International investments in the Montreal region reached 2.7 billion in 2023, or 1 billion less than the previous year. This drop is explained by the global economic context and a reduction in investments in information technology, the leaders of Montréal International said on Monday.
2023 was “a year of extreme sport,” argued Stéphane Paquet, CEO of Montréal International, during the presentation of the report on the organization’s activities.
Three G7 countries, Germany, the United Kingdom and Japan, have entered into recession and around the world, large companies are laying off employees, he said. “For us, these are so many investment projects that are postponed. These are all investment projects which, sometimes, will simply not take place. »
In 2022, international investments in the greater Montreal region had increased to $3.7 billion. The result of 2.7 billion for 2023 marks a return to the pre-pandemic level, explained Mr. Paquet. The results are, however, higher than those of 2019 and 2020, he specified.
Stéphane Paquet notably indicated that two information technology business projects which were to be established in the metropolitan region have been canceled. “It was crazy during the pandemic with cybersecurity, video games and software,” he recalled. “It’s not madness anymore. »
The drop in electricity surpluses in Quebec has also dampened the enthusiasm of certain investors, added Mr. Paquet.
Of the 2.7 billion invested in 2023, 2 billion were invested on the island of Montreal, 244 million in Longueuil and 12 million in Laval. The data shows investments of 643 million in clean technologies and environmental services, compared to 327 million the previous year, and 421 million in life sciences and health technologies. These investments created 5,983 jobs with an average annual salary of $97,500.
Further details will follow.