New money promised in the federal budget for the aerospace industry in Canada should mean more jobs on Prince Edward Island, says Aerospace PEI president Andrew Hall.

The new funding starts next year. Aerospace companies will have access to $110 million over the first four years, and $55 million a year after that.

"You're already seeing some of that start to trickle in now, companies looking at setting up in the province, a few people that are expanding because of the opportunities," said Hall.

"They're going to start competing on projects in the next six to nine months and that's going to translate into quite a bit of work for the Island economy."

Hall said the new federal funding could also be good for Holland College. The money will be invested, in part, on research at universities and colleges on large-scale projects with commercialization potential.