Earlier in 2014 VIATeC decided to commission a study to get some new numbers about the size and scope of Greater Victoria’s advanced technology sector.
We spent time surveying local companies and then commissioned an independent professional researcher to collect and analyze the data using a rigorous methodology.
The result was the “2014 Greater Victoria Technology Sector Economic Impact Study.”
Some notable results of the 2014 Economic Impact Study:
$3.15 billion in annual revenues
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.
23,000 local tech professionals
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, plus another 5,000 individuals working in technology for companies outside the high-tech sphere.
$4 billion total economic impact
The total economic impact Greater Victoria’s tech sector has on our local economy now tops a $4 billion ($4.03 billion to be precise; see below for an explanation of “total economic impact”).
Highlights from the 2014 Greater Victoria Technology Sector Economic Impact Study
$4.03 billion: Total economic impact of Greater Victoria’s tech sector
$3.15 billion: Estimated annual revenues of Greater Victoria’s tech sector
884: Number of tech companies in Greater Victoria’s tech sector
15,000: Number of people directly employed by technology companies
$1.16 billion: Combined revenues of the top 25 companies based in Victoria (VIATeC 25)
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.
Name: Tessa Bousfield, firstname.lastname@example.org