Premier touts burgeoning business growth in P.E.I. state of the province speech

P.E.I. Premier WadeMacLauchlansays the provincehas a lot to celebrate when it comes to the economy and business growth.

MacLauchlandelivered his annual state of the province address Monday evening at a Rotary Club event at the Delta Prince Edward hotel, focusing on the Island's business strengths, andwhat he'd like to see in the future.

Focus on growth

MacLauchlanhighlighted severalfigures from Statistics Canada that indicate positive growth for P.E.I. He noted the province's nominal GDP growth from 2012 to 2017 is similar to the national rate, andahead of the other Atlantic provinces.

"The point of this is not to do better than the other provinces, it's to really see how we're doing and to understand how we can make it continue," he said.

He also referenced statistics about population growth rates and full-time employment, noting that P.E.I.'s

There is apracticeand a culture and a tendency to reinvest.- Premier Wade MacLauchlan

population isgetting younger something he says will be of benefit to the province in the future, particularly with the workforce.

"That is a big achievement for our province,"MacLauchlansaid.

Investing in industries

MacLauchlangave several examples rooted inthe lobster industry to illustrate some of whathe considers the majorstrengths of P.E.I.'s economy. He said the industry is spread throughout the province, but because ofP.E.I.'s small size, people from all over are still able to collaboratetogether.

He noted an increase in thenumber of lobster landingsin the twolast year, and an increase in sales. He also highlighted recent investments in cold storage capacity throughout the province, which he said has increased holding capacity for lobster by 80 per cent.

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"In ourmain sectors, there is apracticeand a culture and a tendency to reinvest,"MacLauchlansaid.

Training future workforce

Though most of the speech struck a positive tone,MacLauchlanalso highlighted some areas whereP.E.I. will face challenges in years ahead and will need to focus its attention.

One of the province's main challenges, MacLauchlan said, will be meeting workforce demands. He noted it is already a challenge to recruit workers for some industries, such as the service industry and construction.

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"We have to be sure that we're encouraging our own people to be able to have the skills," MacLauchlansaid. He also mentioned the importance of newcomers in the workforce.

"One of the ways in which we can be sure that we're attending to this, or making sure that we will have the workforce of the future, is to tell each other. And in particular to tell our young people that there are opportunities."