Waterloo’s Tech Trajectory: 46% Job Growth in 5 Years

With 46% tech job growth from 2018 to 2023, the Waterloo region is the 3rd fastest-growing tech market in North America. This rapid expansion outpaces much larger regions, reinforcing its reputation as a top location for foreign direct investment.

Known for its global brands and leading post-secondary institutions, Waterloo offers an ecosystem that supports innovation at every level. But what’s behind this extraordinary growth.

1. Diverse tech industries

Waterloo’s success can be linked to its broad range of tech sectors. Fields like artificial intelligence, software development and advanced manufacturing have been driving job creation. Innovation hubs like Velocity, Communitech and the Accelerator Centre are central to this growth, offering valuable support to both startups and established companies.

The combination of local entrepreneurship and corporate investments has created an environment where job creation thrives. It’s not just new companies that benefit – many established businesses are expanding their operations and continuously adding to our community’s workforce.

2. High concentration of tech talent

Waterloo’s rapid job growth is supported by its tech talent density. With 9.6% of its workforce employed in tech, Waterloo has the 4th highest concentration of tech workers in North America. This creates an environment where collaboration and innovation can thrive.

Compared to major cities like San Francisco (12.3%) and Toronto (10.1%), our region’s smaller size and high talent density give it a distinct advantage when it comes to developing new technologies.

The 2024 CBRE report ranks Waterloo’s tech talent concentration (9.6%) among the top markets in North America.

3. Strategic location

Waterloo’s close proximity to Toronto adds to its appeal. The Toronto-Waterloo Corridor, which saw nearly 95,000 new tech jobs in Toronto over the past five years, creates valuable connections for businesses and talent.

This proximity allows companies in Waterloo to scale faster, leverage shared resources and access one of North America’s most active tech ecosystems.

A rising star in tech

With 46% tech job growth and one of North America’s highest concentrations of tech talent, Waterloo’s reputation as a leading tech hub is undeniable. Combined with the strengths of the Toronto-Waterloo Corridor, it’s the ideal location for companies looking to grow.

To learn more about Waterloo’s growth, read our original article: Waterloo: North America’s #1 Small Tech Talent Market Once Again.