax income per person in PEI will grow faster this year than in any other province in Canada.