Foreign investment in Montreal down nearly 5% after record 2021
Posted February 20, 2023 4:21 pm.
Last Updated February 20, 2023 4:25 pm.
Foreign investment in Montreal dropped slightly last year compared to a record-setting 2021, according to the latest data from Montreal International (MI).
Despite the overall drop in investment, the Greater Montreal area did manage to attract a record number of projects.
Foreign actors invested $3.58 billion in Montreal’s metropolitan area in 2022 – a 4.9 per cent drop from 2021’s record $3.77 billion.
MI, Montreal’s economic development agency, says the city managed to attract 102 foreign investment projects, which led to the creation of 8,287 jobs.
“We should seize all the opportunities around the world to transform our economy and make it greener and more sustainable,” MI president and CEO Stéphane Paquet said in a statement. “That’s why we’re focusing on projects that generate value for Greater Montréal, by supporting decarbonization or industrial automation for example, or by supporting the hiring of workers in key sectors such as health, education and IT.”
Infographic from Montreal International report on foreign investment in the city in 2022. (Credit: Montreal International)
Other findings from MI’s report:
- The life sciences and health technology sector broke a record with 12 projects worth $684 million
- A record 21 projects worth $755 million opted to set up off the island – either in Laval, Longueuil or the suburbs
- More than 50 per cent of investments came from the Americas
- Europe and the Middle East accounted for 42 per cent of investments
