Economy of Montreal

From Wikipedia, the free encyclopedia
Tour de la Bourse (Stock Exchange Tower)

The economy of Montreal is the second largest of all cities in Canada[1] and the first in Quebec.[2] Montreal is a centre of commerce, industry, technology, culture, finance, and world affairs. In 2015, Metropolitan Montreal was responsible for $193 Billion CDN of Quebec's $370 Billion CDN GDP.

History[]

St. James Street was Canada's financial centre during the first three-quarters of the 20th century.

Montreal became an important centre of trade early in its history and surpassed Quebec City in importance even before their populations became comparable. When Canada became part of the British Empire in 1763, it was already the centre of the North American Fur Trade. Over the course of the 19th century Montreal grew to become the economic centre of Canada as well as its most populous city.

Montreal and Toronto[]

Between the end of World War II and 1971, both Montreal and Toronto grew enormously in size. Between 1941 and 1951, Montreal's population grew by 20% and Toronto's by 25%.[3] Between 1951 and 1961, Montreal grew by 35% and Toronto 45%.[4] And from 1961 to 1971, Montreal grew by a little less than 20% and Toronto 30%.[5] In the early 1970s, 30 years after Toronto had begun challenging Montreal as the economic capital of Canada, Toronto surpassed Montreal in size. Indeed, the volume of stocks traded at the Toronto Stock Exchange surpassed that traded at the Montreal Stock Exchange in the 1940s.[6]

Recovery[]

During the 1980s and early 1990s, Montreal experienced a slower rate of economic growth than many other major Canadian cities. By the late 1990s, however, Montreal's economic climate had improved, as new firms and institutions began to fill the traditional business and financial niches.[7] As the city celebrated its 350th anniversary in 1992, construction began on its two newest and largest skyscrapers: 1000 de La Gauchetière and 1250 René-Lévesque. Montreal's improving economic conditions allowed further enhancements of the city infrastructure, with the expansion of the metro system, construction of new skyscrapers and the development of new highways including the start of a ring road around the island. The city also attracted several international organizations towards moving their secretariats into Montreal's Quartier International.

Industries[]

1000 de la Gauchetière

Montreal industries include aerospace, electronic goods, pharmaceuticals, printed goods, software engineering, telecommunications, textile and apparel manufacturing, tobacco, tourism and transportation. The service sector is also strong and includes civil, mechanical and process engineering, finance, higher education, and research and development. In 2002, Montreal ranked as the 4th largest center in North America in terms of aerospace jobs.[8]

Port of Montreal[]

The Port of Montreal is the largest inland port in the world, handling 26 million tonnes of cargo annually.[9] As one of the most important ports in Canada, it remains a trans-shipment point for grain, sugar, petroleum products, machinery, and consumer goods. For this reason, Montreal is the railway hub of Canada and has always been an extremely important rail city; it is home to the headquarters of the Canadian National Railway,[10] and was home to the headquarters of the Canadian Pacific Railway until 1995.[11]

Artificial Intelligence[]

Montreal is a global hub for artificial intelligence research with many companies involved in this sector, such as Facebook AI Research (FAIR), Microsoft Research, Google Brain, DeepMind, Samsung Research, and Thales Group.(cortAIx).[12][13] A notable Montreal AI start-up is Element AI. Element AI is co-founded by Université de Montréal professor Yoshua Bengio, who won the Turing Award in 2018 for his contributions to deep learning.[14]

Growing alongside Montreal's AI industry is a cloud computing sector which takes advantage of the city's IT talent pool, lower electricity rates, and proximity to the US. Google opened a cloud data center in Montreal in 2017, its first in Canada, following the steps of Amazon, IBM, and Bell.[15] Locally headquartered, middle-market cloud computing businesses also flourish in Montreal—like Ormuco Inc., a former cloud managed service provider[16] which now also develops platforms for 5G mobile app development, reflecting a wider regional industry shift towards edge computing.[17]

Video Games[]

Ubisoft Montreal

The video game industry is also growing rapidly in Montreal since 1997, coinciding with the opening of Ubisoft Montreal.[18] Recently, the city has attracted world leading game developers and publishers studios such as Ubisoft, EA, Eidos Interactive, Artificial Mind and Movement, BioWare, and Strategy First, mainly because video games jobs have been heavily subsidized by the provincial government. Every year, this industry generates billions of dollars and thousands of jobs in the Montreal area.[19]


Arts and Culture[]

Montreal is also a centre of film and television production. Five studios of the Academy Award-winning documentary producer National Film Board of Canada can be found here, as well as the head offices of Telefilm Canada, the national feature-length film and television funding agency. Given its eclectic architecture and broad availability of film services and crew members, Montreal is a popular filming location for feature-length films, and sometimes stands in for European locations.[20][21][22] The city is also home to many recognized cultural, film and music festivals (Just For Laughs, Montreal Jazz Festival, and others), which contribute significantly to its economy. It is also home to one of the world's largest cultural enterprises, the Cirque du Soleil.[23]

In 2006 Montreal was named a UNESCO City of Design, only one of three design capitals of the world (with the others being Berlin and Buenos Aires).[24] This distinguished title recognizes Montreal's design community. Since 2005 the city has also been home for the International Council of Graphic Design Associations (Icograda),[25] and the International Design Alliance (IDA).[26]

The cultural sector is responsible for 6% of Montreal's GDP[27] and 4.1% of all jobs in Montreal.[28] In 2013, the cultural sector provided 82,740 direct jobs and 48,199 indirect jobs, for a total of 130,949 jobs.[28] The cultural sector was estimated at 10.7 billion dollars in 2013.[27]

Organizational and Corporate Headquarters[]

The headquarters of the Canadian Space Agency are located in Longueuil, directly east of Montreal across the Saint Lawrence River.[29] Montreal also hosts the headquarters of the International Civil Aviation Organization (ICAO, a United Nations body);[30] the World Anti-Doping Agency (an Olympic body);[31] the International Air Transport Association (IATA);[32] and the International Gay and Lesbian Chamber of Commerce (IGLCC),[33] as well as some 60 other international organizations in various fields (See below).

Air Canada Centre (French: Centre Air Canada), the headquarters of Air Canada
Molson Canadian beer making headquarters as seen from Old Montreal.

Several companies are headquartered in Greater Montreal including:

Passenger Transport, loyalty programs, and tour operators[]

Retail and restaurants[]

Finance[]

Utilities and media[]

E-commerce and Information Technology[]

Aerospace[]

  • Bombardier Inc. (Aircraft manufacturing, mass transportation equipment manufacturing and financial services provider) - Global HQ[46]
  • CAE[47]
  • Pratt and Whitney Canada[48]

Freight transport[]

Sporting equipment and toys[]

Arts[]

Food and beverage[]

Engineering firms[]

Natural resources[]

Pharmaceuticals and personal care[]

See also[]

  • Board of Trade of Metropolitan Montreal

References[]

  1. ^ Metropolitan Toronto 1st with $209 Billion US in 2005, Metropolitan Montreal 2nd with $120 Billion US also in 2005. [1]
  2. ^ In 2015, Metropolitan Montreal was responsible for $193 Billion US of Quebec's $370 Billion USD GDP
  3. ^ Census of Canada, 1941, Census of Canada, 1951
  4. ^ Census of Canada, 1961
  5. ^ Census of Canada, 1971
  6. ^ Jacobs, Jane (1980). The Question of Separatism: Quebec and the Struggle Over Sovereignty, Chapter II (Montreal and Toronto) [2]
  7. ^ Brooke, James (2000-05-06). "Montreal Journal; No Longer Fading, City Booms Back Into Its Own". New York Times. Retrieved 2008-04-12.
  8. ^ "AEROSPACE: Metro Montreal 2003, Strategic Profile" (PDF). Montreal, Quebec: thomas finney. 1760. Archived from the original (PDF) on 2006-11-18. Retrieved 2007-01-03. Cite journal requires |journal= (help)
  9. ^ "The Port of Montreal unveils its project, which will generate $3.4 billion in annual economic spinoffs for Montreal" (PDF). Press Release. Port of Montreal. April 17, 2008. Archived from the original (PDF) on August 19, 2008. Retrieved 2008-08-01.
  10. ^ "Contact Us - CN Mailing Addresses". Canadian National Railway. Archived from the original on 2008-04-13. Retrieved 2008-08-01.
  11. ^ Nemeth, Mary; Liz Warwick (December 4, 1995). "CP Rail Leaves Montreal". The Canadian Encyclopedia. Archived from the original on December 2, 2008. Retrieved 2008-08-01.
  12. ^ Tracey Lindeman (May 9, 2017). "How Montreal became the world's leading AI and deep learning hub". Retrieved Sep 29, 2018..
  13. ^ Peter High (Nov 6, 2017). "Why Montreal Has Emerged As An Artificial Intelligence Powerhouse". Retrieved Sep 29, 2018..
  14. ^ James Vincent (March 27, 2019). "'Godfathers of AI' honored with Turing Award, the Nobel Prize of computing". Retrieved June 7, 2019..
  15. ^ Peter Nowak (March 9, 2017). "Why Google built its first Canadian cloud computing facility in Montreal". Retrieved June 7, 2019..
  16. ^ "Montreal's Ormuco Inc aims to bridge the cloud computing gap". business.financialpost.com. Financial Post. June 23, 2015. Retrieved May 13, 2019.
  17. ^ "About ENCQOR 5G". Evolution of Networked Services through a Corridor in Québec and Ontario for Research and Innovation. Retrieved June 7, 2019..
  18. ^ IGN. IGN https://web.archive.org/web/20121026181207/http://www.ign.com/companies/ubisoft-montreal. Archived from the original on October 26, 2012. Retrieved 4 May 2015. Missing or empty |title= (help)
  19. ^ The Globe and Mail. The Globe and Mail https://www.theglobeandmail.com/report-on-business/small-business/sb-digital/biz-categories-technology/canadas-video-game-industry-ranks-no-3-worldwide/article9875545/. Retrieved 5 May 2015. Missing or empty |title= (help)
  20. ^ "Montreal was the backdrop of this A-list stinker". 2015-04-29. Retrieved 5 May 2015.
  21. ^ "Channing Tatum Will Be In Montreal For All Of Summer 2015". www.mtlblog.com. January 20, 2015.
  22. ^ "Archived copy". Archived from the original on 2015-05-05. Retrieved 2015-05-05.CS1 maint: archived copy as title (link)
  23. ^ Jump up to: a b "Headquarters". CIRQUE DU SOLEIL. Retrieved 5 May 2015.
  24. ^ "Montreal, Canada appointed a UNESCO City of Design". UNESCO. 2006-06-07. Archived from the original on 2006-09-11. Retrieved 2018-12-03.
  25. ^ "CONTACT". About. Icograda. Archived from the original on 2008-04-04. Retrieved 2008-08-01.
  26. ^ "The International Design Alliance Settles in Montreal". Business Services Industry. Canadian Corporate News. May 30, 2005. Retrieved 2008-08-01.[dead link]
  27. ^ Jump up to: a b "LA CULTURE COMME LEVIER ÉCONOMIQUE DES CONNAISSANCES PERCUTANTES POUR L'INDUSTRIE TOURISTIQUE 2015 (VERSION COURTE)" (PDF). p. 11. Retrieved 2017-09-17.
  28. ^ Jump up to: a b "LA CULTURE COMME LEVIER ÉCONOMIQUE DES CONNAISSANCES PERCUTANTES POUR L'INDUSTRIE TOURISTIQUE 2015 (VERSION COURTE)" (PDF). p. 10. Retrieved 2017-09-17.
  29. ^ "CSA Headquarters". Contact Us. Canadian Space Agency. Archived from the original on 2008-07-18. Retrieved 2008-08-01.
  30. ^ "ICAO Premises". International Civil Aviation Organization. Retrieved 2008-08-01.
  31. ^ "Regional Offices". World Anti-Doping Agency. Archived from the original on 2008-07-30. Retrieved 2008-08-01.
  32. ^ "Our Offices". About Us. International Air Transport Association. Retrieved 2008-08-01.
  33. ^ "Contact Us". International Gay and Lesbian Chamber of Commerce. Archived from the original on 2008-05-03. Retrieved 2008-08-01.
  34. ^ "Investors Contacts Archived 2016-02-04 at the Wayback Machine." Air Canada. Retrieved on May 18, 2009.
  35. ^ "ExitID=33&ContentType=voyageur Contact Us[permanent dead link]." Air Transat. Retrieved on May 20, 2009.
  36. ^ "Access to Information Archived 2009-05-10 at the Wayback Machine." Via Rail. Retrieved on June 9, 2009.
  37. ^ "Contact Us." Transat A.T. Retrieved on May 20, 2009.
  38. ^ "Contacts". Retrieved 5 May 2015.
  39. ^ "Dollarama." Dollarama. Retrieved on May 9, 2015.
  40. ^ "Contact Us - Investor Relations | National Bank". National Bank of Canada. Retrieved 5 May 2015.
  41. ^ "Power Corporation of Canada |". Power Corporation. Retrieved 5 May 2015.
  42. ^ "Contact Us." Bell Canada. Retrieved on August 24, 2009.
  43. ^ "Archived copy". HydroQuebec. Archived from the original on 4 May 2015. Retrieved 5 May 2015.CS1 maint: archived copy as title (link)
  44. ^ . Quebecor http://www.quebecor.com/en/comm/node/815. Retrieved 5 May 2015. Missing or empty |title= (help)
  45. ^ "Our Offices Archived 2011-05-15 at the Wayback Machine." CGI Group. Retrieved on February 09, 2011.
  46. ^ "Archived copy". Bombardier. Archived from the original on 1 October 2012. Retrieved 5 May 2015.CS1 maint: archived copy as title (link)
  47. ^ "Archived copy". CAE Inc. Archived from the original on 5 May 2015. Retrieved 5 May 2015.CS1 maint: archived copy as title (link)
  48. ^ "[3]." Pratt and Whitney Canada. Retrieved on February 09, 2011.
  49. ^ https://www.cn.ca/en/investors/investor-contacts. Retrieved 5 May 2015. Missing or empty |title= (help)
  50. ^ "Archived copy". Mega Brands. Archived from the original on 2015-05-16. Retrieved 5 May 2015.CS1 maint: archived copy as title (link)
  51. ^ "Our Locations Archived 2011-03-17 at the Wayback Machine." Molson. Retrieved on February 08, 2011.
  52. ^ . Saputo Inc. http://www.saputo.com/contact-us.aspx?id=874&langtype=4105. Retrieved 5 May 2015. Missing or empty |title= (help)
  53. ^ "Contact Us Archived 2011-01-06 at the Wayback Machine." SNC-Lavalin. Retrieved on February 08, 2011.
  54. ^ "Archived copy". Rio Tinto Alcan. Archived from the original on 22 January 2010. Retrieved 5 May 2015.CS1 maint: archived copy as title (link)
  55. ^ "Contact Us." Targray. Retrieved on July 10, 2017.
  56. ^ "Archived copy". Tembec. Archived from the original on 5 May 2015. Retrieved 5 May 2015.CS1 maint: archived copy as title (link)
  57. ^ "[4]." L'oreal Canada. Retrieved on May 9, 2015.
  58. ^ "Archived copy". Merck Canada. Archived from the original on 28 September 2016. Retrieved 2 October 2016.CS1 maint: archived copy as title (link)
  59. ^ "[5]." Novartis Canada. Retrieved on May 9, 2015.
  60. ^ "[6] Archived 2015-06-13 at the Wayback Machine." Pfizer Canada. Retrieved on May 9, 2015.
  61. ^ "[7]." Pharmascience. Retrieved on May 9, 2015.
Retrieved from ""