CBRE’s just-released Scoring Tech Talent ranking of North America’s top tech employment markets shows that Toronto was supplanted at #3 by New York Metro despite having recorded the second-most tech employment growth in North America between 2017 and 2022, with 63,800 jobs added.
Toronto fell to #5.
The San Francisco Bay Area retained its #1 spot followed by Seattle at #2. Washington D.C. was #4.
Bradley Hook
“Vancouver, which had the highest tech job growth rate of all cities measured (69 per cent), stayed at #8 in the ranking; Ottawa moved up two spots to #11; Montreal rose three spots to #12, having added the third most tech talent jobs in North America (51,500) after Toronto and the San Francisco Bay Area,” said the report.
“Waterloo Region moved up six spots to #18; Calgary – with a 61 per cent tech job growth rate, second in North America – improved an impressive seven spots to #21; and Quebec City rose four to #35. Edmonton was the only other Canadian market to dip in the ranking, dropping to #39.
“The tech markets with the highest tech job growth rates on the continent were all Canadian: Vancouver (69 per cent), Calgary (61 per cent), Waterloo Region (52 per cent) and Edmonton (45 per cent). Canada’s tech talent workforce grew by 15.7 per cent (+150,000) from 2020 to 2022, outpacing the U.S. growth rate of 11.4 per cent (+610,000).
Paul Morassutti
“The scorecard shows how competitive and tightly clustered the top tech markets are right now. After a period of hypergrowth, the global tech sector is facing headwinds, and like many other sectors of the economy, tech has had to adjust to changing economic circumstances with office right-sizing and layoffs,” said CBRE Canada Chairman Paul Morassutti.
“Regardless of these short-term trends, Canadian cities have a solid tech employment base and job growth in Canadian markets such as Vancouver, Toronto and Montreal are among the highest in North America. Canadian tech is on a path to more a normalized, sustainable growth trajectory which will make for a healthier sector in the long run. You could say that Canada’s tech sector has shifted from office-market juggernaut to a sleeping giant in the short-term.”
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list)
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