Canada’s tech workforce is smaller compared to that of the US, but Canada’s tech talent pool is growing faster than its southern neighbor, according to data released by LinkedIn.
The number of IT engineers in Canada increased by 1.6% in the past year, while the US registered a growth rate of just 1.1 percent.
The rising volume of venture capital investment in domestic tech startups and the expansion of US technology firms in the country are the major factors driving the surge in the tech talent pool, according to analysts.
Canadian venture capital investment rose by a staggering 215% in 2021, with a lion’s share of this money going to technology startups.
The Canadian city that saw the highest growth (2.2%) in the tech workforce is Calgary. This small town in the western Canadian province of Alberta is offering a range of reskilling programs and has set aside $20 billion for digital transformation.
More number of people joined the tech workforce in Toronto as well. The Greater Toronto Area saw a 2% increase in tech talent in 2021.
Large US firms, including Google, Amazon, Netflix, Reddit, Uber, and Wayfair, have hired thousands of people across Canada, according to the report. This hiring spree has already forced many tech firms to raise wages by as much as 30%.