Economic Outlook for Victoria BC’s Tech Sector – 2011 and Beyond
Earlier this year I attended an interesting economic outlook event highlighting the fact that despite global economic difficulties, Victoria continues to be a desirable place to live and work. Of course, people who are living in Victoria already know this!
Still, it was interesting to hear from people why we are “weathering the storm” so well, and even showing solid signs of recovery. The consulting firm that hosted this event, Chemistry Consulting, is well respected as expert in BC business development.
The Victoria Advanced Technology Council (VIATeC) presented an overview of the Tech sector in Greater Victoria, explaining that there are almost 900 tech companies operating locally, with over $1.95 billion in annual revenues (a figure which has doubled since 2000). This translates into more than $2.65 billion in annual economic impact! The tech sector directly employs 12,600 employees and expects a surge in hiring activity to be imminent.
The technology industries operating in Greater Victoria are not simply IT companies, other key sectors include:
- Life Sciences/Biotech;
- Advanced Manufacturing;
- Telecom and Wireless;
- New Media and Internet Technology;
- Ocean Sciences and Marine Technology;
- Technology Services;
- Electronics andPeripherals, and
- CleanTech and Environmental Technology.
Why are we enjoying success attracting tech companies to Victoria? Because we have:
- Excellent connectivity;
- 8 of the 15 Federal Research Labs that are located in BC are in Greater Victoria;
- 3 high quality post secondary schools (Uvic, Royal Roads, and Camosun College);
- Two Tech Parks;
- A strong K -12 school system, and
- CFB Esquimalt, the Naval Base.
Not to mention an exceptional location, temperate climate and access to outdoor activities that attracts the best and brightest minds. It’s not difficult to convince people that living in Victoria is a good thing! Check back here to find out more about why the economic outlook for Victoria is improving in 2011 and beyond.
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