The CBRE report said these markets boast the strongest number of factors that contribute to tech sector success, most importantly a high concentration of tech employment.
Calgary was sixth.
“Tech drives everything so it’s great to see our major markets do well. But it is also encouraging to see tech talent pools growing in smaller cities. The more areas that are plugged into, and benefit from, the economy of tomorrow the better,” said CBRE Canada Vice Chairman Paul Morassutti in a news release.
“Small cities are increasingly home to dynamic local firms, including startups and well-established companies. These areas may benefit further as young talent considers leaving major markets in the wake of the pandemic and businesses embrace more remote work.
“This year has been an especially challenging one. Though it’s difficult to make any predictions for what lies ahead, Canadians can take some comfort knowing that our tech-friendly cities are positioned to thrive.”
The report found:
- Ottawa had an 11.3% concentration of tech workers, double the Canadian average of 5.6% and the highest level among all North American cities;
- Toronto’s tech job gains accounted for nearly half the tech-job growth nationwide in the past five years. The 66,900 tech jobs Toronto added in that period is enough workers to fill a one million square foot office tower 10 times over;
- Toronto is not the fastest-growing tech market, however. The city’s 36.5% increase in tech employment over the past five years was outpaced by that of Waterloo Region and Vancouver, which posted job growth of 51.4% and 47.9%;
- Nationwide the number of tech talent workers has increased by 22.5% in the past five years, adding 165,300 jobs to the Canadian economy at a pace more than three times the national average; and
- The 899,200 tech talent workers account for 5.6% of the Canadian labour force.
In Calgary, the depth of the labour pool in tech is 42,500 which represents a growth of 17.1 per cent between 2014-2019. Tech occupations as a percentage of total employment is 5.7 per cent. And the quality of labour is scored as an A.