B.C. Stats Report: B.C. Tech Sector Reaches New Peak
Tech and Innovation Industry Continues to Thrive in 2017
B.C. Stats released its annual report on the BC Tech Sector today and revealed that the province’s tech sector remains a top economic driver, with over 10,200 companies employing over 106,00 people.
Wages and employment continue to rise, with B.C. tech employees earning a weekly average salary of $1,690 – around 85% higher than the average B.C. wage and higher than the Canadian tech sector average of $1,470/week.
Employment in the sector rose 4% last year, surpassing the province’s overall employment growth of 3% and national tech sector employment growth of 0.3%.
Continued growth in wages and the number of technology jobs and companies demonstrates that B.C. has the right conditions to attract technology talent, innovation and investment.
Facts about B.C.’s technology sector in 2016:
- The tech sector employs 106,430 people – a new all-time high.
- B.C.’s 10,236 technology companies generated $29 billion in annual revenue (9% growth) – the highest ever recorded.
- The technology sector employs approximately 5% of B.C.’s workforce – more than the mining, oil and gas, and forestry sectors combined, including manufacturing activities related to those resources.
- The gross domestic product (GDP) of British Columbia’s tech sector expanded almost 4% in 2016, contributing nearly $15 billion to B.C.’s overall economic output.
- The sector generates around 7% of provincial GDP, placing it in the same range as manufacturing and health care.