SUMMERSIDE, P.E.I. — What a difference a year makes.
Twelve months ago, Premier Dennis King stood in front of a room full of Greater Summerside Chamber of Commerce members and delivered the kind of rosy economic update any politician would relish.
The economy was on a tear.
“Quite frankly it was all good news – this year, not so much,” said King Friday at the chamber’s annual breakfast with the premier.
The impact of the COVID-19 pandemic continues to hurt the Island’s economy, said the premier, with the tourism and hospitality industries bearing the brunt of the damage. The aerospace industry, which employs hundreds of people in the Summerside area, is also facing some significant challenges.
That being said, said King, P.E.I. is well positioned to have the strongest economic recovery in Canada.
Some positive factors the premier stressed included strong population growth, as government had a goal of reaching 160,000 residents by 2022. It now appears that number will be reached later this year.
The construction industry has also shrugged off the pandemic, added King, and indicators are strong from sectors like farming, fishing and some parts of the retail sector.
When the pandemic was beginning, King said the province projected an economic contraction of 5.1 per cent, but more recent projections now show a 3.9 per cent downturn is more likely.
This is considerably better than the 11.5 per cent decline experienced at the national level, he added.
“It’s not all bad. Quite frankly, when (the pandemic) started in March we didn’t see how there could be any positives.”
King urged local business leaders to look out for each other and their communities and for all residents to buy local when possible.
The only way P.E.I. will get through the pandemic is by working together, he said.
“I have great faith in this community," he said. "The current fight, although it looks tough, we will fight together, we will get through it because that’s who we are.”
King’s speech impressed Barbie Moudahi, an entrepreneur, chamber member and relatively new Islander, having moved to O’Leary from B.C. a little more than a year ago.
Moudahi said she has been impressed by the local support Island businesses enjoy and she was happy to hear King stress the need to continue to grow that support during the pandemic.
“The support for businesspeople, for entrepreneurs, is unbelievable. I’m only just learning to reach out for that because I never really felt that support,” she said.
