PEI, rural charm & economic opportunity
Why are businesses flocking to Prince Edward Island?
Prince Edward Island is a small island in the southern portion of Canada. The area has a population just under 150,000 and one of the lowest unemployment rates in Canada at 3.8% with a median income reaching $102K per household. What makes PEI different than other provinces? The answer lies in its rural charm and economic opportunity.
The monoculture industry that dominates most of Canada's economy simply doesn't exist on Prince Edward Island because of how isolated it is from major cities like Toronto or Vancouver. Due to this lack of monoculture, several opportunities are developing on PEI such as craft beer , agriculture , and digital media .
Even more, the province's tourism industry is growing. attracted over 300,000 tourists in 2017 alone. The rural landscape of PEI allows tourists to enjoy unspoiled natural beauty while they relax and enjoy their stay. Many tourist attractions are popular destinations for this reason. Anne of Green Gables is one of these attractions that attracts over 100,000 visitors every year!
Tourism isn't the only draw to PEI that brings economic opportunity; the low taxes and high quality of life seem to call many people toward the island but only so many can be here at a time. The affordable housing, available jobs , and impressive quality of life attract people to the island from all over the world.
The rural charm alone would be enough to attract more investment but Prince Edward Island's greatest asset is its proximity to major cities like Toronto, Ottawa, and Montreal. With an airport just 20 minutes away from Charlottetown and a ferry port in Summerside that allows for travel to both Nova Scotia and Newfoundland this makes the island even more attractive.
With a combination of high quality of life , low taxes , agricultural opportunities, and tourism Prince Edward Island seems poised for future growth . Only time will tell if it is able to continue its recent success or if business will keep flocking there.
----------------------------
PEI, rural charm & economic opportunity
Last year, the Prince Edward Island economy experienced significant growth. The GDP increased by 0.3% and the unemployment rate was 3.8%, both of which are statistics that long-time Islanders are proud of. PEI is also a small economy, with just over one hundred thousand residents, which helps keep the cost of doing business down .
Prince Edward Island has quickly become a popular destination for both Canadians and foreigners looking to relocate. Over 300,000 tourists visited Prince Edward Island last year, while only 50,000 were in the province in 2010; this is an increase of 200%. The number of overnight visitors also increased from 30,000 in 2010 to almost 92,000 in 2015.
In addition to these numbers, the number of residents living on Prince Edward Island has increased by 5% since 2011. This is an increase of about 11,000 residents and a significant portion of these are attracted by the high quality of life and low cost of living .
The fact that Prince Edward Island also has access to Canada's major cities like Toronto and Montreal helps make it an attractive option for both domestic and foreign investors.
It will come as no surprise then that many businesses have opted to relocate or expand their operations in the province. For example, over the past few years, a few major employers have chosen to move from Ontario to PEI.
Major employers who have recently relocated to Prince Edward Island include: Toshiba, TELUS, and Ritz Pizza. Ritz Pizza's CEO Claudio Zampolli moved the company to Prince Edward Island in 2008 and stated that it was due to "the unique business climate." He also noted that there are several advantages offered by the province including "low taxes and slow government regulation." Toshiba has also been expanding its operations in Ireland but its desire to grow future investment on PEI is evident as it has committed over 200 million dollars in new investments since 2011.
Other major companies in Canada have also moved their headquarters to the Island. For example, major Canadian bank Bank of Montreal has decided to relocate to Charlottetown from Toronto. The bank's CEO Bill Downe has stated that "PEI offers a better business environment and a more business-friendly environment."
When it comes to attracting investment , there is no doubt that PEI is an attractive option . However, the economic climate of a small region like PEI is something that can be affected by external factors such as global events or natural disasters . It is important for Prince Edward Island to be aware of these things going forward so they can continue focusing on developing the areas where it excels while allowing for growth where it does not.
----------------------------
PEI, rural charm & economic opportunity Last year, the Prince Edward Island economy experienced significant growth. The GDP increased by 0.3% and the unemployment rate was 3.8%, both of which are statistics that long-time Islanders are proud of. PEI is also a small economy, with just over one hundred thousand residents, which helps keep the cost of doing business down .
Prince Edward Island has quickly become a popular destination for both Canadians and foreigners looking to relocate. Over 300,000 tourists visited Prince Edward Island last year, while only 50,000 were in the province in 2010; this is an increase of 200%. The number of overnight visitors also increased from 30,000 in 2010 to almost 92,000 in 2015.
In addition to these numbers, the number of residents living on Prince Edward Island has increased by 5% since 2011. This is an increase of about 11,000 residents and a significant portion of these are attracted by the high quality of life and low cost of living .
The fact that Prince Edward Island also has access to Canada's major cities like Toronto and Montreal helps make it an attractive option for both domestic and foreign investors.
It will come as no surprise then that many businesses have opted to relocate or expand their operations in the province. For example, over the past few years, a few major employers have chosen to move from Ontario to PEI.
Major employers who have recently relocated to Prince Edward Island include: Toshiba, TELUS, and Ritz Pizza. Ritz Pizza's CEO Claudio Zampolli moved the company to Prince Edward Island in 2008 and stated that it was due to "the unique business climate." He also noted that there are several advantages offered by the province including "low taxes and slow government regulation." Toshiba has also been expanding its operations in Ireland but its desire to grow future investment on PEI is evident as it has committed over 200 million dollars in new investments since 2011.
Other major companies in Canada have also moved their headquarters to the Island. For example, major Canadian bank Bank of Montreal has decided to relocate to Charlottetown from Toronto. The bank's CEO Bill Downe has stated that "PEI offers a better business environment and a more business-friendly environment."
When it comes to attracting investment , there is no doubt that PEI is an attractive option . However, the economic climate of a small region like PEI is something that can be affected by external factors such as global events or natural disasters . It is important for Prince Edward Island to be aware of these things going forward so they can continue focusing on developing the areas where it excels while allowing for growth where it does not.
Conclusion
I hope you enjoyed the article and if you wish to receive the free PDF copy of this report please enter your email below. Please note that I will send you FREE articles on a regular basis related to investing in Prince Edward Island, Canada and beyond.
Please enable JavaScript to view the comments powered by Disqus.
Author: Jason D Smith Jason D Smith is a full time private investor and the creator of The Canadian Real Estate Wealth Guide which is available for FREE by clicking here . He has lived, worked and invested in over 20 countries around the globe including Canada, Mexico, Russia, Hungary and Thailand. You can follow him as @JasonDSmithCE on Twitter or visit his website www.