Alberta's Tech Revolution: New Report Reveals Significant Growth and Future Potential

ATB Financial Study Highlights Alberta's Technology Sector Transformation and Key Growth Drivers

EDMONTON, AB, April 17, 2025 /CNW/ - ATB Financial has released a comprehensive report, "An Innovation Revolution: How Alberta Is Building the Future of Tech," detailing the remarkable advancement 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.

The report highlights Alberta's journey from its early stages to its current position as a burgeoning tech hub, development driven by strategic investments, a skilled workforce, and a strong entrepreneurial spirit.

Key findings underscore the sector's remarkable performance:

• Economic Impact: Alberta's tech sector contributed $13 billion to the province's GDP in 2023, with labour productivity exceeding the provincial average by about 25 per cent.
• Employment Surge: Employment in the tech sector grew nearly four times faster than the Alberta industry total between 2013 and 2023.  Rapid employment growth continued into 2024.
• Venture Capital Boom: Alberta's venture capital spending has surged from only $227 million in 2019 to $698 million last year.  
• Talent Hub Recognition: Calgary and Edmonton ranked 20th and 49th, respectively, in CBRE's 2024 Tech Talent Scorecard, solidifying their status as major North American tech talent destinations.
• Diversification: Growth extends beyond EnergyTech, with significant expansion in AgriTech, FinTech, HealthTech, and AerospaceTech.
• Research and Development (R&D) Leadership: The tech sector leads provincial R&D spending at $664 million.

"This report by Miranda Mantey gives a fascinating account of how Alberta's resource-based economy put itself on the global tech map. It's a story of overcoming obstacles, building on strengths and embracing innovation," said Mark Parsons, Vice President and Chief Economist, ATB Financial.

ATB Financial's report provides a comprehensive overview of Alberta's tech sector, highlighting its achievements and outlining the opportunities and challenges that lie ahead.

Download the full report here.

About ATB Financial
With $65.5 billion in assets, ATB Financial is a leading financial institution that started in Alberta with the focus of putting people first. Our success comes from our more than 5,000 team members who love to deliver exceptional experiences to over 830,000 clients across our Personal and Business Banking, ATB Wealth Management and ATB Capital Markets businesses. ATB provides expert advice, services and products through our many branches and agencies, our 24-hour Client Care Centre, four entrepreneur centres and our digital banking options. ATB powers possibilities for our clients, communities and beyond. ATB is bronze certified as part of the Partnership Accreditation in Indigenous Relations commissioned by the Canadian Council for Indigenous Business. More information about ATB can be found at atb.com.

For more information or interview requests, please contact:
ATB Financial, Media Relations Team [email protected]

SOURCE ATB Financial