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Well while we wait for more economic news (it's been so slow this year, mainly due to a certain intrusive bill that was adopted recently), I'll share some highlights from Montreal International 2021 numbers. I was also invited to their recent event, which was surrounded by politicians, the business community and public/private organization members. All were happy with numbers but of course, another grey cloud hangs over Montreal with: 1) Bill 96 repercussions 2) high inflation stalling projects 3) geo-political affairs 4) post-Covid recovery 5) rising interests rates and 6) possible 2023 recession.
Total FDI attracted by MTLINT = $3.765 Billion Number of projects (expansions/new offices): 100 (37 of which are subsidiaries) Jobs created: 11,550 new jobs created + 705 maintained (avg. salary $82,000) Start-ups helped: 10 in 2021, 38 since 2018 (attracted to market)
Two new International offices in the city
1) ISSB (North American HQ)
2) Global Humanitarian Aviation Organization
The city is now home to 70 international organizations, either with offices here (satellite/regional HQ or global HQs)
Expect a major slowdown in 2022 with current trends, due to everything listed above. I can tell you for a fact that businesses here are holding off expansions, investments and are thinking about moving their HQ's elsewhere due to Bill 96. We've already lost a few promising startups quietly to Toronto or other cities on the continent. I've also been approached by businesses who want to move elsewhere, since they know I have ties to other cities. Stay tuned, we might be in for yet another rough ride, the Quebec style.
French pharmaceutical Sanofi moving their Canadian HQ out of Montreal to Ontario, loss of 85 jobs. (highlighted the French for the few here who think it's only English companies leaving Quebec)
French pharmaceutical Sanofi moving their Canadian HQ out of Montreal to Ontario, loss of 85 jobs. (highlighted the French for the few here who think it's only English companies leaving Quebec)
I just read the article in Le Devoir. Obviously no one welcomes this news but not a word in the article that this is in any way related to the political stuff that gets on your nerves.
Sanofi has been shifting around its Canadian operations between Toronto and Montreal for about a decade, and for most of that time the Liberals were in power in Quebec.
I just read the article in Le Devoir. Obviously no one welcomes this news but not a word in the article that this is in any way related to the political stuff that gets on your nerves.
Sanofi has been shifting around its Canadian operations between Toronto and Montreal for about a decade, and for most of that time the Liberals were in power in Quebec.
But nice try.
Plus, we just got Moderna.
Nice! Moderna is headquartered down here and has chosen Montreal for its new biomanufacturing plant. I like to see more cross-country and cross-region development like this. At a national level it strengthens ties between the two neighbors and on a regional level, it gives impetus for implementing new train service between Boston and Montreal, something much talked about over the years but never taken off.
Nice! Moderna is headquartered down here and has chosen Montreal for its new biomanufacturing plant. I like to see more cross-country and cross-region development like this. At a national level it strengthens ties between the two neighbors and on a regional level, it gives impetus for implementing new train service between Boston and Montreal, something much talked about over the years but never taken off.
It took a lot to get them to come here over Toronto, but a nearly 40% tax credit and subsidized wages will do the trick. I didn't work on this portfolio but it's the same tax credits offered to tech businesses as well.
However the bad news: Montreal's Innovation Quarter (located in the downtown area) will be ceasing all activities. Really big blow and hopefully a new organization can take over.
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