PROVINCIAL ECONOMIC PROFILE
Prince Edward Island Economic Overview
$7.6b
GROSS PROVINCE PRODUCT
Growth Rate 2019-24
Province
Growth Rank
3.1%
3
176,162
POPULATION
Growth Rate 2019-24
Province
Growth Rank
2.6%
1
12,458
BUSINESSES
Growth Rate 2019-24
Province
Growth Rank
1.1%
6
Overview of the Prince Edward Island Economy
In 2024, the province of Prince Edward Island has a population of 176,162, having grown an annualized 2.6% over the five years to 2024, which ranks it 1st out of 13 provinces and territories by growth rate. Prince Edward Island's gross domestic product (GDP) in 2024 reached $7.6b, with growth of 3.1% over the 5 years to 2024. Businesses in Prince Edward Island employed a total of 75,282 people in 2024, with average annual employment growth over the past five years of 3.2%. The top three sectors by total employment are Real Estate and Rental and Leasing, Public Administration in Canada, Manufacturing, while the unemployment rate across the province in 2024 was 8.5%.
What is Prince Edward Island's Gross Domestic Product (GDP)?
In 2024, Prince Edward Island's GDP reached $7.6b, representing an increase of 3.1% from 2023. Prince Edward Island's GDP has grown at an annualized rate of 3.6% over the five years to 2024. Moreover, Prince Edward Island's trailing five-year GDP growth ranks it 3rd out of 13 provinces and territories.
Provincial GDP is a measurement of a province's output, or the sum of value added from all industries in the province. It is a common indicator used to track the health of a provincial economy.
PROVINCIAL ECONOMIC PROFILE
Prince Edward Island Industry Trends
What are Prince Edward Island's Largest Industries by Revenue?
The largest industries by revenue in Prince Edward Island are Gasoline & Petroleum Wholesaling, Gasoline & Petroleum Bulk Stations and Commercial Banking, which generated $1.7b, $1.2b and $1.1b in 2024.
PROVINCIAL ECONOMIC PROFILE
Top Companies in Prince Edward Island
Top 10 Companies in Prince Edward Island by Employment
The largest companies by employment in Prince Edward Island are Government of Prince Edward Island, PEI Seafood Processors Association and Grand Forest Holdings, Inc., which employed 10,300, 2,000 and 700 people in 2024.
PROVINCIAL ECONOMIC PROFILE
Prince Edward Island Sector Statistics
In Prince Edward Island, certain sectors drive a higher share of provincial GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Prince Edward Island's GDP by Sector?
The Real Estate and Rental and Leasing, Public Administration in Canada and Manufacturing sectors contributed the most to Prince Edward Island's GDP in 2024, representing a combined 39.0% of provincial GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the provincial economy, in addition to how the provincial economy is evolving over time.
What is Prince Edward Island's Employment by Sector?
The Agriculture, Forestry, Fishing and Hunting, Retail Trade and Manufacturing sectors contributed the most to employment in Prince Edward Island in 2024, representing a combined 47.5% of provincial employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the provincial economy as a whole.
PROVINCIAL ECONOMIC PROFILE
Prince Edward Island Employment Trends
75.3k
EMPLOYMENT
Growth Rate 2019-24
Province
Growth Rank
1.0%
8
8.5%
UNEMPLOYMENT
Growth Rate 2019-24
Province
Growth Rank
-0.8%
10
What Employment Trends are Impacting Prince Edward Island's Economy?
The province of Prince Edward Island employs 75,282 people in 2024, which ranks it 10th out of 13 provinces and territories. Employment in Prince Edward Island has grown at an annualized rate of 1.0% over the five years to 2024, underperforming the national average of 1.5%. Major sectors by employment in Prince Edward Island include Agriculture, Forestry, Fishing and Hunting, Retail Trade and Manufacturing, which employed 13,298, 11,517 and 10,924 people in 2024, respectively. Prince Edward Island's unemployment rate is 8.5% in 2024, which ranks it 12th out of 13 provinces and territories. Prince Edward Island's unemployment rate has trended downwards at a rate of -0.8% over the five years to 2024, overperforming the Canada economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets. You can track unemployment trends in Prince Edward Island, and compare them to the Canadian economy.
$82.6k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
Province
Growth Rank
3.7
9
What is Prince Edward Island's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Prince Edward Island's DPI in 2024 was $82.6k, compared to the Canadian average of $101.1k, which places it 9th out of 13 provinces and territories.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
PROVINCIAL ECONOMIC PROFILE
Prince Edward Island Construction & Building Trends
$17.8m
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
Province
Growth Rank
3.7%
7
$85.8m
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
Province
Growth Rank
12.3%
13
1,017
BUILDING PERMITS
Growth Rate 2019-24
Province
Growth Rank
-8.4%
2
What can construction trends tell you about a state’s economy?
In Prince Edward Island, non-residential construction was $17.8m in 2024, which ranks it 7th out of 13 provinces and territories. Residential construction was $85.8m in 2024, which places Prince Edward Island 13rd out of 13 provinces and territories. The number of building permits issued in Prince Edward Island in 2024 was 1,017, representing a -8.4% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services.Therefore, construction trends are important indicators of the health of an economy.
PROVINCIAL ECONOMIC PROFILE
Prince Edward Island Demographics
Education Level Prince Edward Island
Prince Edward Island Province Industry Reports
IBISWorld Province Industry Reports help you quickly understand how an industry performs at the province level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 374 Prince Edward Island Industry Reports.
