There is currently a “remarkable expansion within the technology sector” of British Columbia, suggests a new report from Invest Vancouver, that is “driving economic development in the Metro Vancouver region.”
Invest Vancouver takes this position in its “Metro Vancouver Region’s High-tech Engine” report based on the fact that “employment in multiple technology industries is outpacing the broader economy and the region’s technology firms are attracting investment for innovations applicable to wide swaths of the economy.”
However, to sustain momentum, it is critical for the tech sector to adapt to “pressing challenges and opportunities,” warns the report, which examines investment and labour trends in the regional tech sector.
Currently, tech jobs account for one in ten roles in Vancouver, among the highest rates in Canada, and the array of tech companies operating in the area is also among the nation’s most diverse.
But the report outlines concerns that could negatively impact future outcomes for the sector.
“Continued growth is not a given,” states Invest Vancouver. “In particular, the region needs to ensure there is a sufficient number of workers with the appropriate skills to match industry needs.”
Other concerns cited include the rising cost of housing and living in general, which can dampen talent retention and attraction; a lack of industrial land that limits the region’s ability to attract tech manufacturers; and AI’s potential for unexpected disruption.
The cost of living, and other factors impacting talent attraction, rise to top-of-mind in the report. Why? Because the region’s talent pool is among its “key assets.”
“Access to high-quality talent is the primary reason multinational firms chose to invest in the region and, in some cases, further expand,” the report posits. “Maintaining this advantage will require ensuring continued stream of graduates through the region’s institutions of higher learning and workforce development initiatives.”
As for AI, it’s difficult to predict anything precise long-term, but for now the Vancouver area boasts “a growing cluster of applied AI firms” and employs about 7,000 workers in the field, the second most in Canada behind Toronto.
