The technology industry in British Columbia (BC) is growing at full speed, with Victoria, capital of the province, emerging as the new technology hub in Canada.
Although the sector accounts for 7% of the province’s economy, technology is the fastest growing among all economic sectors, according to the KPMG Technology Report 2018.
Over the past two years, BC tech sector’s revenue increased by 11.9%, with many mid-size companies continuing to expand operations.
“I’m proud to see BC’s tech sector get a third straight A on economic outputs,” said Jill Tipping, President and CEO of BC Tech, an association of local tech companies, urging the government to focus on boosting tech talent pool and helping companies scale up operations.
“Strong anchor tech companies at the heart of our ecosystem are extremely important to enrich the talent pool, create spinoffs, and provide proven pathways to scale.”
Today there are around 10,000 technology companies across the province, In Okanagan, the tech sector has grown 15% each year since 2013, says Raghwa Gopal, CEO of Accelerate Okanagan.
The news comes at a time analysts are predicting that the federal government’s supercluster program will add $5 billion CAD to BC’s economy and create as many as 13,500 jobs over the next 10 years.
“This strong A-grade shows that tech companies continue to create good jobs throughout our province,” said Bruce Ralston, Minister of Jobs, Trade and Technology. “A strong economy needs thriving industries, and our government is committed to the tech sector’s continued success in all areas, particularly the natural resource sector. This includes increasing talent development so that we have a well-educated and diverse work force that can support the province’s innovation and growth.”