Replacing aging workforce important says market researcher

By 2018, more people will be dying on Prince Edward Island than the number of babies being born, according to Corporate Research Associates chief executive officer Don Mills.

Mills told CBC News: Compass host Bruce Rainnie this is why it is important to find people from other places to replace the aging labour force.

"One of the things that P.E.I. has done a really good job with over the last seven or eight years is ramp up the immigration numbers. Those numbers are helping to increase the population in a nice, steady fashion," said Mills.

"In fact, it's a really nice growth pattern for the Island so it can be absorbed without causing a lot of pain so that's been a big benefit."

Leader in economic growth

Mills, who was visiting the Island Thursday to deliver his quarterly report on the regions's economic performance,said New Brunswick and Nova Scotia are already experiencing the shift into population decline.

When asked how P.E.I. was doing compared to the rest of the region in terms of economic performance, Millssaid many would be surprised at his answer.

"P.E.I. has led the region in economic growth over the last eight years by a considerable margin," he said.

"In fact, the average growth, in GDP growth, in P.E.I. is close to the Canadian average over the last eight years which is pretty good."

Boosting the economy

Mills said the reason for the growth is because the Island is the only part of Atlantic Canada where the population is actually growing.

"When you have a population that grows if you have one per cent more people, they have to eat, be clothed and everything else. It boosts the economy right away," he said.

"So you have the boost of population growth to boost the GDP right away."

Mills said the economic growth can be partially attributed to immigration and population growth.

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