P.E.I. 'on a tear' economically
Prince Edward Island has been leading the region economically in 2017, according to a review by the Atlantic Provinces Economic Council.
"The Prince Edward Island economy is on a tear," said APEC senior policy analyst Fred Bergman. "Some really good signs of positive economic growth in P.E.I."
While Nova Scotia and New Brunswick are growing, they were in the bottom half of provincial rankings in the first half of the year, said APEC. Newfoundland and Labrador is in the midst of a multi-year slowdown brought on by the sharp drop in oil prices since 2014.
P.E.I. has seen strong growth in housing starts, retail sales, and non-energy exports. Aerospace exports from P.E.I. have doubled in value this year, and process potato exports are up 21 per cent.
Early tourism indicators are also positive.
Overall Bergman expects two to three per cent economic growth for P.E.I. The normal range is one to two per cent.
It is difficult to be certain what is driving growth, said Bergman.
"Some of it, we think, is due to the strong immigration the last couple of years or so," he said.
P.E.I. is on track for about 2,500 immigrants this year, matching last year's total, and about twice the average from 2011-15.
Bergman noted the coming NAFTA negotiations will be critical for Atlantic Canada, with the region exporting $19 billion worth of goods to the U.S. last year.
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