InfoPEIHOME / REFERENCE / ALL ABOUT PEI / ECONOMY / Labour Market The labour market in PEI has become, along with our overall economy, more dynamic and diverse in the past decade. The primary industries of farming, fishing and forestry continue to be prominent features in the PEI economic landscape. But changes are happening which have added new colours to the economic pallet of green forests and fields and blue bays and seas. As a result, the labour force and the number of persons employed in PEI has increased steadily, as the Island economy has diversified and grown, with job creation in a variety of sectors. Some examples: in goods production, employment is found in construction, food processing, and manufacturing in industries such as aerospace and other technologically-intensive businesses. In the service sectors, job opportunities are found in information technology, health care, education and research, financial services, retailing, and in various business and government management and support activities. Between 1994 and 2004, the PEI work force increased by almost 13 per cent. Even more striking is the fact that the number of persons employed rose by nearly 20 per cent as more people entered the labour force. In 2004 almost 89 per cent of the entire Island work force was employed, compared to 92 per cent nationally. Yet, despite the increasing number of those seeking jobs, the PEI unemployment rate has trended downward. In 2003 and 2004 the Unemployment Rate in PEI was at its lowest in well over a decade. For example the rate was 8.3% in Charlottetown, while the provincial rate averaged 11.3 per cent in 2004. This is a favourable showing in the regional context of Atlantic Canada, where higher unemployment rates have been the norm in past decades. Furthermore Canada has been experiencing somewhat higher unemployment rates for some years. Primary and seasonal industries -- agriculture, fishing, and forestry – remain very important aspects of the PEI economy and sustain many jobs and businesses directly and indirectly. Tourism has grown in most years since the advent of the Confederation Bridge and provides employment for many during the May to September season, with increasingly interesting vacation experiences available. However, the diversification of the economy into a widening variety of businesses and organizations has meant growth in jobs where skills and education are in demand, be that biosciences and health care, information technology, engineering, education, or many other job categories, with a growing list. There is a also a growing list of unfilled jobs, many because of the inadequate supply of skilled and educated persons, as the job market evolves to respond to the need for value adding, knowledge workers, and as more and more trades people retire with not enough newly skilled persons coming into the job market. The spectrum of opportunity in traditional occupation and in innovative careers is broadening. When needed PEI workers can access a number of programs to help them locate work or to help during periods of unemployment. For example, the Employment Insurance Program assists employees financially when the job market is unable to absorb all of the labour force. Job search, and training programs are available to assist those who are affected by changes in economy. In Prince Edward Island, employee rights in the workplace are governed by a number of Federal and Provincial laws and regulations. Workers Compensation is a program to financially assist injured workers during their recovery, acquire new employment skills or provide disability payments for those severely injured. | ||||||
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