Okanagan Tech Sector Economic Impact Hits $4.98 Billion
Uncategorized October 9, 2024
The Okanagan’s tech sector has reached a significant milestone, according to the released economic impact report.
Accelerate Okanagan commissioned KPMG to conduct the study over the summer found that as of 2023, the Okanagan tech sector is made up of 787 tech companies that are supporting 32,645 jobs and contributing a remarkable $4.98 Billion economic impact, underscoring its vital role in the BC economy.
“In this report, we took a closer look at the different regions within the Okanagan as well as the emerging subsectors of the tech industry so we can all better understand what our innovation ecosystem really looks like,” said Brea Lake, CEO of Accelerate Okanagan. “The report aligns with the BC Stats framework to ensure that the insights are comprehensive and provide a clear picture of the sector’s true impact.”
The study found that the region’s reputation as a destination for young talent is taking hold, with 46% of employees being under the age of 35. Tech startups and established companies alike benefit from the local graduates and highly qualified professionals coming from institutions like Okanagan College and the University of British Columbia Okanagan Campus.
“We know demand is high everywhere for top tech talent as all employers seek to drive change and transformation. By working collaboratively with industry across sectors, we are developing skilled technology professionals here locally and positioning the region as a place for all businesses to grow and thrive,” said Dr. Neil Fassina, President of Okanagan College.
While the Okanagan tech sector enjoys many advantages, including quality of life, proximity to world-class post-secondary institutions, and a tight-knit tech community, challenges still persist. The study also found that the cost of living, access to specialized talent, and securing growth capital remain substantial barriers for entrepreneurs looking to scale their tech companies.
“Technology is the backbone of modern economies, driving productivity, increasing competitiveness, and accelerating economic growth,” said Laurel Douglas, CEO of ETSI-BC. ”It is critical to continue to foster support and build capacity for this key sector in the Okanagan.”
The future looks bright for the region, with 65% of tech companies preparing to grow their workforce in the coming year. The Okanagan tech ecosystem’s ability to drive innovation, collaborate effectively, and create high-quality jobs reinforces its position as a thriving tech hub in Canada. As the sector continues to evolve and expand, its impact on the regional and provincial economy will only grow.
Article and images sourced from Accelerate Okanagan
