A new report from TechToronto, an organization supporting the city’s technology community, says over 400,000 jobs in Toronto in 2016 are related to the tech sector.
The report, How Technology is Changing Toronto Employment, found that:
- Over the last 5 years, Toronto has grown tech-related jobs by 14.6%, which is two times faster than the rest of the country
- The Toronto tech ecosystem has a total of 401,000 jobs, making up 15% of all Toronto employment
- Tech-related jobs earned $24 billion in salaries in 2015, making it one of the highest hourly wage sectors in the city
- Toronto’s tech ecosystem is projected to add an additional 20,000 jobs by 2020.
https://twitter.com/pwc_tech/status/788160187236425729
Ben Zifkin, CEO of Hubba, a B2B product information network for retailers, said: “This report corroborates what we already know and what the rest of the world is learning – that Toronto excels in technology and that we can develop globally disruptive companies.”
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“What we can work on is developing an even more supportive innovation community, so that technology companies and jobs can flourish.”
The report made public policy recommendations including the following:
- Make the Toronto-Waterloo corridor world-renowned for fintech and machine learning
- Introduce fast track immigration visa for tech talents
- Increase enrollment and diversity in post secondary STEM programs
- Re-distribute government funds from incumbents to scaleups and startups
- Solve civic problems and strengthen local tech companies via procurement.
Download the full report, How Technology is Changing Toronto Employment, produced in collaboration with PwC, the Innovation Policy Lab at the Munk School of Global Affairs, and CareerBuilder.
Credit: StartupHere Toronto and Tech Toronto
Frequently Asked Questions
How many tech-related jobs did Toronto have in 2016?
A 2016 TechToronto report found the city's tech ecosystem had 401,000 jobs, making up 15 per cent of all employment in Toronto. Tech-related jobs earned $24 billion in salaries in 2015, one of the highest hourly wage sectors in the city.
How fast was Toronto's tech sector growing compared with the rest of Canada?
According to the 2016 report, Toronto grew tech-related jobs by 14.6 per cent over the previous five years, twice as fast as the rest of the country. The ecosystem was projected to add another 20,000 jobs by 2020.
What public policy changes did the TechToronto report recommend?
Recommendations included making the Toronto-Waterloo corridor world-renowned for fintech and machine learning, a fast-track immigration visa for tech talent, more enrolment and diversity in STEM programs, redirecting government funds to scaleups and startups, and using procurement to strengthen local tech companies.
What did Hubba's CEO say about the report?
Ben Zifkin, CEO of Hubba, said the report confirmed that Toronto excels in technology and can develop globally disruptive companies. He said the next step was building an even more supportive innovation community so tech companies and jobs can flourish.
Who helped produce the TechToronto report?
The report, How Technology is Changing Toronto Employment, was produced by TechToronto in collaboration with PwC, the Innovation Policy Lab at the Munk School of Global Affairs, and CareerBuilder.