With Technology being at the forefront of providing employment and growth in the economy, it’s important to understand how British Columbia’s government is assisting the community in growing technology start-ups.
British Columbia is thriving in its high-tech sector, with nearly 11,000 small, medium, and large companies operating with success in the technology sector, providing both products and services.
The annual growth rate in the sector is just over 1.0%. Mostly, technology in BC is seen in the service delivery sector and is showing no signs of slowing down with growth.
This article will showcase some of the most important aspects of how the government has been assisting companies in the technology sector, specifically for agriculture and service industries.
Employment and Wages Growth Since 2019
Due to the successful nature of the technology sector, it has seen healthy wages increase in many companies and governments. For nearly 20 consecutive years, the sector has seen annual increases in wages, with 2019 reaching a new high of 4.7%^ in increases for around 5.6% of BC’s workforce being employed in the high-tech sector.
Ranked in Canada’s Top-3 Provinces with Technology Growth
Throughout Canada, the British Columbian province seems to have one of the top-rated tech sectors ranking third in GDP. The rating also includes consideration into employment revenue and exports. The province is ranked second in average weekly earnings in the sector and fourth in the count of businesses.
The Sector Is Expanding
The province has seen many new technology start-ups opening. The BC province has seen a wide increase in business and is expanding rapidly with its technology sector. The sector’s GDP increased by more than 4% to around $18 billion in its best year yet, which ran from 2018 to 2019.
The manufacturing side of the technology sector saw a 6.5 percent increase in business, and the service sector in technology saw a 4% increase.
Increase in Tech Imports and Exports
The sector has seen an increase in both exports and imports, with exportation reaching over %6 billion in services annually since 2019, which is a 5.1 increase in exports. The province saw nearly 4.5 billion in tech services going up with imports.
British Columbia is set to introduce more start-up grants for the technology sector to further grow the industry due to the sure success that has been part of the technology sector and making BC’s technology sector one of the top 3 provinces for technology growth.