Alberta’s economy is growing and diversifying under our United Conservative government. In addition to traditional industries like agriculture and energy, newer industries like technology and innovation are also booming in our province.
According to the Canadian Venture Capital and Private Equity Association, Alberta saw 24 venture capital deals worth $208 million in the second quarter of 2023, bringing the province’s investment total to $406 million so far, this fiscal year.
This investment boom represents an 18 per cent increase in deal size over the same period last year, while the whole of Canada saw a 28 per cent decrease. It also puts Alberta firmly on pace to break its all-time venture capital investment record of $729 million, set last fiscal year.
This kind of tremendous growth doesn’t happen by accident. Our United Conservative government spurred this growth by cutting taxes, balancing the budget, reducing red tape, keeping life affordable, and supporting pro-growth economic policies. As a result of our efforts, Alberta is now capturing 11.9 per cent of Canada’s venture capital deals, and we have positioned our province to be the next technology hub of Canada and North America.
“Investments into Alberta ultimately create jobs, continue our economic momentum, and support local tech innovators. We are creating this ecosystem by decreasing red tape, providing low corporate tax rates, and ensuring Alberta’s workforce is ready to work in vital industries such as tech,” Technology and Innovation Minister Nate Glubish said, in response to the new numbers.
Alberta is attracting big names in the technology and innovation world such as Jobber, Amazon Web Services, Mphasis, Applexus, mCloud Technologies Corp., Infosys, and so many more. Undoubtedly, 2023 will be another big year for the technology and innovation sector. That means more high-paying jobs for Albertans.
While Alberta’s technology and innovation sector continues to grow in size and reputation, attracting investment dollars and workers from across the world, other industries are growing in Alberta and supporting our ongoing efforts to diversify the economy. Renewables, agrifood processing, film and television, and manufacturing are a few other examples of newer industries that are making waves in our economy and creating high-paying jobs for Albertans.
This new report from the Canadian Venture Capital and Private Equity Association is more good news for our province and economy. With the summer coming to a close and fall rapidly approaching, I look forward to providing more good news about how our United Conservative government will continue supporting economic growth and diversification.
Andrew Boitchenko
MLA for Drayton Valley-Devon
I can be reached at the Drayton Valley – Devon constituency office at 5136B 52 Ave, Box 7272, Drayton Valley, Alberta, T7A1J9. 780-542-3355. The office is open Monday to Friday but closed for statutory holidays.