New Economic Impact Study Reveals $7.8 Billion Contribution
VICTORIA – VIATEC (Victoria Innovation, Advanced Technology and Entrepreneurship Council) is proud to present the findings of its 2023 Economic Impact Study (EIS), highlighting the substantial economic contributions and remarkable growth of Greater Victoria’s tech sector.
After months of effort the study reveals a total economic impact of over $7.8 billion, marking a significant 50.8% increase since the last study in 2017. Additionally, the sector has seen a 19.3% increase in net jobs to 20,007, further solidifying its role as a vital engine of the local economy.
Key Findings from the 2023 Economic Impact Study:
● Tech Sector Revenues: 44.3% increase from $4.06 billion to $5.87 billion
● Number of Tech firms: 19.6%* increase from 980 to 1172
● Job Creation: 19.3%* more net jobs from 16,775 to 20.007
● Total Economic Impact: 50.8%* increase from $5.22 billion to $7.87 billion
*When compared to 2017.
Dan Gunn, CEO of VIATEC, shared his thoughts: “This Economic Impact Study shows the real power of collaboration in our tech community. It’s concrete proof that what we’re doing here in Victoria is working. The growth we’ve seen is incredible, and it underscores the importance of continued support and investment in our sector. VIATEC invested in conducting this research so we can provide the data and insights needed to attract crucial funding and support from investors, future employees, government and international partners. This study helps us tell the story of Victoria’s tech success and ensures we can keep driving forward.”
On June 20th, Fort Tectoria was the venue for an event to celebrate the tech sector’s growth and reveal the highly anticipated results of the Economic Impact Study. The gathering brought together media outlets, community members, and industry leaders to explore the study’s findings and discuss the future of Victoria’s tech sector. Attendees were treated to a champagne toast, an insightful presentation, engaging discussions, and a showcase of detailed infographics that vividly illustrated the sector’s impressive growth.
VIATEC’s strategic goal for Greater Victoria’s Tech Sector is to reach $10 billion in annual revenues by 2030, further solidifying Victoria’s position as a leading tech hub.
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