Seeking for warehouse spaces for rent in Prince Edward Island? Check out the listings above and find the space that fits all your needs.Prince Edward Island (PEI) is one of Canada's three Maritime provinces, located off the east coast. It is a small but vibrant province, with a population of approximately 156,000, and a vibrant economy. The main industries in Prince Edward Island are largely centered around the primary sector, including agriculture, fishing, and forestry. The agricultural sector is the largest employer in PEI, accounting for more than one-third of total employment. The fisheries and aquaculture industry is also an important employer, and provides significant economic benefits to the province.
The GDP of Prince Edward Island is relatively small in comparison to other provinces, was $6.4 billion in 2019. (https://www.princeedwardisland.ca/en/information/finance/gross-domestic-product-gdp-by-industry)
However, the economic trends in Prince Edward Island have been positive in recent years, with GDP growth of 1.3% in 2019 and an estimated growth rate of 1.9% in 2020. The provincial government has also made a concerted effort to diversify the economy, investing in the technology, tourism, and manufacturing sectors. As a result, unemployment has declined from a peak of 12.5% in 2017 to 8.6% in 2020 and to 7.7% in 2022 (https://workpei.ca/unemployment-rate/)
Prince Edward Island is ranked last among Canadian provinces in terms of GDP per capita, with an estimated GDP per capita of $52,362 in 2021. (https://www.wikiwand.com/en/List_of_Canadian_provinces_and_territories_by_gross_domestic_product#GDP_and_per_capita_GDP,_2021)
This is largely due to the fact that a large proportion of the provincial economy is concentrated in the primary sector, which typically pays lower wages than other industries. In terms of labor force participation, PEI is ranked third among Canadian provinces, with 67.6% of the population aged 15 and over participating in the labour force in 2019.
Overall, Prince Edward Island is a vibrant and diverse province, with a strong primary sector and a government committed to diversifying the economy. While the GDP per capita is lower than other provinces, the economic trends in PEI have been positive in recent years, with unemployment declining and the provincial government investing in key sectors such as technology, tourism, and manufacturing.