If Montreal’s economy had had the wind in its sails since 2016, its momentum would have slowed somewhat, particularly due to the lack of productivity, according to a current ranking of North American cities.
Compared to 14 other major cities of similar size to metropolitan Quebec, Montreal ranks 13th in terms of economic growth, according to the 5th edition of the Institut du Québec’s Compare Montreal report released Thursday.
“Without the contribution of its strong airport activity and good employment rate to the results, Montreal would rank last in terms of economic activity,” the study said.
The weakness of the construction market in recent years would put Montreal at a serious disadvantage, as would productivity levels, which have stagnated and landed last in this ranking.
Another deficiency that needs to be addressed would be the low level of education, as barely more than a third of the population has a university degree. In contrast, the number of graduates in Toronto and Vancouver has increased since 2019, largely thanks to immigration.
“In light of recent debates over tuition fees for students outside Quebec, we reiterate the importance of doing everything we can to protect this exemplary reputation. “These assets directly impact our ability to innovate,” emphasized Michel Leblanc, president and CEO of the Chamber of Commerce of Metropolitan Montreal (CCMM).
Quebec locomotive
It’s not all gloomy for the metropolis’ economy, which managed to improve its innovation position to 6th place compared to 10th place in 2014.
Over the last decade, the Greater Montreal area has acted as a “locomotive” for Quebec’s economy. In fact, the sector contributed to more than half of the province’s GDP growth between 2012 and 2022.
“With a per capita GDP almost 10% higher than the rest of Quebec, the Greater Montreal area acts as a wealth generator for all of Quebec and even helps catch up with the standard of living targeted by the Quebec government,” it says Report.
Quality of life advocate
When it comes to quality of life, Montreal is at the top of the metropolitan rankings.
“Whether it’s low inequality, life expectancy, housing costs, murder rates or public transportation use, Montreal is rising to the top of the list of good places to live,” it said.