Canada’s financial services sector helps drive IT jobs

Canada’s financial services sector gainfully employed 780,000 Canadians throughout 2014 and generated 6.8 per cent of the total gross domestic product. But according to a newly released report from the Conference Board of Canada, Canada’s IT businesses are huge beneficiaries of this success.

The report – An Engine for Growth: 2015 Report Card on Canada and Toronto’s Financial Services Sector – focuses mainly on Toronto, which is Canada’s financial hub and the location of more than 30 per cent of all financial service headquarters.

CBC-Chart29-NewThe report found that of the 29,834 professional service jobs in the city depend on the financial services sector, some 8.4 per cent (7,633) provided computer services – a figure, the report suggests, that reflects the industry’s heavy use of IT. Computer services are only slightly lower than consulting, the leading service used by Canada’s financial sector (as seen in the chart).

One area in particular that’s benefited from Canada’s strong financial services sector – which, the report states, is one of the strongest in the world – is that of data processing.

In Toronto alone, the report states, 1,582 data processing jobs were directly connected to the financial services sector, reflecting the data-intensive nature of the industry, particularly in transaction-oriented segments such as exchanges and banking.

But that’s not all. Canada’s IT sector also benefited tremendously from financial sector investment in equipment and services – somewhere to the tune of 51.8 per cent of total of total investment.

Click here to read the full Conference Board of Canada report.

Would you recommend this article?

Share

Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication. Click this link to send me a note →

Jim Love, Chief Content Officer, IT World Canada
Bryan Dearsley
Bryan Dearsley
Bryan Dearsley has been involved in the establishment and running of numerous magazines and e-publications. After almost a decade as Associate Editor of CARPNews FiftyPlus (now Zoomer), he turned freelance and now provides editorial services to a variety of print and online publications worldwide, including Microsoft’s ED: Education Discovered and PlanetWare.com (one of the Internet’s longest running travel guides).

Related Tech News

Get ITBusiness Delivered

Our experienced team of journalists brings you engaging content targeted to IT professionals and line-of-business executives delivered directly to your inbox.