Two years ago, KPMG published the 2012 BC Technology Report Card, an account of the economic growth and vibrancy of the tech industry over the previous decade.
Now the BCTIA has collaborated with KPMG to evaluate the progress of the BC technology industry in the two years since.
In the 2014 report, KPMG assigned an “A” grade for the tech industry’s performance compared to other BC industry sectors and a “C+” in our competitiveness against other jurisdictions. The “A” grade was consistent with the rating from the 2012 report card. The “C+” grade represents an improvement from 2012.
Over the past three years, the BC tech industry has experienced significant growth, growing to $23 billion in revenue, generating $15 billion in GDP and employing over 84,000 well paid professionals in BC with wages that are 66% higher than the BC industrial average. BC Tech grew faster than tech sectors in other provinces and twice as fast as the Canadian average.
There remain, however, sizeable gaps in the level of investment in areas such as venture capital, talent availability, research and development and intellectual property—all of which contribute to a lower grade in terms of global competitiveness. Realizing the full economic and jobs opportunity for BC will require further investment, according to KPMG and BCTIA.