The most recent BC Stats report (2016 data) shows jobs and wages in British Columbia’s technology sector have reached a new peak as B.C.’s tech and innovation industry continues to thrive.
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.
Workforce: one of the largest in Canada
- Employment in B.C.’s tech sector increased 4.1% in 2016, to 106,430 – an all-time high.
- 2016 was the sixth consecutive year of growth in employment for B.C.’s tech sector.
- 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.
- B.C.’s unemployment rate for natural and applied sciences averaged 3.1% between 2006 and 2016, below the national average of 3.2%.
Wages and salaries 85% higher than B.C.’s average
- B.C. tech employees earn weekly average salaries of $1,690, about 85% higher than the average B.C. wage.
- Wages and salaries in B.C.’s tech sector reached a new peak for the sixth consecutive year in 2016, climbing 7.4% to just under $9.4 billion.
- B.C. tech workers earned about $1,690 a week, compared to $920 per week for the average B.C. worker. This is also higher than the Canadian tech sector average of $1,470.
More companies emerging
- The number of B.C. tech companies grew by 3.3% in 2016, for a total of 10,236 businesses.
- From 2007 to 2016, total venture capital (VC) investment in B.C. has increased by 215.2%.
- B.C. is third among Canadian provinces in terms of total VC investment dollars.
Economic activity: B.C. tech outpacing the provincial economy
- B.C.’s tech sector generates about 7% of provincial gross domestic product (GDP), placing it in the same range as manufacturing and health care.
- B.C. tech revenues jumped 9.2% in 2016, to $28.9 billion, the highest level ever recorded.
- Revenue grew in both the manufacturing and service sectors, with a 6.2% increase for manufacturing and a 9.7% rise for services.
- B.C.’s exports of high tech services jumped 7.7%, to $4.5 billion in 2016.
- There was a 3.5% rise in B.C. tech GDP in 2016, contributing almost $14.6 billion to B.C.’s overall economic output.
Profile of the British Columbia technology sector, 2017 edition, and Input Indicators of the British Columbia Technology Sector, 2017 edition: http://www.bcstats.gov.bc.ca/StatisticsBySubject/BusinessIndustry/HighTechnology.aspx