Economy of Montreal

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] The city is today 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]

Ubisoft Montreal

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]

Video Game Industry

The video game industry is also growing rapidly in Montreal since 1997, coinciding with the opening of Ubisoft Montreal.[14] 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.[15]

Arts

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.[16][Montreal filming 1][Montreal filming 2] 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.[17]

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).[18] 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),[19] and the International Design Alliance (IDA).[20]

Organizational and Corporate Headquarters

The headquarters of the Canadian Space Agency are located in Longueuil, directly east of Montreal across the Saint Lawrence River.[21] Montreal also hosts the headquarters of the International Civil Aviation Organization (ICAO, a United Nations body);[22] the World Anti-Doping Agency (an Olympic body);[23] the International Air Transport Association (IATA);[24] and the International Gay and Lesbian Chamber of Commerce (IGLCC),[25] 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:

Cultural sector and its industry

The cultural sector and its industry is responsible for 6% of Montreal's GDP [56] and 4.1% of all jobs in Montreal.[57] In 2013, the cultural sector provided 82 740 direct jobs and 48 199 indirect jobs, for a total of 130 949 jobs.[57] The culture sector and its industry was estimated at 10.7 billion dollars in 2013.[56]

See also

References

  1. ↑ Metropolitan Toronto 1st with $209 Billion US in 2005, Metropolitan Montreal 2nd with $120 Billion US also in 2005.
  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)
  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.
  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. ↑ IGN. IGN http://www.ign.com/companies/ubisoft-montreal. Retrieved 4 May 2015. Missing or empty |title= (help)
  15. ↑ 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)
  16. ↑ http://cultmontreal.com/2015/04/made-in-mtl-levity/. Retrieved 5 May 2015. Missing or empty |title= (help)
  17. 1 2 CIRQUE DU SOLEIL https://www.cirquedusoleil.com/en/home/about-us/at-a-glance.aspx. Retrieved 5 May 2015. Missing or empty |title= (help)
  18. ↑ "Montreal, Canada appointed a UNESCO City of Design". UNESCO. 2006-06-07.
  19. ↑ "CONTACT". About. Icograda. Archived from the original on 2008-04-04. Retrieved 2008-08-01.
  20. ↑ "The International Design Alliance Settles in Montreal". Business Services Industry. Canadian Corporate News. May 30, 2005. Retrieved 2008-08-01.
  21. ↑ "CSA Headquarters". Contact Us. Canadian Space Agency. Archived from the original on 2008-07-18. Retrieved 2008-08-01.
  22. ↑ "ICAO Premises". International Civil Aviation Organization. Retrieved 2008-08-01.
  23. ↑ "Regional Offices". World Anti-Doping Agency. Archived from the original on 2008-07-30. Retrieved 2008-08-01.
  24. ↑ "Our Offices". About Us. International Air Transport Association. Retrieved 2008-08-01.
  25. ↑ "Contact Us". International Gay and Lesbian Chamber of Commerce. Archived from the original on 2008-05-03. Retrieved 2008-08-01.
  26. ↑ "Investors Contacts Archived 2016-02-04 at the Wayback Machine.." Air Canada. Retrieved on May 18, 2009.
  27. ↑ "[http://www.airtransat.ca/en/Info/contact-us.aspx? ExitID=33&ContentType=voyageur Contact Us]." Air Transat. Retrieved on May 20, 2009.
  28. ↑ http://corpo.couche-tard.com/en/contacts/. Retrieved 5 May 2015. Missing or empty |title= (help)
  29. ↑ "Contact Us." Bell Canada. Retrieved on August 24, 2009.
  30. ↑ . Bombardier http://businessaircraft.bombardier.com/en/contacts/officelocations.html. Retrieved 5 May 2015. Missing or empty |title= (help)
  31. ↑ . CAE Inc. http://www.cae.com/Worldwide-Presence/head-office/. Retrieved 5 May 2015. Missing or empty |title= (help)
  32. ↑ https://www.cn.ca/en/investors/investor-contacts. Retrieved 5 May 2015. Missing or empty |title= (help)
  33. ↑ "Our Offices Archived 2011-05-15 at the Wayback Machine.." Air Transat. Retrieved on February 09, 2011.
  34. ↑ . HydroQuebec http://www.hydroquebec.com/reach-us/. Retrieved 5 May 2015. Missing or empty |title= (help)
  35. ↑ . Mega Brands http://www.megabrands.com/en/contact-us. Retrieved 5 May 2015. Missing or empty |title= (help)
  36. ↑ . Merck Canada http://www.merck.ca/English/contact-us/Pages/Home.aspx. Retrieved 2 Oct 2016. Missing or empty |title= (help)
  37. ↑ "Our Locations." Molson. Retrieved on February 08, 2011.
  38. ↑ . National Bank of Canada https://www.nbc.ca/en/about-us/investors/investor-relations/contact-us.html. Retrieved 5 May 2015. Missing or empty |title= (help)
  39. ↑ . Power Corporation http://www.powercorporation.com/en/contact/. Retrieved 5 May 2015. Missing or empty |title= (help)
  40. ↑ "." Pratt and Whitney Canada. Retrieved on February 09, 2011.
  41. ↑ . Quebecor http://www.quebecor.com/en/comm/node/815. Retrieved 5 May 2015. Missing or empty |title= (help)
  42. ↑ . Rio Tinto Alcan http://www.riotintoalcan.com/contact_us.asp. Retrieved 5 May 2015. Missing or empty |title= (help)
  43. ↑ . Saputo Inc. http://www.saputo.com/contact-us.aspx?id=874&langtype=4105. Retrieved 5 May 2015. Missing or empty |title= (help)
  44. ↑ "Contact Us." SNC-Lavalin. Retrieved on February 08, 2011.
  45. ↑ "Contact Us." Targray. Retrieved on July 10, 2017.
  46. ↑ . Tembec http://www.tembec.com/en/contacts. Retrieved 5 May 2015. Missing or empty |title= (help)
  47. ↑ "Contact Us." Transat A.T. Retrieved on May 20, 2009.
  48. ↑ "Access to Information Archived 2009-05-10 at the Wayback Machine.." Via Rail. Retrieved on June 9, 2009.
  49. ↑ "." Pfizer Canada. Retrieved on May 9, 2015.
  50. ↑ "." Pharmascience. Retrieved on May 9, 2015.
  51. ↑ "." Novartis Canada. Retrieved on May 9, 2015.
  52. ↑ "." L'oreal Canada. Retrieved on May 9, 2015.
  53. ↑ "Valeant Pharmaceuticals." Valeant Pharmaceuticals. Retrieved on May 9, 2015.
  54. ↑ "Dollarama." Dollarama. Retrieved on May 9, 2015.
  55. ↑ "Garda (security company)." Garda (security company). Retrieved on June 9, 2009.
  56. 1 2 "LA CULTURE COMME LEVIER ÉCONOMIQUE DES CONNAISSANCES PERCUTANTES POUR L'INDUSTRIE TOURISTIQUE 2015 (VERSION COURTE" (PDF). p. 11. Retrieved 2017-09-17.
  57. 1 2 "LA CULTURE COMME LEVIER ÉCONOMIQUE DES CONNAISSANCES PERCUTANTES POUR L'INDUSTRIE TOURISTIQUE 2015 (VERSION COURTE)" (PDF). p. 10. Retrieved 2017-09-17.
  1. ↑ http://www.mtlblog.com/2015/01/channing-tatum-will-be-in-montreal-for-all-of-summer-2015/. Missing or empty |title= (help)
  2. ↑ http://www.designntrend.com/articles/49346/20150430/ben-afflecks-wife-jennifer-garner-begins-filming-movie-canada-wants-raise-kids-southern-values.htm. Missing or empty |title= (help)
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