KELOWNA – Accelerate Okanagan, the leading technology accelerator in British Columbia’s Okanagan Valley, recently released the results of a report on the technology sector’s economic impact in 2015.
Commissioned by Accelerate Okanagan, the study was conducted by a third party researcher with Small Business BC, and was focused on assessing two-year growth of the Okanagan technology sector, further to a similar 2013 report.
In 2015, the Okanagan technology industry contributed $1.3 billion to the overall Okanagan economy, including direct revenues of $1.02 billion generated by technology companies, and an indirect impact of $284 million from businesses supplying inputs to the technology sector.
These figures are significant as they represent an increase of over $300 million of revenue contribution to the Okanagan economy since 2013 – an unprecedented 30% growth rate in two years. For reference, in 2013 the overall BC technology industry contributed $23 billion to the economy, with a 5.2% annual growth.
Accelerate Okanagan’s CEO, Raghwa Gopal, explained that the study clearly illustrates that the region’s technology sector is on a major growth path, and is building value and diversity throughout the Okanagan. The economic study further revealed that the Okanagan technology sector is growing faster than any other British Columbia sector.
According to the 2015 economic impact survey, the Okanagan Valley is home to 633 technology businesses with a collective workforce of 7,600 employees, with the average business employing eight people. For reference, the 2013 Okanagan study showed 558 technology businesses with a workforce of 6,551 employees.
Over a two-year period, the Okanagan’s technology workforce has increased by 16% to now employ an additional 1,049 people. This is equivalent to five companies the size of Okanagan-based QHR Technology, which recently sold for an estimated $170 million.
Okanagan technology industry growth is creating thousands of jobs for highly skilled people who are increasingly migrating to the area to enjoy the Okanagan lifestyle. More than half (52%) the Okanagan technology workforce is under age 35 – a significant increase of 14% since the 2013 survey (38%).
This 2015 survey brings particularly welcome news for the City of Kelowna and other local organizations which enthusiastically support the technology industry, and see it as strategic to the Okanagan’s future.
The study was commissioned by Small Business BC, and has a margin of error of +/-8.9% and is accurate 19 times out of 20. The 24-page report is available here.