“The 4.9 million tech talent workers in the U.S. and 776,000 in Canada account for 3.5% of total workers in each country, respectively. This relatively small labor force has an outsized impact on real estate markets and the economy.” – CBRE 2017 Scoring Tech Talent
When it comes to offering the best value for high-quality tech talent, Canada is leading the charge compared to our neighbours south of the border. According to CBRE’s 2017 Scoring Tech Talent report, Vancouver was ranked the #1 best-value market for high-quality tech talent in North America, with Toronto coming in as a close second. Overall, the city placed 16th on the report, which evaluated 50 of the largest tech markets in North America based on their ability to attract and retain leading tech industry talent. While Silicon Valley and Seattle still top the charts for highest quality talent, high competition and supply constrained talent markets have some tech firms looking beyond major hubs for alternatives. Smaller markets, with relatively untapped talent pools are becoming increasingly more attractive to both start-ups and established tech communities. From 2011 to 2016, nearly 18,000 skilled professionals joined Vancouver’s tech talent labor pool, a 36.8% growth in the city’s tech workforce. We anticipate that this momentum in talent concentration, coupled with growing demand for high-quality talent across all tech industries, will be the driving force behind Vancouver’s expansion as a leading North American tech hub.