OTTAWA (December 6, 2018). 66% Growth in net contributions to Canada’s GDP solidifies Kanata North as a growing economic and innovation powerhouse.
The Kanata North Business Association (KNBA), Canada’s largest tech park, released its 2018 Economic Impact Analysis and the results are impressive:
• $13 billion contribution to Canada’s GDP, up 66% from $7.8 billion in 2015
• 18% increase in net new tech sector jobs in three years
• Productivity 4x higher than the Canadian average at $391,000 per employee, up 53% from $255,000 in 2015
• Revenue contributions to government up 47% federally, 40% provincially, and 16% municipally
• Halo effect from Kanata North contributes more than 10,000 jobs in other areas of Ottawa/Eastern Ontario
The new report, by Doyletech Corporation, confirms Kanata North’s position as a growing and global innovation ecosystem for start-ups and multinationals looking to tap into a rich talent and unique R&D ecosystem. In three years, the park has moved from strength to strength, with Kanata North companies continuing to drive disruptive and world-leading innovation in emerging fields such as: Artificial Intelligence, Connected and Autonomous Vehicles, Cybersecurity, the Internet-of-Things, and 5G.
“The results are clear. Kanata North is an integral part of the economic growth and innovation agenda of the City of Ottawa and Canada as a whole,” says Veronica Farmer, Director of Operations, Kanata North Business Association. “Growth has exceeded all expectations and continues at an accelerated rate.”
The economic impact of this booming part of Ottawa is creating a positive halo effect in neighbouring areas including Kanata West, Kanata South, and Carleton Place, influencing an additional 10,000 jobs in those parts of the region.
The report also identified challenges for businesses in the region including growing traffic congestion and public transit issues as well as a shortage of skilled talent.
The aim of the KNBA’s 2018 Economic Impact Analysis was to discover the level of contribution to the technology landscape and to guide the KNBA and local stakeholders in investment and promotion decisions as well as provide a quantitative picture of how much Kanata North contributes to the economies of Ottawa, Ontario, and Canada.
For more details read report: www.impact2018.kanatanorthbia.ca