HaliFACTs - A Look at Technology Ecosystems on Canada’s East Coast
Halifax, Nova Scotia is an emerging tech market with renowned universities, a high concentration of college-educated workers, and a growing IT ecosystem. In 2020, Atlantic Canada’s largest city jumped from 12th to 7th place in CBRE’s North America’s Next 25 Tech Talent Markets.
Throughout the COVID19 pandemic, technology companies were some of the most resilient and are now preparing for a high-paced growth. Over the past year, Nova Scotia has seen a 19.7% increase in the workforce in professional, scientific and technical services. The pandemic accelerated digitization and technology adoption, making technology “a key driver of the Canadian economy”.
“We’ve all come to appreciate the vital role that tech plays in our lives, especially during the pandemic, but it’s also a key driver of the Canadian economy and securing tech talent has never been more essential.”
— CBRE Canada Vice Chairman Paul Morassutti
Here are 5 reasons why Halifax is the next target on the global technology map:
Growing Technology Ecosystem
Halifax has the right mix of post-secondary institutions, established multinational firms and an active startup community with connections to Toronto and Silicon Valley. Of the more than 2,300 companies operating in the technology sector, a significant number are startups working on cutting-edge ICT solutions.
Tech Talent
Dalhousie University is the region’s largest university and is known for its excellence in academics and world-class research. Overall, Nova Scotia’s universities have 22% more students enrolled, per capita, in ICT related fields than the Canadian average. In October 2020, when unemployment rose across Nova Scotia, Halifax saw the opposite - its unemployment rate dropped from 8.4% to 7.7%.
Cost Advantages
According to CBRE, Halifax outranked big cities like Las Vegas. One of the reasons why Halifax is such a competitive tech centre is its affordable operations. Employee wages and property rental are the biggest contributors to a firm's expenses, but both metrics are very cost-competitive in Halifax.
Several businesses from outside the region are choosing to set up shop in Halifax. In 2020, Wattpad, a Toronto-based story-telling platform and entertainment company, launched its second headquarters in the Volta innovation hub in the Maritime Centre. Xocean, an Ireland-based company, is also planning to expand its operation in Halifax. IBM, the American multinational technology company, grew its local team from 65 employees to 700 in just seven years.
Quality of Life
Halifax ranked 4th in the top 10 Mid-sized American cities of the future and is an attractive destination for young professionals. The Halifax peninsula, the financial and economic heart of the municipality, is surrounded by cozy boutiques and top notch restaurants. Across the province, there are plenty of natural sights including ocean, forests, lakes and farmland.
Access and Support
The Halifax Stanfield International Airport offers more than forty direct flights to major cities. Halifax has numerous research and development organizations and incubators. The provincial government also lends a hand by offering free or discounted services and funding to help businesses grow in Halifax.
About Peer Ledger
Peer Ledger is a tech startup founded in Halifax, Nova Scotia in 2016. Peer Ledger has patented technology and was the first company to apply blockchain technology to gold supply chains. The company has two blockchain-based solutions in the market - MIMOSI Connect and MIMOSI Health.
MIMOSI Connect gives companies a trusted, immutable record of transactions, documents, and metrics across their entire supply chain to support responsible supply chain management and due diligence.
MIMOSI Health provides governments, labs and businesses with an efficient, secure, easy to use the platform to record and communicate COVID-19 tests and vaccinations in real-time.
Peer Ledger’s customers include the Canadian Food Inspection Agency, Environment and Climate Change Canada, Government of Canada, PAMP SA, a Fortune 10 company, and a DAX 30 company and amongst others.
References
Digital Nova Scotia, Halifax’s Tech Sector Climbs the Rankings in CBRE’s North America’s Next 25 Tech Talent Markets. Retrieved from https://digitalnovascotia.com/halifaxs-tech-sector-climbs-the-rankings-in-cbres-north-americas-next-25-tech-talent-markets/.
Statistics Canada. Table 14-10-0022-01 Labour force characteristics by industry, monthly, unadjusted for seasonality (x 1,000)
Statista (Jul, 2021), Number of businesses with employees in Nova Scotia, Canada in 2020, by NAICS category. Retrieved from https://www.statista.com/statistics/582505/nova-scotia-business-counts-with-employees-by-naics-category/
Nova Scotia Business, Nova Scotia’s ICT sectors. Retrieved from https://novascotiabusiness.com/sites/default/files/ICT_Infographic_9May2017_Web.pdf
Derek Montague (Nov, 2020), Unemployment Rises Across Nova Scotia, But Dips In Halifax, Huddle - Business is good. Retrieved from https://huddle.today/unemployment-rises-across-nova-scotia-but-dips-in-halifax/
Brett Bundale (Feb, 2020), 'Halifax ticks all the boxes:' Why companies are targeting Nova Scotia for expansion, SaltWire. Retrieved from https://www.saltwire.com/nova-scotia/business/halifax-ticks-all-the-boxes-why-companies-are-targeting-nova-scotia-for-expansion-407417/
Halifax Partnership (February, 2021), Local Talent Growing in Halifax Tech Industry. Retrieved from https://halifaxpartnership.com/news/article/local-talent-growing-in-halifax-tech-industry/
Naomi Davies (2020), American Cities of the Future 2019/20 Winners, fDi. Retrieved from https://www.crda.org/news/wp-content/uploads/2019/09/fDi-American-Cities-of-the-Future-2019_20-1.pdf