Waterloo Region has been named the top small tech talent market in North America for the fourth year in a row and is still ranked among the top 20 markets overall, according to the latest Scoring Tech Talent report from CBRE, an international commercial real-estate services company.
When compared to other regions in the report, Waterloo Region remains highly competitive and cost-effective. The report had indicated a slight slip in the region's ranking, but CBRE said it revised its initial rankings due to a technical error and Waterloo Region is still listed at 18 in this year's report. The area’s growth and tech ecosystem continue to set it apart from larger markets. The region saw a 46 per cent increase in tech jobs over the past five years, making it the third-fastest growing tech market in North America. This growth rate outpaces major tech hubs including New York, Los Angeles and the Bay Area.
Waterloo Region also ranks fourth in North America for the highest concentration of tech talent, with 9.6 per cent of its workforce in tech roles. The region added 9,100 new tech jobs between 2018 and 2023, surpassing cities such as Boston and San Diego. The region also saw the highest overall growth for residents in their 20s and 30s, with increases of 29 per cent and 20 per cent, respectively. This is up from 21.3 per cent and 17.2 per cent from the previous reporting period. The growth rate for these age groups remains significantly higher than in other markets.
The report also notes that Waterloo Region offers the best value for cost and quality. “The Waterloo Region and Vancouver in Canada provide the best value when it comes to cost and quality, followed by Madison, WI and Pittsburgh in the U.S.,” the report states.
The Toronto-Waterloo corridor continues to excel in tech growth and innovation. Toronto, ranked fourth overall, added about 95,000 tech jobs in the past five years, becoming the third-fastest growing market. Among the top 25 tech markets, six are Canadian cities, with Waterloo topping the list for smaller markets.
“To secure our spot as a global leader in tech, we need to keep doing our part to build a supportive ecosystem for founders, attract the best talent, and ensure businesses, post-secondary institutions and government are all working together,” said Angela Larraguibel, Senior VP of Founder Services at Communitech. “We have the critical ingredient for success: talent. Our post-secondary institutions are known for their research, entrepreneurial programs and talented graduates. They’ll continue to be key players in driving innovation and helping our region grow.”
A report released last week shows the University of Waterloo topped the list of Canadian universities and ranked 21st globally for the third year in a row. It’s one of six Canadian universities to make Pitchbook’s recent Top 100 list.
The 2024 PitchBook university rankings are based on the total number of founders whose companies received a round of venture funding between Jan. 1, 2013, and Aug. 1, 2024. The analysis is based on PitchBook data for global venture capital investment as well as the educational information of nearly 167,000 founders. According to PitchBook data, the University of Waterloo has educated 562 founders in the past decade, who’ve collectively raised $20 billion.
