Accelerate Okanagan says the regional technology industry contributed more than $1.02 billion to the local economy in 2013.
According to an economic impact report commissioned by Accelerate Okanagan, and conducted by a third party in conjunction with Victoria-based VIATeC, the tech sector had a direct impact of $797 million in revenues by regional companies, as well as an indirect impact of $223 million created by businesses that supply inputs to the sector.
Accelerate Okanagan CEO, Pilar Portela, said the study shows why the Okanagan is one of the best places in Canada to start or invest in a tech business.
“Startups and tech companies in the Okanagan have great access to vital resources,” said Portela. “With over 6,500 highly skilled tech workers, an international airport that offers non-stop flights to 64 destinations, and easy access to vital business support programs and services, the Okanagan is a thriving entrepreneurial community that offers everything today’s startups need for success.”
The growth of the tech industry in the Okanagan is creating thousands of jobs for the many highly skilled people who move to the area to enjoy the Okanagan lifestyle. For Accelerate Okanagan and other local organizations that support the tech industry, this is good news.
According to the survey, the Okanagan Valley is home to 558 technology businesses with a collective workforce of 6,551 employees. The average business has 10 employees (eight full-time and two part-time) and works with two independent contractors. There are an estimated 1,920 self-employed technology workers in the Okanagan Valley.
The survey also indicated that technology employees tend to be slightly younger than local employee demographic in other industries, although all age groups are represented in the industry. A total of 38 per cent of the Okanagan tech sector employees are under the age of 35.
The results also indicate there is a growing number of women entering the tech field. About one quarter of tech employees are women, but local initiatives are underway that should see this percentage rise over the coming years.
