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Capital gains for tech workers in Ottawa
Ottawa is often overlooked by British immigrants, many of whom choose to settle in bigger, more vibrant cities such as Vancouver, Toronto and Calgary, writes David Fuller
But recent data suggests that Canada's capital may just be the place to head if you're looking for a job, especially if you happen to be searching for one in the technology sector. The latest Canadian Imperial Bank of Commerce (CIBC) World Markets Metropolitan Economic Activity Index shows that the Ottawa-Gatineau area experienced the highest economic growth of any of Canada's 24 Census Metropolitan Areas (CMAs) in the first quarter of 2006. The area's booming technology sector is stated to be responsible for much of the growth. The region's economy grew by 28 per cent in this period, ahead of Calgary's (27 per cent) and Toronto's (24.9 per cent).
The report noted that: "While the city [Ottawa] does not lead the country in any of the nine sub-measures used to derive our index, it performed on a consistent basis well above average in most of these indicators. Note that the surge in high-tech activity in the city is probably playing an important role behind its impressive showing."
There are currently 1,841 technology-based companies located in the city – 30 more than in the previous quarter – while there are estimated to be 78,147 employees working in the city's technology sector. This figure has increased by 10 per cent since the first quarter of 2005 and is only 853 workers short of the industry's all-time high, experienced at the height of the city's technology boom in 2000.
And with many of the city's technology companies still experiencing severe skilled worker shortages it may not be too much longer until the number of people employed in Ottawa's technology industry surpasses the current record. Recently released data from a separate source would also suggest this could well be the case. According to staffing agency Manpower, 40 per cent of Ottawa-based employers plan to hire more staff during the July to September quarter, a massive increase from the previous period where just 8 per cent had expected to employ more workers.
The most recent Manpower data also shows that only 7 per cent of the city's employers who were surveyed expected to lose staff in this period. Nationally, the survey showed a net employment outlook of 29 per cent – the same figure recorded for the same quarter last year – while hiring intentions were found to be strongest in Western and Atlantic Canada.
It is not just technology-based workers who are in demand in Ottawa, though. The CIBC data also revealed that the Federal Government, which is based in the city, hired over 1,500 new employees to work in the Ottawa-Gatineau area alone during the first quarter of 2006 – an increase on 1.7 per cent. Across the whole of Canada the government hired a total of 4,200 new workers in the ten months leading up to March 2006. Further good news for any job seekers who find themselves drawn towards Canada's capital is the fact the unemployment rate for the Ottawa-Gatineau region hit an 18-year low in June, dipping below the 5 per cent mark to 4.9 per cent. However, the major cities of Calgary (3.4 per cent), Edmonton (3.7 per cent) and Vancouver (3.8 per cent) all still have a far lower unemployment figure than the capitals.
The reason for Calgary's fast-growing economy, meanwhile, was reckoned by CIBC to be down to a combination of key factors. "Calgary enjoys the fastest pace of population growth while the unemployment rate in the city is the lowest in the nation," the report said. " The city also leads the nation in the pace of MLS housing resale activity, and the increase in real estate prices over the past year was second only to Vancouver and Victoria," it added. Explaining Toronto's booming economy the report noted: "The city's population is growing at a pace second only to Calgary, while employment is also growing at a relatively accelerated pace. Moreover, the share of full-time employment in the city is relatively high, again second only to Calgary. "This is reflected in the fact that the rate of personal bankruptcies in Toronto is among the lowest in the country."
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Image: Courtesy of City of Ottawa