On May 20th, 2020 SaskInteractive and its partners held a press conference and provided the following press release.
Tech Sector Adds Nearly $5 Billion Per Year to Saskatchewan Provincial GDP: New Study
The first-ever full-scale study of Saskatchewan’s tech sector shows exceptional growth since 2010 and forecasts continuing opportunities for employees, entrepreneurs and investors.
The Saskatchewan Technology Sector Labour Market and Economic Impact Study finds that, on average, people working in tech occupations earn 43% more than the average worker in Saskatchewan, with an average salary of $76,000. It establishes labour market baseline data against which further growth in Saskatchewan’s technology sector can be compared.
The study, completed by leading consultancy Nordicity, also identifies tech companies as a significant economic driver in Saskatchewan, generating over $10.2-billion in revenue in 2018 and representing 5.6% of Saskatchewan’s total gross domestic product.
“This extraordinary report has been highly anticipated,” says Darcy L. McLane, Chief Executive Officer at SaskInteractive, “and on behalf of our key partners from the SaskTech steering committee, I am honoured to release the findings to Saskatchewan citizens.” SaskInteractive commissioned the study with funding from Western Economic Diversification Canada and Innovation Saskatchewan.
“Saskatchewan entrepreneurs and workers can be proud of the growth of their technology sector in recent years – creating jobs and attracting investment across the province,” said the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for Western Economic Diversification Canada. “The federal government, through Western Economic Diversification Canada, will continue to work to support this burgeoning sector by working closely with businesses to overcome challenges, stimulate innovation and create good, local jobs. We’ve got your back.”
“Technology and innovation are cornerstones in our province’s growth and this report clearly shows that Saskatchewan is a special place in Canada where tech companies and workers can thrive,” says Innovation Saskatchewan Minister Tina Beaudry-Mellor. “From COVID-19 vaccine research to industry-leading software development, Saskatchewan innovators compete on the world stage.”
Saskatchewan’s ‘core’ tech sector of computer systems design and related services employs 3,740 throughout the province in nearly 800 companies. This “core” tech sector has grown 38% between 2010 and 2015, and 19% from 2015 to 2018, with Saskatchewan companies attracting a record amount of venture capital investment in 2019.
The Saskatchewan Technology Sector Labour Market and Economic Impact Study can be downloaded at www.saskinteractive.com/LMEI. Limited printed copies will also be available.