Newsletter
As we turn the page on a busy summer and enter the fall, the economic development momentum continues to push full steam ahead in Summerside. Over the course of the past year, Summerside has continued to perform at a pace of unparalleled rate seen in previous decades. A quick snapshot below reinforces the investment mood in Summerside and the fact that you can make more money in Summerside:
• 83 new businesses established in the last 12 months
• Employment growth in the triple digits
• Over $41 million across all market segments in investment
• Record increase in Industrial/Commercial of over 240%
• Start of Sunbank Renewable energy at over $65 million
Obviously with this growth comes inherent challenges to be expected, labour constriction and space supply challenges to name a few, as well as challenges related to the Economic Development Department, which we continue to tackle head-on. Future demand in retail again is expected to hit record highs more than 100,000 square feet; offices looking for more than 25,000 and industrial demand topping 90,000. Our focus and attention are on collaborating with public and private sector partners to help Summerside seize the momentum of growth. As we continue to work with our existing client base and explore new and exciting opportunities, it is time that we work to build the better Summerside future together.
As Summerside continues advancing its economy and facilitating investment, there are many opportunities in the market for more actors to become actively involved in our future. From Core Block Downtown (still an open call to investors) to our state-of-the-art Eco Industrial Park, the demand in Summerside is ripe with opportunity. Further evidence is our labour recruitment push, new investment opportunities, and the fact that we call on investors to take a second look.
Summerside has long had a compelling investment case for growing and attracting business. Easy market access, lower costs, and sophisticated infrastructure work alongside international partnerships that makes Summerside’s value proposition even more attractive. Underpinned by investments in low carbon energy and innovation, Summerside's latest investment opportunities are centred on solid and stable return on investment principles.
With growth rocketing to triple-digit demand in all sectors of the economy and available real estate options at an all-time low, Summerside is actively courting developers and investors to capitalize on that demand. Current vacancies in housing, retail, commercial and industrial are well below provincial and national standards and in the single-digits; demand for space is at an all-time high, so our long-term growth outlook needs active investors and developers to help secure this pent-up demand.
Summerside understands that as more investors and businesses review their business and investment strategies to improve efficiencies, reduce costs, and increase profits the investment case for investing and locating in Summerside becomes even stronger.
With thriving and growing business sectors shaping the future of our economy, solid growth plans in place and an aggressive strategy to court successful business and fresh innovation to drive Summerside’s bright future, Summerside has quietly created a unique environment in which local and international brands can access an experienced workforce, world-class infrastructure, and a supportive and engagement business community along with progressive pro-business government support structures and investment. That means Summerside has sustained demand for your spaces being driven by world-class companies and talent with a strong pipeline for years to come.
Looking closer into Summerside’s offering reveals a City that has all the main street capabilities of a larger urban setting but with a stronger sense of investment in enabling infrastructure. From its fiber to the curb initiatives, investments in wind, solar battery and exploration into hydrogen, Summerside has the talent, expertise and mindset to sustain stable and long-term ROI for investors.
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BluWave strikes a major contract with Tata Power in India and Devashish Paul CEO credits the City of Summerside with invaluable learning and testbed applications to assist in his company landing this contract.
“Having the opportunity to work with Summerside under its Living Lab platform was invaluable, refreshing and business savvy for us,” quotes Paul. “AI models are built on systems and data. The historical and live data from the system are used to create the intelligence layer to optimize how the system is used, but AI companies need live systems to build initial AI models. Those were built on Summerside for Summerside and are now live and in operation for over 2 years in Summerside PEI,” continues Paul.
“We know the same models can then be used around the world and retrained on data from new systems. BluWave-ai was able to take electricity load models developed for Summerside, drop them in Mumbai and then use Mumbai data to retrain them initially over less than 48 hours and now gradually improving them for 1.5 years incrementally (like knowing how to drive in Summerside and arriving in Mumbai and figuring out how to drive there on new data). In essence, the load AI models of Summerside are now driving the grid in Mumbai India,” concludes Paul.
BluWave was able to conduct real-world testing with an innovative utility to develop the critical software to help utilities become more efficient and make more money right here in Summerside and through that experience can take that technology to the world. Built in Summerside for a global market.
Bluwave and Summerside are now working on the next generation software and working to establish a Centre of AI intelligence in Summerside with the hopes of hiring upwards of 5 seasoned software engineers to grow the company in Summerside.
This is a huge win for our client BluWave that embraced our Living Lab Program. Our ethos of the Living Lab to understand the problem, provide a platform to address and then allow companies to develop the proof is what our lab program is all about. This is a testament to an innovative City being able to deliver results for companies on a global stage and grow our local economy.
• 83 new businesses established in the last 12 months
• Employment growth in the triple digits
• Over $41 million across all market segments in investment
• Record increase in Industrial/Commercial of over 240%
• Start of Sunbank Renewable energy at over $65 million
Obviously with this growth comes inherent challenges to be expected, labour constriction and space supply challenges to name a few, as well as challenges related to the Economic Development Department, which we continue to tackle head-on. Future demand in retail again is expected to hit record highs more than 100,000 square feet; offices looking for more than 25,000 and industrial demand topping 90,000. Our focus and attention are on collaborating with public and private sector partners to help Summerside seize the momentum of growth. As we continue to work with our existing client base and explore new and exciting opportunities, it is time that we work to build the better Summerside future together.
Ripe With Investment
As Summerside continues advancing its economy and facilitating investment, there are many opportunities in the market for more actors to become actively involved in our future. From Core Block Downtown (still an open call to investors) to our state-of-the-art Eco Industrial Park, the demand in Summerside is ripe with opportunity. Further evidence is our labour recruitment push, new investment opportunities, and the fact that we call on investors to take a second look.
Summerside has long had a compelling investment case for growing and attracting business. Easy market access, lower costs, and sophisticated infrastructure work alongside international partnerships that makes Summerside’s value proposition even more attractive. Underpinned by investments in low carbon energy and innovation, Summerside's latest investment opportunities are centred on solid and stable return on investment principles.
With growth rocketing to triple-digit demand in all sectors of the economy and available real estate options at an all-time low, Summerside is actively courting developers and investors to capitalize on that demand. Current vacancies in housing, retail, commercial and industrial are well below provincial and national standards and in the single-digits; demand for space is at an all-time high, so our long-term growth outlook needs active investors and developers to help secure this pent-up demand.
Summerside understands that as more investors and businesses review their business and investment strategies to improve efficiencies, reduce costs, and increase profits the investment case for investing and locating in Summerside becomes even stronger.
With thriving and growing business sectors shaping the future of our economy, solid growth plans in place and an aggressive strategy to court successful business and fresh innovation to drive Summerside’s bright future, Summerside has quietly created a unique environment in which local and international brands can access an experienced workforce, world-class infrastructure, and a supportive and engagement business community along with progressive pro-business government support structures and investment. That means Summerside has sustained demand for your spaces being driven by world-class companies and talent with a strong pipeline for years to come.
Looking closer into Summerside’s offering reveals a City that has all the main street capabilities of a larger urban setting but with a stronger sense of investment in enabling infrastructure. From its fiber to the curb initiatives, investments in wind, solar battery and exploration into hydrogen, Summerside has the talent, expertise and mindset to sustain stable and long-term ROI for investors.
Another amazing success coming out of Summerside PEI’s Living Lab
“Summerside and BluWave Collaboration leads to Major International Contract”
“Summerside and BluWave Collaboration leads to Major International Contract”
BluWave strikes a major contract with Tata Power in India and Devashish Paul CEO credits the City of Summerside with invaluable learning and testbed applications to assist in his company landing this contract.
“Having the opportunity to work with Summerside under its Living Lab platform was invaluable, refreshing and business savvy for us,” quotes Paul. “AI models are built on systems and data. The historical and live data from the system are used to create the intelligence layer to optimize how the system is used, but AI companies need live systems to build initial AI models. Those were built on Summerside for Summerside and are now live and in operation for over 2 years in Summerside PEI,” continues Paul.
“We know the same models can then be used around the world and retrained on data from new systems. BluWave-ai was able to take electricity load models developed for Summerside, drop them in Mumbai and then use Mumbai data to retrain them initially over less than 48 hours and now gradually improving them for 1.5 years incrementally (like knowing how to drive in Summerside and arriving in Mumbai and figuring out how to drive there on new data). In essence, the load AI models of Summerside are now driving the grid in Mumbai India,” concludes Paul.
BluWave was able to conduct real-world testing with an innovative utility to develop the critical software to help utilities become more efficient and make more money right here in Summerside and through that experience can take that technology to the world. Built in Summerside for a global market.
Bluwave and Summerside are now working on the next generation software and working to establish a Centre of AI intelligence in Summerside with the hopes of hiring upwards of 5 seasoned software engineers to grow the company in Summerside.
This is a huge win for our client BluWave that embraced our Living Lab Program. Our ethos of the Living Lab to understand the problem, provide a platform to address and then allow companies to develop the proof is what our lab program is all about. This is a testament to an innovative City being able to deliver results for companies on a global stage and grow our local economy.
www.bigpossibilities.ca/living-lab
Summerside in Numbers
If interested in learning more about investment opportunities, economic development support or opportunities for growth, please call our Economic Development Professionals.
We would love to chat.
Alternatively, you can email us at mike@summerside.ca.
It could be the most profitable email you ever sent.
Michael Thususka
Director of Economic Development City of Summerside
275 Fitzroy Street, Summerside PE C1N 1H9
M: 902.432.0103, E: mike@summerside.ca
LET’S BUILD THE FUTURE TOGETHER!
Summerside in Numbers
If interested in learning more about investment opportunities, economic development support or opportunities for growth, please call our Economic Development Professionals.
We would love to chat.
Alternatively, you can email us at mike@summerside.ca.
It could be the most profitable email you ever sent.
Michael Thususka
Director of Economic Development City of Summerside
275 Fitzroy Street, Summerside PE C1N 1H9
M: 902.432.0103, E: mike@summerside.ca
LET’S BUILD THE FUTURE TOGETHER!