Alberta’s Tech Sector Powers Economic Growth, ATB Report Reveals

Alberta’s tech sector is emerging as a powerhouse of economic growth and innovation, according to a new report released by ATB Financial in partnership with the Canadian Chamber of Commerce’s Business Data Lab (BDL).

Titled An Innovation Revolution: How Alberta Is Building the Future of Tech, the report offers a detailed economic snapshot of the province’s evolving technology landscape, emphasizing its transformation from a resource-driven economy to a dynamic tech hub.

Among the report’s key findings:

• $13 Billion in GDP: Alberta’s tech sector contributed $13 billion to the province’s GDP in 2023, with labour productivity outpacing the provincial average by 25 percent.
• Explosive Job Growth: Between 2013 and 2023, tech employment in Alberta grew nearly four times faster than the provincial industry average, a trend that continued into 2024.
• Venture Capital Surge: Investment in Alberta tech has skyrocketed, with venture capital spending rising from $227 million in 2019 to $698 million in 2023.
• Global Talent Rankings: Calgary and Edmonton ranked 20th and 49th respectively in CBRE’s 2024 Tech Talent Scorecard, reinforcing their reputations as top destinations for tech talent in North America.
• Sector Diversification: While EnergyTech remains a cornerstone, Alberta is also seeing strong growth in AgriTech, FinTech, HealthTech, and AerospaceTech.
• Leading in R&D: Alberta’s tech sector leads provincial research and development efforts, accounting for $664 million in R&D spending.

“This report by Miranda Mantey gives a fascinating account of how Alberta’s resource-based economy put itself on the global tech map,” said Mark Parsons, Vice President and Chief Economist at ATB Financial. “It’s a story of overcoming obstacles, building on strengths and embracing innovation.”

The report paints a picture of a province in transition, propelled by strategic investments, a skilled and growing workforce, and a culture of entrepreneurship. While challenges remain—including access to capital and global competition—ATB Financial sees a promising path forward.

The full report outlines not only the sector’s current success, but also the opportunities Alberta can seize to continue building a tech-driven future.