Vancouver has ranked first in North America for high-tech software job growth.
According to the 2020 CBRE North America Tech-30 report, Vancouver leads the 30 top tech markets in the US and Canada, with a rate of 29.2% in the current period.
Approximately 200 new jobs in this market had been created to support this, accounting for nearly 70% of all new office jobs in Vancouver in 2018 and 2019. This is a huge contrast with Vancouver’s standing in the previous period, where the city had a growth rate of only 2.7%.
Toronto follows New York and sits in the sixth spot with a growth rate of 17.1%, slightly down from the growth between the previous period of 2016 to 2017.
The ranking behind each market in the report was generated using employment data from year-end 2019, and hence, does not reflect the impact of the coronavirus pandemic.
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However, the high-tech industry’s adaptability and resilience are captured on the US national data reported through August 2020.
As businesses transition to remote work and digital operations, companies serving the most heavily impacted retail, leisure, and hospitality industries have deferred expansion plans to reduce headcount and conserve capital.
The report also notes that Vancouver is the third-best market when it comes to resiliency and growth in North America.
The CBRE predicts that the high-tech industry will continue to outperform the economy in terms of job growth as technology accelerates the expansion of the digital economy. Recent outperformance on NASDAQ projects that tremendous upsides exist for future earnings in tech companies. Key indicators to watch include the CAPE ratio and financial market trends in venture capital funding.
Along with new startups and company formations, the tech industry’s ability to create commercially viable products and services will likely be a critical contributor to reshaping the economy.