Economy of Montreal
This indicator measures the net income available for consumption of goods and services after current transfers and taxes have been subtracted.
Per capita disposable income has increased throughout all of Quebec's administrative regions due to federal policy responses to the COVID-19 pandemic.
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.
[11] 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.
Reduced visitor traffic in the downtown area as well as an increase in E-commerce puts commercial spaces and cultural institutions at high risk.
In order to preserve the cultural and linguistic roots of the region, the Québec government plans to increase tuition for out-of-province students.
The black market, or underground economy, involves the illicit production and exchange and goods and services outside government-sanctioned channels.
[15] Studies conducted in 2007[12] indicate a positive correlation between the tax burden imposed and the prevalence of the underground economy.
Consequently, high tax rates create a risk premium that justifies engaging in illicit market activities, leading some dealers in Montreal to openly advertise their services.
Their construction company, Grand Royal Asphalt Paving, won four municipal park contracts from 1963 to 1966, worth a reported $350,000 CDN.
[18] In 1973, an internal power struggle between the Sicilian and Calabrian factions of the family broke out and started the mafia war in Montreal.
A report by the Canadian anti-corruption squad also linked organise crime to Montreal's construction industry and political parties.
During the tensions between the two Montreal based families, Vito Rizzuto went to ask the approval of "The Commission" for the killing of Paolo Violi, a high-ranked member of the Cotroni crew.
The service sector is also strong and includes civil, mechanical and process engineering, finance, higher education, and research and development.
[24] As one of the most important ports in Canada, it remains a trans-shipment point for grain, sugar, petroleum products, machinery, and consumer goods.
Element AI is co-founded by Université de Montréal professor Yoshua Bengio, who won the Turing Award in 2018 for his contributions to deep learning.
[29] Growing alongside Montreal's AI industry is a cloud computing sector which takes advantage of the city's IT talent pool, lower electricity rates, and proximity to the US.
Google opened a cloud data center in Montreal in 2017, its first in Canada, following the steps of Amazon, IBM, and Bell.
[30] Locally headquartered, middle-market cloud computing businesses also flourish in Montreal—like Ormuco Inc., a former cloud managed service provider[31] which now also develops platforms for 5G mobile app development, reflecting a wider regional industry shift towards edge computing.
[33] 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.
[43] The headquarters of the Canadian Space Agency are located in Longueuil, directly east of Montreal across the Saint Lawrence River.
