The 2024 CBRE Scoring Tech Talent report confirms what we’ve been seeing on the ground: Waterloo is one of the fastest-growing tech hubs in North America.
In five years (2018-2023), the region added 9,100 new tech workers – a 45.5% increase – outpacing cities like Boston, Salt Lake City and San Diego.
What’s drawing so many tech professionals to the region? Exciting career opportunities, affordability and access to a buzzing tech ecosystem in the Toronto-Waterloo Corridor.
Waterloo offers diverse career opportunities in tech, including AI, robotics, automation and quantum. From startups driving innovation to global companies expanding their operations, the region is an ideal place for career growth
CBRE reported that Waterloo Region added 9,100 tech workers between 2018 and 2023, representing 45.5% growth.
Along with job opportunities, affordability and quality of life are major draws. The cost of living in Waterloo is lower compared to larger tech hubs, while offering access to excellent schools, healthcare and a vibrant cultural scene. This combination of career opportunities and lifestyle benefits makes Waterloo an attractive choice for tech professionals.
The local post-secondary institutions, including the University of Waterloo, play an important role in this talent influx. Their co-op programs and strong ties to the local tech ecosystem provide a steady stream of highly skilled graduates ready to contribute to the growing tech sector.
For insights into Waterloo’s job growth, read our previous article: Waterloo’s Tech Trajectory: 46% Job Growth in 5 Years.
The talent advantage
Waterloo’s tech workforce concentration – 9.6% – is among the highest in North America. Its smaller size and dense talent pool make it easy for people to connect and collaborate.
This high concentration also draws remote workers who want the flexibility of living in a smaller community while staying connected to the broader Toronto-Waterloo Corridor. With access to a larger network of tech professionals and business opportunities, Waterloo becomes an even more appealing destination.
In addition, Canada’s business-friendly immigration programs – such as the Global Talent Stream (GTS), Intra-Company Transfer (ICT) and Startup Visa Program (SUV) – make it easier for companies to bring in talent from across the globe.
These programs help businesses capitalize on Waterloo’s growing tech talent pool, keeping them competitive in a fast-moving market.
Take root in Waterloo
Waterloo’s ability to attract 9,100 new tech professionals is a testament to the region’s growing tech sector, affordability and strong support network.
The Toronto-Waterloo Corridor amplifies these opportunities, making Waterloo a prime destination for tech companies seeking top talent.
To see how Waterloo performed overall, read our original article: Waterloo: North America’s #1 Small Tech Talent Market Once Again.
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