2024-09-12 05:12:26
Montreal’s tech sector may have gained 38,700 jobs since 2018, but it has fared less well than elsewhere in North America. The Quebec metropolis has thus declined by 12e au 15e rank, according to the latest ranking by real estate services firm CBRE of the best markets for technology talent, just like Quebec, which slipped from 35e au 40e rang.
Updated yesterday at 7:00 a.m.
The ranking compares 50 metropolitan areas in Canada and the United States based on 13 criteria, including the number of jobs and graduates, salaries and housing costs. The weighting of these criteria is not disclosed. The three largest markets are, unsurprisingly, the San Francisco Bay Area, Seattle and New York. Toronto gets an enviable 4e place, with a score of 66.9. Montreal, with a score of 53.5, ranks 15eand is also surpassed in Canada by Ottawa and Vancouver.
Essentially, Montreal fell three spots due to less vigorous job growth in its technology sector, explains Louis Karam, senior vice-president and managing director at CBRE. In the previous ranking, the Quebec metropolis posted a 42.6% increase in the number of technology jobs between 2017 and 2022. In the 2024 ranking, which covers the period 2018-2023, this growth has dropped to 30.3%.
PHOTO PROVIDED BY CBRE
Louis Karam, Senior Vice President and Managing Director at CBRE
Which is far from catastrophic, Karam agrees. “It’s growth that’s higher than the rest of the job market, and if you compare it to the rest of Canada, it’s still very good growth. But in general, if you look at the economic uncertainty and the fact that there have been a lot of layoffs in the tech world, that’s kind of the cause.”
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In terms of the number of jobs, Montreal remains an important market, ranking ninth in North America.
The CBRE ranking contains some “positive elements” for the Quebec metropolis, Mr. Karam emphasizes. With some 29,000 degrees awarded in five years in technology sectors for 38,700 jobs created, Montreal is not in a situation of “brain drain.”
The vice-president also draws on current events to flesh out the portrait of Montreal. “Research and development in artificial intelligence are very strong. We are truly at the forefront, we have several internationally renowned incubators. The fact that Montreal has once again been named the best student city in the Americas is something positive, with its world-renowned universities.”
Affordability Champions Among 50 Cities
And despite the constant rise in rents and the housing crisis that is hitting Quebec like the rest of North America, Montreal and Quebec City remain the champion cities for affordable rents, Mr. Karam points out. According to the CBRE ranking, renting an apartment cost an average of US$9,467 per year in Montreal and US$8,833 in Quebec City. These are the lowest rents in the 50 cities compared, whether in absolute numbers or as a proportion of the average salary in technology.
“The fact that we are an affordable city attracts foreign companies,” says Karam. “It would be a good thing to focus on keeping that aspect.” He also finds it counterproductive to restrict the issuance of student visas. “We have more jobs in technology than the degrees we generate. I think we need to support our universities and support the talents of the future.”
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What factors are contributing to the decline in Montreal’s tech sector rankings despite job growth?
Montreal’s Tech Sector: A Hub for Opportunities Despite Decline in Rankings
Montreal, a city renowned for its vibrant tech industry, has recently experienced a decline in rankings according to the latest report by CBRE, a leading real estate services firm. Despite adding 38,700 jobs since 2018, the Quebec metropolis has dropped from 12th to 15th place among the top markets for technology talent in North America. This decline is attributed to slower job growth in the technology sector, with a 30.3% increase in technology jobs between 2018 and 2023, compared to a 42.6% increase in the previous ranking period.
However, Montreal remains an attractive destination for tech companies and talent, offering a unique combination of affordability, innovation, and quality of life. According to [2], Montreal is one of the most affordable cities in North America for tech startups, with labor and overhead costs roughly half that of Silicon Valley. This competitive edge has contributed to the growth of various tech sectors, including IT, FinTech, cloud computing, and more.
In fact, [1] highlights Montreal’s thriving tech industry, which has firmly established itself as a global leader, attracting top talent from around the world. The city is home to numerous tech companies, including some of the top IT companies in Montreal, specializing in web development, software development, web design, UI/UX design, digital marketing, and branding [3].
While Montreal’s decline in rankings may be a cause for concern, it is essential to recognize the city’s continued growth and innovation in the tech sector. With its unique blend of affordability, talent, and innovation, Montreal remains an attractive destination for tech companies and professionals alike.
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