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Report helps attract investors to Nanaimo's tech industry

Nanaimo Economic Development Corporation and Innovation Island released an economic impact analysis of the Nanaimo region technology sector.

Research firm Nordicity was commissioned at a cost of $18,000 to conduct a survey of Nanaimo’s tech sector and build the report, which is a component of the economic development corporation’s Technology Economic Impact Study conducted to create an updated inventory of businesses, data and economic impact analysis of Nanaimo’s technology sector.

The report, combined with results of previous studies on the local economy, such as the $50,000 Nanaimo and Region Economic Indicators Report published in October, is intended as an additional tool to help attract more industry development and job creation for the region.

The tech sector report estimates 14 jobs are created for every $1 million spent in the sector in the Nanaimo region, which is currently home to more than 350 businesses driving the region’s technology industry.

Figures from 2012, the report says, indicate those businesses generated more than $204 million in revenue, paid $19.7 million in taxes and supported 2,730 jobs in the region, which were paid wages totalling $133 million.

Overall the tech sector accounts for more than five per cent of the Nanaimo region’s $3.6-billion annual gross domestic product and the sector has been growing at close to double the provincial average rate since 2006.

“The Nanaimo region has a vibrant and growing tech community,’’ said Sasha Angus, Nanaimo Economic Development Corporation CEO. “We are very encouraged that the companies in this sector see our region as a great place to develop and grow their businesses, with a competitive business environment and great quality of life for their employees.”

The report also includes short profiles about several of Nanaimo’s technology companies, such as Postach.io, also known as Input Logic, Seamor Marine, iDus Controls, known for developing water and environmental control systems for agriculture and others.

To read the report in detail and watch an online video presentation by Angus and Paris Gaudet, CEO of Innovation Island, please visit the Nanaimo Economic Development Corporation website at www.investnanaimo.com.

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