Premier Catherine Callbeck officially launched what Ontario chapters of the Canadian Automobile Association (CAA) are calling the first annual "PEI Week." More than 100 media and business people attended the opening reception yesterday at Rodney’s Oyster Restaurant in downtown Toronto. During her visit, the Premier also met separately with Ontario-based businesses and media to promote PEI.
As part of PEI Week, the province kicked off its 1996 tourism campaign which coincides with the broadcast of the very successful infomercial "Cradled on the Waves." Approximately 40 percent of PEI’s domestic tourism revenues come from Ontario visitors.
Tourism on PEI had its best year to date in 1995, with over 780,000 visitors, increasing tourism expenditure by 13 percent compared to 1994. This, as well as record highs in several other PEI industries, has contributed to significant economic growth in both 1994 and 1995. The Bank of Montreal is predicting a 2.5 percent growth rate for PEI’s economy in 1996 C the second highest increase in the country next to Alberta.
Premier Callbeck says there are several factors influencing the boom in PEI’s economy. "We have a focused and strong business development strategy, we have had record growth in our major industries, and we have dealt very firmly with our provincial deficit."
With the release of the province’s provincial budget in March, Prince Edward Island is realizing a surplus of $3.1 million for the past fiscal year and is forecasting another consecutive surplus of $3.4 million for the fiscal year 1996-97.
Employment growth on PEI in 1995 was 4.7 percent, the largest provincial increase in Canada. In 1995, PEI’s employment growth exceeded Alberta’s by a full two percent. This growth is attributed in part to the diversification of the Island’s economy into the aerospace and telecommunications fields, a dramatic increase in food processing industries, and the construction of the Northumberland Strait Bridge C the world’s longest multi-span bridge.
Total farm cash receipts for 1995 reached a record high of $315 million, a three percent increase over the last record high in 1994; and the same year, the fishing industry set a record value of $116 million for total fish landings C exceeding the previous record of $93.4 million in 1994.
Callbeck says that her government’s priorities remain economic development, expanding on the Island’s existing industries and keeping PEI’s fiscal house in order. "We will concentrate our energies on maintaining a balanced budget into the year 2000, continue to keep our tax rates below the regional average to encourage and promote economic growth and development, and proceed to diversify our industries."
PEI has its eye on several new industries and is making inroads in attracting them to PEI. The province has recently entered the international call centre business. Watts Communications, a Toronto-based firm, has expanded its operations to Charlottetown. This expansion is expected to create 240 new full-time jobs by its third year of operation. The aerospace industry is also continuing to grow on PEI. Testori Americas Corporation recently announced an $11 million expansion to its facility at the Summerside Aerospace Centre.
Total international exports from PEI in 1995 increased by 24.4 percent compared to 1994. Value-added manufacturing exports to international markets increased by 25.7 percent. International manufacturing exports have grown by over 80 percent over the past three years.
Retail sales were also up on PEI last year totalling $919 million, a record high and up 5.9 percent from 1994. This was also the largest increase in retail sales among all provinces with the next largest being British Columbia at 5.2 percent and compared to a 2.1 percent increase in retail sales in Canada.