BC Tech Sector predicts Rebound in 2010

According to the 3rd annual TechTalent BC Labour Study issued today by the BC Technology Industry Association (BCTIA), the hiring forecast for BC’s tech industry signals recovery, optimism and even a return to a labour shortage by 2011.

While the BC technology industry was impacted by the economic downturn in 2009 and one-third of the respondents reduced their headcount, 34 percent of BC technology company respondents grew their team between September 1, 2008 and September 1, 2009 while another one-third stated no change in headcount in the same period.

The TechTalentBC study estimates that BC`s technology industry reduced its total headcount by approximately 6 percent during the study period and predicts that companies will add a similar amount back to their headcount by September 2010.

At over 81,000 employees in 2008, the BC technology industry was at its highest employment ever prior to the recession precipitated by the capital crunch in the fall of 2009. This year’s study suggests the BC tech industry will return to those heights.

The TechTalentBC study consisted of a web-based survey of senior executives and HR professionals at technology companies across BC. Two hundred and seventy-six companies representing over 14,000 employees responded to the survey. In aggregate, respondents represented a total of $5 billion of annual revenue or approximately one-third of the industry’s output.

The full report is available online.