Alberta’s technology sector has blossomed in the last 25 years. Tech investments first driven by the 2015–16 oil price drop created structural change in the economy that became evident during the COVID-19 pandemic. In 2024, these strategic efforts propelled Alberta ahead of British Columbia in venture capital funding for the first time, while also fostering the growth of alternative funding sources.

So exactly how big is the tech sector in Alberta today? How much does it contribute to the overall provincial economy? And where is it heading? 

ATB Financial has released a comprehensive report, "An Innovation Revolution: How Alberta Is Building the Future of Tech," detailing the remarkable transformation of Alberta's technology sector. To provide an economic snapshot of this trend, ATB Financial collaborated with the Business Data Lab (BDL) at the Canadian Chamber of Commerce.

Let’s look over the highlights.

From humble beginnings to a burgeoning ecosystem

The report divides the last 25 years of tech in Alberta into three phases.

• Early stages (2000-2014): Alberta's tech sector benefits from an oil and gas boom, fostering innovation and attracting a skilled workforce. Government investments in research and education lay the foundation for future growth.
• Diversification and resilience (2015-2019): The tech sector emerges as a key driver of diversification as oil prices decline. Significant growth occurs in energy technology and clean technology. Reskilling programs and the rise of homegrown tech companies further strengthen the sector.
• Rapid growth and recognition (2020-present): Alberta's tech sector grows quickly, driven by diversification efforts, government support, and increased venture capital investment. The province attracts global attention and talent, solidifying its position as a rising tech hub.

Between 2013 and 2023, the tech industry in Alberta grew three times faster than the overall Alberta economy. Employment grew even faster, at roughly four times the rate of all industries. 

Tech in Alberta today

The research found that the tech sector in Alberta today demonstrates strong economic performance on several fronts. 

• Tech contributes $12B to Alberta’s GDP.
• 48,449 Albertans work in the tech sector.
• Alberta tech workers earn an average of $63 per hour, which is higher than every other sector in the province except utilities, mining, and oil and gas.
• Each hour of labour in Alberta’s tech sector contributes $96 on average to provincial GDP.
• At $664 million, tech sector R&D investment leads the province for investment. It also accounts for 30% of all investment in Alberta.

The research highlighted four key factors driving this growth: strong research and development, government investment, Alberta’s entrepreneurial spirit, and a skilled workforce. 

Tech in Alberta tomorrow

Alberta’s tech sector stands at a crossroads today. The province is poised to become a global leader in sustainable energy tech, while AgriTech, FinTech, HealthTech and RuralTech present exciting opportunities for diversification and growth.

But realizing this immense potential will require overcoming significant challenges. The report highlights three:

• The tech talent shortage
• Connecting tech entrepreneurs with resources and support
• Funding gaps, particularly for early-stage startups

The full report dives into all of this with much more context and detail. Follow the link below to download it for free.