Our Tectorian of the Week is Greater Victoria’s tech sector.
To mark the launch of Fort Tectoria this week, we decided to crunch some numbers (actually, we went out and spent time surveying local companies and then commissioned an independent professional researcher to collect and analyze the data using a rigorous methodology) about the size and scope of Greater Victoria’s tech sector.
Well, the numbers are in, and we’re astounded by the results:
$3.15 billion in annual revenues
That’s right: according to our latest economic impact study, the 884 local companies that make up Greater Victoria’s advanced technology sector now generate an estimated $3.15 billion in annual revenues.
Another astounding number:
$4 billion total economic impact
The total economic impact Greater Victoria’s tech sector has on our local economy now tops a whopping $4 billion ($4.03 billion to be precise; see below for an explanation of “total economic impact”).
Another astounding number:
$1.16 billion VIATeC 25 combined revenues
The combined revenues of the VIATeC 25 (the Victoria tech sector’s 25 biggest firms, according to revenues, that are founded or headquartered in Victoria) has reached $1.16 billion over the past year.
That’s 20 per cent growth in combined reported revenues to since this time last year!
What a way to launch Fort Tectoria! And it’s all thanks to the Tectorians like you who power our ever-expanding tech sector.
Ten years of explosive growth for Victoria’s tech sector
VIATeC has been commissioning economic impact studies for the past 10 years, and since 2004 it is apparent growth in the tech sector is continuing to accelerate.
In 2004, VIATeC, with the help of an independent researcher and analyst, estimated tech sector revenues to be about $1 billion.
Five years later, a 2009 economic study that VIATeC commissioned estimated the sector’s revenues had grown to $1.95 billion.
And now in 2014, we estimate the tech sector annual revenues have grown to $3.15 billion.
Estimated economic impact has grown explosively as well.
In 2009, the estimated economic impact of the tech sector was $2.6 billion. And now in 2014, the estimated economic impact has grown to a staggering $4.03 billion.
We want to point out that these are conservative estimates: we’re always wary of statisticians using multipliers to determine economic impact.
Depending on which methodology one uses, the economic impact numbers could be higher.
Greater Victoria tech sector continues to produce jobs
According to VIATeC’s just-finished economic impact study, Greater Victoria’s tech sector that now directly employs 15,000 people as well as more than 3,000 consultants and advisers, and another 5,000 individuals working in technology for companies outside the high-tech sphere.
23,000 local tech professionals
That’s 23,000 people working in the tech sector, making Victoria one of Canada’s more fun and vibrant places to launch a career or a new business.
And that’s why you all are our Tectorian of the Week!
Greater Victoria’s growing tech sector: the latest statistics (as of 2014)
$4.03 billion: Total economic impact of Greater Victoria’s tech sector
$3.15 billion: Estimated annual revenues of Greater Victoria’s tech sector
$1.16 billion: Combined revenues of the top 25 companies based in Victoria (VIATeC 25)
884: Number of tech companies in Greater Victoria’s tech sector
15,000: Number of people directly employed by technology companies
Explainer: Direct Economic Impact Vs. Indirect Economic Impact
- The direct impact – representing the total output (revenues) directly generated by companies in the sector – is estimated at $3.15 billion.
- The indirect impact – representing the impact of those businesses who supply inputs to the technology sector – is estimated at $876 million.
- Combined, the total economic impact of the high technology sector within the Greater Victoria region is estimated to be $4.03 billion.