Foreign Companies Have Brought 7,000 New Jobs To Montreal With Average Salary Over $84,000
The Greater Montreal Area has the fastest-growing economy in Canada.
- Over 7,000 new come from foreign companies, Montreal International reports.
- Those jobs have an average salary of over $84,000.
- Jobs growth was particularly strong in five industries.
Montreal saw unprecedented economic growth in 2019 thanks in part to Montreal International, which helped create over 7,000 newwith an average salary of $84,407. Our city has, in fact, the fastest-growing economy in Canada, with a record investment of $2.642-billion last year. Montreal International CEO Stéphane Paquet tells MTL Blog that "every week, at least one foreign company chose to set up shop in Greater Montreal."
The non-profit direct organization was established in 1996 by the governments of Quebec and Canada. Its record-breaking year came on the heels of a hugely successful year for the technology sector.
Accounting for more than half of the investments, the software, aerospace, visual effects, animation, and artificial intelligence sectors are at the forefront.
"89 companies decided to come, which is up from 63 in 2018. Out of those 89, 58 were 'greenfields,' meaning that companies who never had any presence in the GMA chose to build a facility here," said Paquet.
If this trend continues, Montreal is poised to be a huge player on the international stage thanks to direct foreign investment.
"Thanks to Montreal's unfailing attractiveness, we are confident that we will succeed," said Mayor Valérie Plante at a press conference Tuesday.
"We know that Montreal is one of the cities with the most economic potential in the world. I hope that this trend continues this year."
Direct foreign investment was up a total of 7% compared to 2018. These investments lead to the creation of 7,712 jobs and the maintenance of another 349.
"Montreal International has developed one of the most effective programs in the world. We need to be very proud of that," said Mayor Plante.
Chantal Rouleau, Minister of Transport and Minister of the Metropolis and the Montreal Region, added that "the metropolis plays a driving role in the development of Quebec's economy, accounting for nearly 56% of the province's GDP."
While Montreal is paramount to the economic success of Quebec, the provincial government hopes that the rest of the province can benefit from similar initiatives.
Investissement Quebec (IQ) is one organization that works in concert with Montreal International. It provides resources such as access to financing for local businesses, helping them prosper beyond the régions.
Rouleau tells MTL Blog that "Montreal is a city that's very important for Quebec. Investors arrive here and create jobs and hopefully, these investors can bring more jobs to the regions. We want to have an equivalent economic investment for the rest of Quebec.
"The Quebec Government is working with ministers from all branches of government to figure out how to best attract people to live outside the major metropolitan areas.
"We're implicated in this mission and we acknowledge that Montreal is at the heart of this mission and is a very important city."
Outside of foreign investment, Montreal International was also involved in the creation of ÉGIDES — l’Alliance internationale francophone pour l’égalité et les diversités.
ÉGIDES is an international organization that advocates for Francophone LGBTQI civil society organizations, offering a network of resources and support.
"For the first time, we created, by ourselves, an international organization regarding the defence of LGBTQI people in the Francophone community, which is the first in the world," said Paquet.
Montreal International is also involved in an on-going project that will focus on developing artificial intelligence.
Paquet says that the project is still in the planning stages but will soon be on the horizon.
More information on Montreal International is available on its official website.