Subscribe Now

* You will receive the latest news and updates on the Canadian IT marketplace.

Trending News

Blog Post

“An Economic Goliath”: Canada’s booming tech sector

“An Economic Goliath”: Canada’s booming tech sector 

The report comes from the Brookfield Institute for Innovation + Entrepreneurship (BII+E) at Ryerson University.  With regional breakdowns and comparisons to other industries, the report has found the tech sector to be one of Canada’ most important economic strengths.

With more stability than the real estate, manufacturing, extractive and construction industries, the tech sector tops even the country’s largest economic contributors.

“The key to future economic growth and stability is understanding where Canada’s strengths lie,” says Sean Mullin, Brookfield Institute for Innovation + Entrepreneurship Executive Director. “This benchmark study demonstrates a vibrant and diverse tech sector, and its potential as a driver of innovation and economic growth.”

The stats

$117 billion:  the amount that the tech sector contributed to Canada’s economic output.

864,000: the number of Canadians employed in the tech sector.

71,000: the number of firms in the sector (that’s 6.1 per cent of ALL Canadian businesses)

$67,000: the annual salary of tech sector employees ($19,000 above the national average)

50: the percentage of employees in the sector with a university education.

 “A renewed focus on the tech industry is crucial for Canada’s ongoing prosperity,” says John Ruffolo, Chief Executive Officer of OMERS Ventures. “Especially considering the volatility and finite nature of the commodities industry, it is critical that we ensure that our tech sector becomes a sustainable source of growth.” 

Related posts