VIATEC posted an articleThe tech sector in Greater Victoria has a total economic impact of $5.22 billion and employs 16,775 see more
VIATEC releases Economic Impact Study of the Technology Sector in Greater Victoria
There is a total economic impact of $5.22 billion and the sector employs 16,775 people.
VICTORIA, BC (October 15, 2018) - The Victoria Innovation, Advanced Technology and Entrepreneurship Council (VIATEC), has surveyed local technology companies and commissioned an independent researcher (Alan Chaffe, senior economics lecturer at the University of Victoria), to collect and analyze the data - releasing a brand new Economic Impact Study.
The study shows there has been a growth of 30% since the last study was released in 2013:
The technology sector in Greater Victoria has a total economic impact of $5.22 billion and employs 16,775 people.
The tech sector contributes significantly to employment and economic output in both the local community, as well as throughout the Province of British Columbia. Growth in revenue and the number of technology firms for Greater Victoria outpaces the national average.
Greater Victoria is home to a vibrant, diverse, and successful technology sector that has been a major driver of innovation and economic growth for the BC economy. The technology sector in Greater Victoria has experienced significant growth over the past decade—with industry revenues (direct impact) increasing from $1.0 billion in 2004 to $4.06 in 2017. This represents a more than fourfold increase over this period.
The combined direct ($4.06 billion) and indirect ($1.16 billion) economic impact of the technology sector in Greater Victoria for 2017 was $5.22 billion—a 30% increase from the $4.03 billion estimated in 2013. The technology sector is responsible for a substantial portion of the region’s employment. In 2017, there were 16,775 employees in the sector.
The technology sector in Greater Victoria is expected to continue to grow. The number of technology firms in Greater Victoria is expected to increase, reaching over 1,000 before 2020. VIATEC recently adopted a strategic plan focused on supporting the region’s tech sector in growing to $10 billion in annual revenues by 2030. Based on the findings of this study, it is expected that this goal will be achieved if not surpassed in that time frame.
VIATEC (Victoria Innovation, Advanced Technology and Entrepreneurship Council), started in 1989. Our mission is to serve as the one-stop hub that connects people, knowledge and resources to grow and promote the Greater Victoria technology sector (Victoria's biggest industry).
We work closely with our members to offer a variety of events, programs and services. In addition, VIATEC serves as the front door of the local tech sector and as its spokesperson. To better support local innovators, we acquired our own building (Fort Tectoria) where we offer flexible and affordable office space to emerging local companies along with a gathering/event space for local entrepreneurs.
Our Focus Areas are: Regional and Sector Promotion, Networking and Connections, Talent and, Education and Mentoring. www.viatec.ca
Tessa Bousfield posted an articleWe decided to crunch some numbers about the size and scope of Greater Victoria’s tech sector. see more
We decided to crunch some numbers (actually, we went out and spent time surveying local companies and then commissioned an independent professional researcher to collect and analyze the data using a rigorous methodology) about the size and scope of Greater Victoria’s tech sector.
Well, the numbers are in, and we’re astounded by the results.
Tessa Bousfield posted an article“It’s an exciting time for our city as our tech sector continues to grow,” said Dan Gunn, VIATEC CEO see more
Source: Vic News
Author: Tim Collins
It’s a common misconception that tourism is Victoria’s biggest economic engine. In fact, while tourism is important, it’s actually the high-tech industry that generates the capital region’s greatest economic impact.
At about $4 billion annually, the high-tech industry has roughly twice the impact of tourism.
That’s why last week’s courting of investors from across North America was hugely important, according to Mayor Lisa Helps.
It all started out as a sort of “reverse trade mission,” meant to attract investors from San Francisco in the wake of last year’s trade mission to that city. But last week’s visits by potential investors and conference planners from across North America exceeded all expectations.
“It was an amazing response to our event,” said Helps. “We had 30 people attend, representing Seattle, Los Angeles, San Francisco, Portland, Vancouver, Toronto, Calgary and Winnipeg.”
The event, hosted by Helps and a prominent group of local representatives, transcended the original goal by far and helped solidify Victoria’s reputation in the competitive world of cutting-edge technology.
“It’s an exciting time for our city as our tech sector continues to grow,” said Dan Gunn, the CEO of VIATEC (Victoria Innovation, Advanced Technology & Entrepreneurship Council).
He said he was thrilled so many influential people in the industry had taken the time to visit and learn more about what is driving a “new era in Victoria’s economy and community.”
Attendees started their visit at Fort Tectoria where they heard why Victoria is the ideal place to visit, work, play and invest. They heard presentations by Helps, Amril Virk (minister of technology innovation and citizen’s services), United States Consul General Lynne Platt, and Tim Catlin, vice president of engineering at Change.org.
But perhaps the presentations that made the greatest impact were those made by the dozens of Victoria start-ups — all pitching Victoria as the ideal place to invest and do business.
“With our three T’s — talent, taxes, and time zone — our reputation as a desirable place has created world wide appeal,” said Virk. “But we’re also renowned as an educated, creative and talented community.”
He said it all combines to attract investors to the tech industry and to help fuel the region’s economy.
“It was just awesome,” said Helps. “Some of these people had no idea that Victoria even existed. But they were just thrilled. It created a buzz… a vibe. We know that these people will go back home and tell their associates about Victoria’s innovation economy. It’s a big win for the city.”