CHARLOTTETOWN - The province's economy remained stable in 2001 due to gains in the IT and construction industries, which helped to offset losses in the agricultural and fisheries markets, says Premier George Binns.

The construction industry saw a 120 per cent increase in building permits issued, a number second only to Alberta. Employees in the technology sector made a combined income of $90 million for the year.

"Our push into technology, into neutraceuticals, into research, into expansion of trade for small business have all helped to build a more diversified economy, a more resilient economy, a more self-reliant economy and an economy that can't be stopped."

Despite the worst drought in P.E.I.'s history and a potato wart crisis that restricted U.S. exports, the agricultural industry did see a five per cent increase over the course of the year. The fisheries industry was also plagued with problems in the American market, yet it too managed to increase profits by six per cent in 2001. Tourism was also up by twelve per cent.

"What this combination of good news despite adversity tells us is that we have been doing many things right," Binns said.

 

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