On August 20, the Institut du Québec (IDQ) published the fourth Comparer Montréal study in collaboration with Montréal International (MI) and the Chamber of Commerce of Metropolitan Montreal (CCMM).
This overview compares Montréal with 14 other cities of similar size in Canada and the United States based on 30 indicators broken down into six categories: economic activity, economic growth, human capital, innovation, quality of life and attractiveness.
Here is a summary of the study’s main findings:
- Economic activity (GDP per capita, disposable income and productivity, for example) remains disappointing. Although some economic indicators are rising, significant change may take several years.
- Economic growth is very good: Montréal is one of the leading cities. GDP is increasing faster than elsewhere and employment rates are showing strong growth. Construction has sharply increased. However, productivity growth remains neutral.
- Human capital is one of Montréal’s greatest challenges. Its graduation rate for undergraduates is among the lowest and the proportion of people without a high school diploma is among the highest. It will be difficult for Montréal to maintain good economic growth and preserve its innovative capacity in the long term without improving this indicator.
- Innovation finally seems to be taking off. Last year, the IDQ stated that Montréal had all the ingredients needed for innovation, but that it didn’t seem to use them. This year, an increase in the number of venture capital agreements and an adequate number of science, engineering, technology and mathematics (STEM) graduates will allow Montréal to start climbing the ranks for this indicator.
- Quality of life is the city’s strength: every year, Montréal ranks first or second among the compared cities. The low level of inequality, good air quality and the use of public transit make Montréal one of the best cities to live in.
- Lastly, Montréal ranks fifth in terms of attractiveness. Thus, quality of life and affordability are among its assets, while the lacking productivity of its companies is one of the main drawbacks for investors.
Read the entire study here.