Montreal finds recipe for economic rebound

By Robert Frank

Harness Montreal’s abundant creative talent, add large dollops of natural resource services, fold in world-class research universities, stir in lots of fun et voilà—Montreal’s economic mojo is back, according to Michel Leblanc.

“We’re more optimistic than we’ve been in 20 years,” enthused the Metropolitan Montreal Board of Trade chief operating officer. “Right now the rush is on to be the first to announce, start and deliver commercial tower and mixed real estate projects.”

“Very high value-added industries have replaced rust-out in Montreal’s legacy manufacturing sector,” the economist and expert policy analyst explained. “The aerospace industry here is very strong, and we’re reaping from investment in labs and university research, as the biopharmaceutical industry restructures and outsources the development of new molecules.”

“Besides the Cirque du soleil, during the past decade we’ve developed a movie production industry that’s the envy of the country.”

“Fashion design, new materials and textile logistics have supplanted Montreal’s venerable garment industry, plus Quebec is about to open its mineral treasure trove in the Far North,” Leblanc added. “That will spur demand for engineering, legal and financial services here in Montreal, just as it did in Australia.”

“We’re investing billions in infrastructure—such as roads, transit and hospitals—and expect to play an increasingly important role as a North American powerhouse,” he concluded. “You can feel the confidence out there.”
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Note: This report appeared on page 16 of the Spring 2013 issue of Canadian Real Estate Magazine.
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