03 Apr BC Tech Sector Shows Continued Economic Growth
Growth in Mid-Size Firms; Wages and Salaries Hit New High
Vancouver, BC, April 3, 2014 – A report released today by BC Stats, shows that British Columbia’s technology sector continues to make progress as provincial economic leader.
The report outlines how our sector has grown in a number of areas, and has remained steady, against the economic headwind that we’ve faced for the past five years. With the US market finally gaining strength, the Canadian dollar rebalancing around 90 cents US, new trade opportunities in Europe and Asia, and continued domestic opportunities around natural resources and infrastructure, we’re well positioned for even greater growth.
With industry revenues exceeding $23 Billion in 2012, the BC technology sector employs over 84,000 in 9,010 companies. With an average weekly wage of $1,440 per employee, a notable 65% higher than the average wage in BC of $870. Engineering Services, the industry segment with the highest wages, has an average weekly wage of $1,990 ($103,480 annually).
“The BCTIA is heavily invested in the delivery of capacity-building initiatives for our companies, and while there is certainly more to do, we’re very pleased with the progress of our industry in such a short period of time,” stated Bill Tam, President and CEO of the BC Technology Industry Association (BCTIA).
While BC has a vibrant start-up tech community, 253 new companies in 2012 alone, it has traditionally lacked in the number of mid-sized technology companies (50 to 499 employees). This mid-sized company segment experienced a 14% growth to 376 companies between 2009 and 2012.
Of interest to those working in, or considering a career in the technology sector, is the continued growth in salaries. The average annual salary of tech workers grew to a new high of $75,000, far above the BC average of $45,000 and for the first time, the average BC tech wage now rivals that of Ontario and is higher than the overall Canadian average.
“The BC technology industry continues to outpace overall provincial growth, making the sector an even larger part an increasingly diversified and resilient provincial economy,” noted Ken Peacock, Chief Economist and Vice President of the Business Council. “This ongoing expansion is especially welcome because the sector’s high wages and purchases of inputs from other local industries results in large spin-off economic benefits within the province.”