Friday, March 07, 2014

Nanaimo Tech Sector Economic Impact



The Nanaimo Economic Development Corporation (NEDC) in collaboration with Innovation Island released an Economic Impact Analysis of the Nanaimo Region Technology Sector today. The NEDC commissioned Nordicity, a respected research firm, to undertake this impact assessment. The rationale for undertaking this report was to create an up-to-date inventory of businesses, data and economic impact analysis of Nanaimo’s tech sector in order to support further industry development, help drive increased collaboration and foster more household sustaining jobs in our region.

“The Nanaimo region has a vibrant and growing tech community,” said Sasha Angus, CEO of NEDC. “We are very encouraged that the companies in this sector see our region as a great place to develop and grow their businesses, with a competitive business environment and great quality of life for their employees.”

Nanaimo and Region is home to an estimated 350+ businesses that drive the region’s technology industry. In 2012 they generated $204.1 million in revenues, and had sector-related expenditures of $155.2 million. The technology sector had a total GDP impact of $199.0 million and a total household income impact of $133 million. With a total employment impact of 2,730 jobs, this sector generated $19.7 million in taxes. For every $1 million in industry output, the tech sector generates 14 jobs in the region.

This newly released economic impact report also includes vignettes featuring several of Nanaimo’s most innovative technology companies. The above figures can be found at www.InvestNanaimo.com/Technology

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