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Greater Montréal: So Many Reasons to Invest Greater Montréal: So Many Reasons to Invest Old Port, Grande-Roue and downtown Montréal © Loïc Romer The world's best economic promotion agency at your service 2 Content 01 02 03 04 Montréal: A Strong and A World Leader in High A Deep and Growing Pool Attractive Operating Growing Metropolis, Value-Added Sectors of Highly Qualified Talent Costs and Incentives Strategically Located p.7 p.10 p.13 p.3 05 06 An Exceptional Quality Montréal International’s of Life Personalized, Free and p.16 Confidential Services p.20 3 A strong and growing metropolis, strategically located in North America Population ▪ 4.3 million residents ▪ 23% of population are foreign-born (34% for the city of Montréal) Economy MONTRÉAL ▪ Best economic growth in Canada in 2018 TORONTO and 2019 VANCOUVER CHICAGO LONDRON ▪ Unemployment rate (2020): 5.6% ▪ $2.6 billion in foreign direct investment BOSTON PARIS in 2019 supported by Montréal International NEW YORK WASHINGTON Location ▪ 82 municipalities, 1 metropolitan area ▪ A 90-minute flight to Boston and New York City ▪ Less than a one-hour drive to the U.S. border LOS ANGELES Source: Conference Board of Canada, 2020; Statistics Canada, 2020; Montréal 4 International Analysis. A booming economy built on a strong foundation Greater Montréal is a A Aa2 credit rating for Access to a clean (99%), champion of economic Québec, with a stable renewable, stable and growth in Canada in 2018 outlook affordable electricity and 2019 Moody's, 2019 Lowest rates among the 20 largest metropolitan areas in Canada and the U.S. Québec has a well- Home to the Caisse de balanced budgetary policy dépôt et placement du Advantageous and stable Québec, one of the largest incentives institutional fund managers Research and development, in North America multimedia production, Among the largest pension e-business development, fund managers worldwide video and film production, and international financial centres, etc. 5 A gateway to 60% of the world’s GDP Thanks to CUSMA, CETA, CPTPP and 12 other free trade agreements in force* Direct access to 1.5 billion consumers and a combined GDP of US$50 trillion (60% of the world’s output of goods and services) Only Canada has free trade agreements with all other G7 countries *Canada-United States-Mexico Agreement (CUSMA), Comprehensive Economic and Trade Agreement (CETA) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Source: World Trade Organization, 2020; World Bank, 2019; Census Bureau, 6 Montréal’s Old Port 2020.. High-quality transportation infrastructures ▪ 20.3 million passengers in 2019 ▪ Direct flights to more than 150 direct destinations, including 119 international (28 in the USA): the most international airport in Canada ▪ Major investments of $2.5 billion planned over five years ▪ 2nd largest port in Canada and 1st container port in Eastern Canada ▪ 39 million metric tonnes of merchandise in transit every year, including 37% containerized cargo ▪ Major investments announced for upcoming years Source: Aéroports de Montréal, 2019; Montréal Port Authority, 2019; CargoM, 7 2019. Montréal’s International Pierre-Elliott-Trudeau’s Airport © ADM A world leader in high value-added sectors Major companies st nd 1 2 located in Greater Montréal largest VFX and best place to invest animation hubs in aerospace in North in Canada and America a VFX world leader 3rd 5th best place to invest largest video game in AI in North America development hubs in the world th 6 Thriving hub in fast growing sectors: IT, largest life sciences fintech and financial services, electric and and health technologies smart transportation, cleantech, innovative hubs in North America manufacturing, transportation and logistics, retail and fashion, etc. Source: Québec Film and Television Council, 2018; fDi Benchmark, 2020; Game Industry career guide, “Best cities for video game development jobs”, 2015; Statistics Canada, 8 2019; U.S. Bureau of Labor Statistics, 2019; Montréal International Analysis. A world-class hub in artificial intelligence ▪ $3+ billion in AI investments in Greater Montréal since 2016 ▪ The Canadian government chose Montréal as headquarters for SCALE AI, Canada's AI supply chain supercluster ▪ A community of more than 600 researchers and graduate students at Mila - the world’s largest academic research lab in deep learning and reinforcement learning ▪ Sample of major players located in Greater Montréal: 9 Source: Mila; Montréal International Analysis. Downtown Montréal A booming startup ecosystem ▪ Canada is the most attractive country in the world for entrepreneurs according to the OECD ▪ US$1.7+ B in VC investments since 2018 in Montréal ▪ Six of the eight most active VCs in Canada in 2019 are based in Greater Montréal ▪ 30+ incubators/accelerators ▪ 45+ coworking spaces Source: OECD Indicators of Talent Attractiveness, 2019; ”Global Ecosystem Report” 2018; Credo, “Montréal Startup Ecosystem Report”, 2016; “Midterm Report” – Smart City, February 2017; PwC Canada | CB Insights, Canadian 10 Crew Collectif & Café © Susan Moss Report “Money Tree”, 2019. The highest concentration of tech jobs in Canada Greater Montréal has the 5th highest concentration of tech Tech sector jobs concentration across Canada, 2016 jobs among the largest Index: Canadian average = 1.0 70% more metropolitan areas than the in Canada and the U.S. Canadian 1.7 average 1.4 1.3 1.3 1.3 1.3 1.2 1.1 0.9 0.7 0.7 0.7 11 Source: Brookfield Institute for Innovation and Entrepreneurship, “The State of Canada’s Tech Sector”, 2017; “Tech Talent Analyzer”, CBRE, 2020. The best student city in the Americas and Canada's university capital ▪ Canada’s university capital: 11 university institutions and 60 colleges ▪ 320,000 post-secondary students, including more than 200,000 university students and 35,500 international university students ▪ $1+ billion in funding yearly dedicated to university research ▪ Best student city in the Americas: 1 Montréal Best student city in the 2 Toronto Americas 3 Boston 2019 QS Best Student Cities 4 Vancouver Rankings 5 New York Source: QS Best Student Cities in the World, 2019; Ministry of Education, 12 Leisure, and Sports, Québec, 2018; Research Infosource Inc., 2018. McTavish Street © Montréal International Canada's most bilingual and trilingual population 2.5 million residents speak English, that’s 9% more than in Vancouver 55% of the population is bilingual (French and English), compared to 8% in Toronto and 7% in Vancouver Almost 20% of the population is fluent in three or more languages, compared to 4% in Toronto and 3% in Vancouver 13 Village au Pied-du-Courant and Pont Jacques-Cartier © Montréal International Source: Statistics Canada, 2016. Attractive operating costs ▪ Overall, running a business costs less in Greater Montréal than in any other major metropolitan area in Canada and the U.S. ▪ More than a 26% cost advantage on average for high-tech sectors: Greater Montréal’s cost advantage compared to the average of the 20 largest metropolitan areas in Canada and the U.S., 2019 32% 29% 28% 28% 28% 27% 26% 25% 24% 24% 23% 23% 23% 14 Source: fDi Benchmark, 2019. Downtown Montréal © Henry MacDonald Canada and the U.S. U.S. the and Canada Greater salary costs Themost affordable tech Source: Source: CBRE, “Tech Talent Analyzer”, 2019. Montréal 75,6 Selected metropolitan areas in Canada and in the U.S. the in and Canada in areas metropolitan Selected Vancouver 80,1 Average tech talent yearly wage (in US$ 000’s) US$ (in wage yearly talent tech Average Toronto 81,8 the has Montréal Chicago 86,2 Miami 88,1 Phoenix 88,3 Austin 93,9 with Houston 95,9 lowest an Atlanta 96,1 average Dallas 98,0 tech Los Angeles 104,0 talent of US$75,630: Boston 106,6 Washington D.C. 112,7 wage New York 113,5 Seattle 117,8 in San Francisco 129,7 15 Easy access to highly advantageous incentives Major projects and innovations Sector tax credits Grants, interest-free loans Equivalent to eligible salaries and and other supports, including: expenses: ▪ ESSOR program ▪ Up to 43% for film and video ▪ Tax holiday for large investment production projects ▪ Up to 37.5% for multimedia production ▪ Tax Credit for Investments and ▪ Up to 30% for e-business development Innovations (C3i) Many tax credits ▪ 24% for international financial centres ▪ Incentive Deduction for the are refundable Commercialization of Innovations —a company could ▪ Competitive electricity rates of receive the value of its tax CA¢3.98/kWh for large power* credit even if it has no tax payable Labour development Research and development Example of incentives: ▪ Up to 30% tax credit on R&D ▪ 25% of costs to implement training expenses programs ▪ Tax holiday for foreign researchers ▪ 50% of costs to create an HR and experts department ▪ And many others, such as: Prompt, Mitacs, National Research Council Canada Note: * Rate LG: large power with minimum billing demand of 5,000 kW, transmission and distribution included, for 120-kV supply with 95% load factor, and including the Economic 16 Development Rate reduction (if eligible). A low cost of living Greater Montréal is cheaper than almost all other large cities in North America, Western Europe, China and Japan: Mercer Cost of Living Index World rank from least to most expensive*, 209 cities Rank 206 190 192 193 199 202 203 168 149 154 159 127 111 115 72 Paris Berlin Tokyo Beijing Boston Atlanta Seattle London Toronto Montréal Shanghai Vancouver Los Angeles Los New City York New San Francisco San Greater Montréal offers a higher purchasing power thanks to: ▪ Cheap housing ▪ Low medical insurance costs ▪ Generous family allowances ▪ Affordable child care * Montréal International’s analysis. 17 Rosemont © Montréal International Source: Mercer, “Cost of Living Survey,” 2020. An exceptional quality of life ▪ Montréal is the 2nd best city in the world for millennials: Nestpick Millennial Cities Ranking, 2018 World rank 1 2 3 4 5 6 7 8 10 9 ▪ Lowest homicide rate among the 20 largest metropolitan areas in Canada and the U.S.
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