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PEI Economic Growth Leads Canada Again with Strong 2024 Results
Prince Edward Island continues to make headlines, and for all the right reasons. According to the 2024 Annual Statistical Review, PEI economic growth outpaced every other province in Canada, posting a real GDP increase of 3.6%, the fastest in the country. This marks the ninth time in a decade that the Island has surpassed national averages, proving that big things can happen in small places.
But that’s not all. From rising exports to a booming housing market, PEI’s economy is on a roll. Whether you’re a future immigrant, investor, or looking to move to a thriving province, PEI is worth your attention.
Why PEI is Attracting Attention Nationwide
Let’s look at some key stats that reflect just how well PEI is doing:
| Indicator | 2024 Figures |
| Real GDP Growth | +3.6% |
| Population | 178,550 (+2.8%) |
| Employment | 92,500 (All-time high) |
| Labour Income | $5.4 Billion (+9.2%) |
| Housing Starts | 1,694 (+48.7%) |
| International Exports | $2.5 Billion (+7.8%) |
| Inflation Rate | 1.8% (Down from 2.9%) |
These are not just numbers. They reflect a place that’s welcoming new residents, building homes, creating jobs, and supporting strong industries like agriculture, seafood, and manufacturing.
What’s Driving PEI Economic Growth?
Several factors are fueling the Island’s continued success.
1. Population Growth
The Island’s population grew by 2.8% in 2024, reaching 178,550 residents. This is largely due to increased immigration and interprovincial migration, a sign that more people are seeing PEI as a great place to live and work.
2. Strong Labour Market
PEI recorded an employment high of 92,500 workers in 2024. While unemployment rose slightly to 8%, the Island continues to generate jobs in key sectors, including health care, construction, and food processing.
3. Booming Housing Market
With 1,694 housing starts, PEI hit its highest level of home construction since 1973. That’s a 48.7% surge year-over-year, a direct response to population growth and the need for more housing options.
4. Export Expansion
International exports grew by nearly 8%, reaching $2.5 billion. Lobster exports, in particular, saw a jump in value, showing PEI’s strength in seafood and agricultural trade.
A Model for Regional Development
When looking at PEI economic growth, it’s clear that the province is creating a sustainable path forward. It isn’t just about building more homes or increasing exports, it’s about balance. Inflation dropped to 1.8%, giving residents some breathing room in a world where prices elsewhere are still climbing.
The province is also seeing rising labour income, stronger retail activity, and growth in sectors like vehicle sales and farming. These factors, combined with accessible health care and clean coastal living, are turning PEI into more than a summer destination; it’s becoming a permanent home for many.
PEI Economic Growth is Fueling New Opportunities
PEI economic growth in 2024 is not just impressive, it’s inspiring. With smart planning, targeted support for key sectors, and a focus on community wellbeing, PEI is showing what’s possible. For those thinking about moving to Canada, investing in local businesses, or simply starting a new life in a peaceful and progressive province, PEI is clearly a strong choice.
