PEI and the other Atlantic provinces will see modest economic growth in 2017, according to a report released in the fall of 2016 by the Atlantic Provinces Economic Council (APEC).
“In 2017, we should expect slightly higher oil prices and production, stronger US demand for Canadian exports, and more federal infrastructure stimulus spending,” says David Chaundy, APEC’s Director of Research. “PEI should expect growth similar to 2016, at about 1.4 percent.”
APEC reports that PEI has a more diversified base then other provinces. It is less focussed on commodity-based mining and energy industries, and has been insulated from some of the job losses in those sectors. It has also seen growth in sectors like bioscience and aerospace.
Since 2008, Canada’s population has grown at about eight percent, but Atlantic Canada has grown less than two percent. PEI’s population grew six percent during that time. Atlantic Canada’s senior population is growing as fast as it is nationally, at about 28 percent since 2008.
Two PEI businesses that compete successfully in domestic and global markets
Vector Aerospace Engine Services-Atlantic Inc.
Vector Aerospace has grown significantly since it started on PEI in 1991 with four employees. Today, the 140,000 square foot facility in Slemon Park, Summerside, employs about 445 people and is PEI`s largest aerospace company.
“In 2016, we celebrated our 25th year of providing engine support on PEI,” says Declan O’Shea. “We achieved this milestone with the help of our people. This business is very hard to automate, so most of our processes depend on human touch.”
The Summerside facility is a fully-authorized Pratt & Whitney repair and overhaul shop for the PT6A, JT15D and the PW100 engine series.
“Vector is a leading player in the global aerospace maintenance, repair and overhaul market,” says Declan.
“More than 2,300 people work for the company world-wide, serving more than 3,000 customers. There are facilities in Canada, US, UK, France, Australia, South Africa, Kenya, and Singapore.”
Five years ago, sales for the Atlantic Canada division were $200 million US. In 2015, it was about $300 million, and in 2016 it was about $350 million.
Declan says that part of Vector’s growth is due to a properly trained workforce. “We have the highest skilled and trained and motivated workforce. Attention to detail, meeting deadlines, and delivering on promises have earned us a loyal customer base.”
“In the next five years, we are forecasting about 20 percent growth in business on PEI. Globally, 18 percent of aerospace workers will be eligible to retire in the next two years. Worldwide, we are finding it harder to attract and retain the right people.
“Here on PEI, over 85 percent of our workers have come through Holland College or UPEI. We will continue to support the education programs we need in order to ensure we have a steady stream of workers with the right skills.”
For more about Vector Aerospace Engine Services-Atlantic, visit www.vectoraerospace.com.
DeltaWare Division of MAXIMUS Canada
In 2017, the DeltaWare Division of MAXIMUS Canada will celebrate its 25th year in business. It has grown over the years to focus on the e-Business and eHealth sectors.
On the eHealth side, their Medigent product is a world-class suite of healthcare software modules to manage public sector health insurance programs. In the e-Business sector, they implement and support Oracle’s Enterprise Resource Management solutions.
“By nature, our business is heavily into innovation,” says Vince McKenna. “We are constantly adding features and modules to expand our customer base. We also engage in partnerships, so that we can combine our expertise for larger projects.”
Located in the Atlantic Technology Centre, the PEI office employs approximately 100 professionals with various backgrounds and specializations.
“We hire all types of programmers in many technologies, and are regularly looking to hire eHealth consultants or business analysts.
“Senior-level resources are the hardest to recruit. We complete project work and there is at times a need to pull in additional technical resources to complete a project. It would be ideal to have a group of contract resources to draw from when we need them.
“There are many transformations occurring in the eHealth field, so we need to be ready to capitalize on them as opportunities arise, and to ensure we have the resource capacity to support that work.”
For more about MAXIMUS Canada, visit www.maximuscanada.ca.