Cleantech among fastest growing sectors in BC: KPMG
Industry surges with 9,800 employees forecasted in 2017, $1.8 billion in expected revenues.
VANCOUVER — BC’s Cleantech entrepreneurs have expanded the economy by launching dozens of new, high-growth companies, creating thousands of high-paying technology jobs for British Columbians, and attracting billions of dollars of investment to commercialize products and services for export around the world.
The BC Cleantech 2016 Status Report, a survey of Cleantech companies in BC by KPMG and the BC Cleantech Alliance, reveals that, by virtually every measure, BC’s Cleantech sector has shown dramatic growth. The sector’s employment growth rate remains high with the number of cleantech companies up 35% to 273 and the number of BC-based employees up 20% to 8,560. Total employment increased by 9% in 2014 and by 18% in 2016. The average wages have increased by 24% to $84,000, up from $68,000 in 2009.
The reach of the industry is significant, as BC’s Cleantech companies sell a substantial amount of their products and services to customers outside of BC. Survey results show the largest export market is the US, and this is expected to remain the case for the next three to five years. Combined sales to Europe, Asia and other countries is expected to grow to one-third of total revenue by 2021.
KPMG in Canada partnered with the BC Cleantech CEO Alliance for the second time, to develop this BC Cleantech 2016 Status Report. The report draws comparisons with results of a similar survey conducted in 2011. The objectives of the survey are to benchmark the size and growth of the industry, assess change since 2011 and provide valuable insights for evaluating, advocating and monitoring the growth and development of the industry in BC.
This status report has been developed based on an online survey sent to all Cleantech firms in the province – 273 firms in total. The survey was conducted in August and September of 2016. A total of 90 companies responded with 80 of those respondents completing the entire survey.