PEI

P.E.I. immigration forecast to reach record levels in 2020

Strong economic growth on Prince Edward Island is expected to continue into 2020.

Immigration projected to hit record level

Population growth is playing a big role in economic growth, says Fred Bergman. (CBC)

Strong economic growth on Prince Edward Island is expected to continue into 2020.

The Atlantic Provinces Economic Council released its Atlantic Canada economic outlook Monday morning.

APEC estimates 3.0 per cent economic growth in 2019 for P.E.I., and a further 2.8 per cent in 2020.

Those are the highest growth rates in the region.

Growth in 2019 is led by household spending, manufacturing and exports, APEC said, and in 2020 by continued population growth and major project investment.

"P.E.I. continues to lead population growth across Canada, three years in a row now. In terms of real economic growth you've been leading already four years in a row," said senior policy analyst Fred Bergman.

"Immigration is going to play a big role again this year. Year-to-date immigration is up 20 per cent."

APEC is forecasting even higher immigration in 2020, as many as 3,500 people. The previous annual high was 2010-11, when about 2,600 immigrants landed on P.E.I.

Some of the major project investment in 2020 will be in part about serving that growing population.

APEC said global trade uncertainty is continuing to affect economic growth in the region. Exports to the United States could be down as much as $30 million due to reduced demand from the U.S.

More P.E.I. news

With files from CBC News: Compass

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