Prince Edward Island's economy showed strong signs of growth last month as the unemployment rate dropped to 11.2 per cent – a significant decrease from the 14.3 per cent rate in February of this year. Employment in Prince Edward Island surged to 67,900 in April – the highest employment level in the province's history.
With an increase of 1,600 employees over the previous month, April marks the third consecutive month of employment growth for the province.
"The Province continues to invest in our businesses, and it's rewarding to see these investments contribute to a stronger economy for Prince Edward Island," said the Honourable Mike Currie, Minister of Development and Technology. "As we continue to work with the private sector and diversify our economy, I fully expect we will see the Island's employment numbers increase steadily.
"Also, by taking our entrepreneurs to new markets through cooperative efforts like our trade mission program, we are growing our exports. This translates into new money and new jobs for the provincial economy."
There were 3,400 more full-time jobs in April compared to the March numbers. According to the May 2002 Provincial Forecasts compiled by the RBC Financial Group, Prince Edward Island's economy will continue to strengthen during 2002-2003 with 3 per cent real GDP growth this year and 3.23 per cent growth in 2003.
"Another key focus of our development plan is aimed at the education of our youth and Island workers," said Minister Currie. "Training is critical in today's workforce. As people further their skill sets, they are securing better employment options for themselves. This is another investment that is paying off for the province."