Demographics and Economy
Demographics
Greater Montréal has a population of 3.9 million, approximately half the population of Québec (2010). Greater Montréal has for many years witnessed higher demographic growth than the major agglomerations in the northeast of the continent, including Washington D.C., Philadelphia, Boston and New York.
Economy
Greater Montréal has experienced remarkable economic activity, especially in the high-tech sector, due to an economy focused on services. Creativity is at the core of the area’s economic growth. Its vitality, international scope and artistic and cultural wealth, as well as its ability to develop innovative technologies, give the Montréal economy a powerful competitive advantage.
In 2010, the real GDP of the Montréal area grew for the 19th consecutive year, to reach $126.8 billion, close to half of Québec's GDP.
Business Environment
Greater Montréal benefits from Canada’s sound economic health. Indeed, Canada provides an environment conducive to success. According to the Economist Intelligence Unit’s forecasts (February 2009), Canada has the best business climate of all the G7 nations. It also scored well for infrastructure, start-ups, taxation, business controls and foreign trade.
According to Statistics Canada, Montréal ranks first among metropolitan areas in Canada in terms of industrial diversity. This testifies to the robustness and innovative potential of its economy. The Montréal area is also the economic engine of Québec, since it represents close to 50% of the total population, the working population and the jobs in Québec, and it also generates 50% of the province’s real GDP.
Canada has fewer procedures and more flexible regulations governing the start-up of new companies than any other G7 nation, resulting in the shortest start-up period for new companies.
Investors also benefit from the fact that Canadian banks are healthy and post sound balance sheets. Canadian banks in fact rank first among G7 nations in terms of financial health.
Employment
1st among large North American metropolitan regions with a 1.7% increase during the 2009-2010 economic downturn.
