Cleantech Is Among the Fastest Growing Sectors of the BC Economy: KPMG ReportMonday, March 13, 2017
BC's Cleantech industry surges with 9,800 employees forecasted in 2017, $1.8 billion in expected revenues for 2016
Vancouver, BC, March 13, 2017--(T-Net)--KPMG released a new report today saying that Cleantech is among the fastest growing sectors of the BC economy and that over the past five years, British Columbia has emerged as a globally recognized centre of Cleantech innovation.
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 BC products and services for export around the world.
These findings are among the results of the BC Cleantech 2016 Status Report, a survey of Cleantech companies in British Columbia conducted by KPMG in Canada who joined forces with the BC Cleantech Alliance in the fall of 2016.
The report provides perspective on the size, health and impact of the Cleantech sector in the province.
By virtually every measure, BC's Cleantech sector has shown dramatic growth. In fact, the Cleantech 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. In addition, total employment in BC by Cleantech respondents 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, making the Cleantech industry a high value employer for British Columbians.
"The Cleantech sector continues to both experience and drive growth in our province, as well as provide an attractive investment opportunity for British Columbians," says Lorne Burns, Partner, KPMG in Canada, and author of the report. "The jobs it offers are desirable ones - average salaries are high and the technologies these jobs produce contribute to a cleaner and more sustainable world."
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 United States, 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.
"Over the past five years, BC's Cleantech sector has emerged as a global leader of Cleantech innovation, investment and job creation," said Jonathan Rhone, Chair of the BC Cleantech CEO Alliance. "As the sector expands, competes and wins in the $3 trillionglobal Cleantech market, the industry is becoming a critical driver of innovation and economic growth for the province and for Canada."
About KPMG's Cleantech Survey
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 British Columbia.
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.
KPMG LLP, an Audit, Tax and Advisory firm (kpmg.ca) and a Canadian limited liability partnership established under the laws ofOntario, is the Canadian member firm of KPMG International Cooperative ("KPMG International"). KPMG member firms around the world have 189,000 professionals, in 152 countries.
The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss entity. Each KPMG firm is a legally distinct and separate entity, and describes itself as such.
About the BC Cleantech CEO Alliance
The BC Cleantech CEO Alliance ("the Alliance") is a group of Cleantech CEOs and entrepreneurs committed to ensuring British Columbia is a global leader of Cleantech innovation, talent, and capital that develops breakthrough solutions for the world's most pressing challenges.
Andrée Gage, National Manager, Communications
KPMG in Canada
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