Montréal: the full picture

01Scale

The Montréal CMA had 4,597,837 residents on July 1, 2025, up from 4,572,813 a year earlier (growth slowed sharply from the +107,600 gain of 2023-24). Its GDP at basic prices was $279.5 billion in 2022, the latest CMA figure Statistics Canada publishes, or 10.4% of the national $2,675 billion. The labour force averaged 2,575,800 in 2025 with 2,409,900 employed.

• Statistics Canada 17-10-0148-01, Population estimates July 1 by CMA · July 1, 2025 (released 2026-01-14)
• Statistics Canada 36-10-0468-01, GDP at basic prices by CMA · 2022 (released 2025-12-04)
• Statistics Canada 14-10-0461-01, Labour force characteristics by CMA, annual · 2025 annual (released 2026-01-09)

02Labour market

Unemployment in the CMA averaged 6.4% in 2025, up from 5.2% in 2023 and 6.2% in 2024, and the three-month moving average stood at 6.3% in August 2026 with 164,500 people unemployed. The participation rate was 66.7% in 2025. Employment grew 2.1% in 2025 but all of it came from services: the goods-producing sector fell to 395,000 jobs from 413,500, with manufacturing down to 233,900 from 247,000 and construction down to 130,000 from 139,500.

• Statistics Canada 14-10-0461-01, Labour force characteristics by CMA, annual · 2025 annual
• Statistics Canada 14-10-0459-01, Labour force characteristics by CMA, 3-month moving average, SA · August 2026 (3-month moving average, released 2026-09-04)
• Statistics Canada 14-10-0468-01, Employment characteristics by CMA, annual · 2025 annual

03Where the jobs are

Health care and social assistance is the largest employer at 346,200 jobs (2025), followed by wholesale and retail trade (354,200 combined), professional, scientific and technical services (253,900), manufacturing (233,900), educational services (203,100) and finance, insurance and real estate (195,700, up sharply from 166,100). Information, culture and recreation, which includes video games and media, slipped to 123,000 from 127,200, and transportation and warehousing fell to 122,600 from 137,100.

• Statistics Canada 14-10-0468-01, Employment characteristics by CMA, annual · 2025 annual (released 2026-01-09)

04Aerospace

Greater Montréal is Canada's largest aerospace hub, with 43,000+ jobs and 230+ businesses accounting for 60% of the Canadian aerospace workforce and 75% of its R&D, per Montréal International. Bombardier, headquartered in Montréal, reported Q2 2026 revenue of $2.15 billion and a backlog of $21.8 billion at June 30, 2026. Airbus builds the A220 in Mirabel and employs over 4,000 people in Québec; the programme had 960+ orders and 506+ deliveries as of end April 2026. CAE, also Montréal-based, posted FY2026 revenue of $4.9 billion and is in a cost-cutting transformation plan.

• Montréal International – Aerospace sector profile · page modified 2026-08-18
• Bombardier Q2 2026 results (GlobeNewswire) · June 30, 2026
• Airbus – Airbus in Canada · end of April 2026
• CAE press releases (CNW) · FY2026 (May 21, 2026 release)

05AI and research

Mila, founded by Yoshua Bengio and a non-profit since 2018, is the world's largest academic deep-learning concentration with 1,400+ researchers and students and about 120 industry partners (2022-23 report). Scale AI, the federal AI Global Innovation Cluster based in Montréal, was seeded with $284 million federal and $53 million Québec funding and co-invests in industry AI adoption projects. IVADO is the Université de Montréal-led research consortium. Montréal International counts 48,000+ workers with AI-related skills and claims a 40% cost advantage versus major North American cities.

• Mila – About · 2022-2023 annual figures
• Scale AI – About us · page modified 2025-11-25
• Montréal International – Artificial intelligence sector profile · 2026 sector profile

06Video games and VFX

This is the sector that is shrinking. Québec cut its multimedia tax credit two years ago (reducing the credit by roughly a third from up to 37.5% of salaries and excluding the first ~$18,000 of each worker's wages), and the province's industry association says employees are now laid off between projects. Ubisoft Montréal remains the biggest studio in the world at nearly 4,000 staff, but Ubisoft, Epic, Eidos, Electronic Arts, Behaviour Interactive and Bethesda all cut Montréal jobs in the first half of 2026. Québec still hosts 300+ studios and 45% of Canada's roughly 34,000 game developers.

• The Canadian Press via BNN Bloomberg – Quebec video game industry in limbo · July 12, 2026
• The Logic – Quebec's game industry is hurting · March 26, 2025

07Life sciences

Québec's life sciences and health technologies sector employs 55,000+ people in private companies, 85% of them in Greater Montréal, which Montréal International ranks among the top 10 hubs in North America. Roche, Pfizer, Merck, Bristol Myers Squibb, Medtronic, Novartis, GSK, AbbVie and Charles River all have Montréal operations.

• Montréal International – Life sciences and health technologies profile · 2026 sector profile

08Finance and capital

La Caisse (renamed from CDPQ) is the province's pension manager with CAD 551.6 billion in net assets at June 30, 2026, run from its business office in Montréal (legal head office Québec City). National Bank (TSX: NA), Power Corporation (TSX: POW, $55.7 billion market cap at June 30, 2026) and BDC (head office 5 Place Ville Marie, $58.6 billion committed to SMEs) are all headquartered downtown. In venture capital Québec logged 60 deals worth $758 million in H1 2026, 28% of Canadian dollars and second to Ontario; in private equity it was first in Canada by deal count (68%) with $5 billion invested in H1 2026.

• La Caisse (CDPQ) – Performance · June 30, 2026
• Power Corporation of Canada · June 30, 2026
• BDC – Who we are
• BDC – Contact us
• Réseau Capital – Overview of the Quebec VC and PE market, H1-2026 · H1 2026 (August 2026)

09Power as a cost advantage, now rationed

Hydro-Québec's Rate L for industrial customers with 5,000 kW or more is $15.027 per kW of billing demand plus 3.821¢/kWh, effective April 1, 2026. In February 2026 the utility asked the Régie de l'énergie to charge new data centres over 5 MW 13¢/kWh, about double the large-power rate, and blockchain operations 19.5¢/kWh, expected to apply from the second half of 2026; it forecasts data-centre demand reaching about 1,000 MW by 2035. Cheap power still underpins Québec's aluminum smelters, which were running at 95% capacity despite 50% U.S. tariffs.

• Hydro-Québec – 2026 Electricity Rates (PDF), effective April 1, 2026 · April 1, 2026
• Hydro-Québec press release – new rate for data centres · February 19, 2026
• The Canadian Press via BNN Bloomberg – Quebec aluminum smelters and U.S. tariffs · June 5, 2026

10Port, rail and air

The Port of Montréal handled 34.3 million tonnes in 2025, slightly down, while container traffic rose 3.6% to 1.52 million TEUs; the port authority earned $155.4 million in revenue. The port says its operations sustain 37,000+ jobs. CN (headquarters 935 de La Gauchetière West) earned $17 billion in revenue in 2025 across a 20,000-mile network, and Air Canada (TSX: AC) is headquartered in Montréal with a fleet of more than 400 aircraft. The REM light-rail network opened its Anse-à-l'Orme branch on May 18, 2026; the airport branch is due in spring 2027, completing 67 km and 26 stations.

• Montreal Port Authority – Results from 2025 operations (CNW) · 2025 (released April 23, 2026)
• Port of Montreal – Social and economic impact
• CN – About CN · 2025
• CN – Contact us
• Air Canada – Corporate profile · 2026
• Railway Gazette – REM extends to serve Montréal's west island suburbs · June 2, 2026

11Foreign investment and housing

Montréal International supported $2.628 billion of foreign investment across 54 projects in 2025, creating or retaining 3,720 jobs at an average salary of $114,000, with aerospace alone over $600 million and the U.S. the top source country. Housing starts in the CMA jumped to 27,777 units in 2025 from 17,570 in 2024, and January–August 2026 starts (17,762) were running 6% ahead of the same period of 2025.

• Montréal International – 2025 results: foreign investment · 2025 (released March 30, 2026)
• Statistics Canada 34-10-0154-01 (CMHC), housing starts by CMA, monthly · August 2026 (released 2026-09-17)

AnchorsThe companies and institutions that set demand here

EcosystemWho helps a business start and grow

SectorsWhere the jobs are

• Aerospace43,000+ jobs, 230+ firms, 60% of Canada's aerospace workforce; Bombardier, CAE, Airbus A220 (Mirabel), Pratt & Whitney Canada. Growing: Bombardier backlog up $4.3B in H1 2026.Montréal International – Aerospace sector profile
• Artificial intelligenceMila (1,400+ researchers), Scale AI cluster, IVADO; 48,000+ AI-skilled workers. Strong on research, weaker on domestic scale-ups — H1 2026 Québec VC dollars up 30% but deal count down 13%.Montréal International – Artificial intelligence sector profile
• Video games and VFXShrinking. Tax credit cut by about a third since 2024; layoffs at Ubisoft, Epic, Eidos, EA, Behaviour and Bethesda in 2026. Québec still has 300+ studios and 45% of Canada's ~34,000 developers.The Canadian Press via BNN Bloomberg – Quebec video game industry in limbo
• Life sciences and health technologies55,000+ private-sector jobs in Québec, 85% in Greater Montréal; top-10 North American hub per Montréal International.Montréal International – Life sciences and health technologies profile
• Finance and institutional capitalLa Caisse (CAD 551.6B), National Bank, Power Corp, BDC; FIRE employment in the CMA rose to 195,700 in 2025 from 166,100.La Caisse (CDPQ) – Performance
• Transport and logisticsCN and Air Canada HQs, Port of Montréal (34.3 Mt, 1.52M TEUs in 2025). Transportation and warehousing employment fell to 122,600 in 2025 from 137,100.Montreal Port Authority – Results from 2025 operations (CNW)
• Manufacturing233,900 jobs in 2025, down 5.3% from 2024; the goods-producing sector overall lost 18,500 jobs.Statistics Canada 14-10-0468-01, Employment characteristics by CMA, annual
• Health care and social assistanceLargest single employer at 346,200 jobs (2025), up 6.3% year over year.Statistics Canada 14-10-0468-01, Employment characteristics by CMA, annual

WatchWhat changes the picture next

• Bill 96 / Law 14 French-language compliance

  Since June 1, 2025 businesses with 25+ employees must register for francization with the OQLF, product inscriptions must be in French and signage must be markedly predominant in French; fines for legal entities run $3,000–$30,000 per day for a first offence.

  • CFIB – Everything you need to know about Quebec's Law 14 (Bill 96)

• Video-game tax credit cuts and layoffs

  The credit was reduced by roughly a third with the first ~$18,000 of salaries excluded; studios now lay off between projects and QA/localization roles are moving to Ontario, Mexico and Asia.

  • The Canadian Press via BNN Bloomberg – Quebec video game industry in limbo

• Hydro-Québec power allocation and data-centre rate

  New data centres over 5 MW face a proposed 13¢/kWh rate (about double Rate L) from H2 2026, subject to Régie approval; expect tighter scrutiny of any large new load.

  • Hydro-Québec press release – new rate for data centres

• U.S. tariffs on aluminum (50%) and trade uncertainty

  Québec smelters absorbed an initial ~US$600M hit but ran at 95% capacity; metallurgical export volumes still fell 36% Feb 2025–Feb 2026. Lack of visibility remains the core problem for exporters.

  • The Canadian Press via BNN Bloomberg – Quebec aluminum smelters and U.S. tariffs

• REM completion

  Anse-à-l'Orme branch opened May 18, 2026; the airport branch is due spring 2027, completing 67 km and 26 stations and reshaping West Island and airport-area real estate.

  • Railway Gazette – REM extends to serve Montréal's west island suburbs

• Unemployment drifting up

  CMA unemployment rose from 5.2% (2023) to 6.4% (2025) and was 6.3% in August 2026 even as employment grew; goods-sector jobs are contracting.

  • Statistics Canada 14-10-0459-01, Labour force characteristics by CMA, 3-month moving average, SA

• Housing supply catch-up

  Starts jumped 58% to 27,777 in 2025 and 2026 is tracking ahead of 2025, mostly apartments; watch whether the pipeline holds as unemployment rises.

  • Statistics Canada 34-10-0154-01 (CMHC), housing starts by CMA, monthly

Not verifiedWhat we could not confirm

• Pratt & Whitney Canada (Longueuil) — corporate site blocked (403) and services.pwc.ca did not resolve; omitted from anchors.
• Desjardins head office in Lévis and its asset figures — desjardins.com about pages did not state them in fetched content.
• Saputo (TSX: SAP) Montréal head-office address — saputo.com pages fetched did not state the HQ city; omitted from anchors.
• Hydro-Québec data-centre 'moratorium' or MW-allocation cap — only the proposed 13¢/kWh rate and the ~1,000 MW-by-2035 forecast were found in fetched pages.
• Bonjour Startup Montréal — site returned a Cloudflare 403 block, so existence/activity not confirmed this session.
• Exact current employee counts for Bombardier, CAE, National Bank, Air Canada, Lightspeed, Dollarama and AtkinsRéalis — not stated on fetched pages.
• CVCA's national ranking of Québec VC (used Réseau Capital's H1-2026 overview instead: Québec second to Ontario in VC, first in PE deal count).
• Institut de la statistique du Québec figures — not fetched; all scale figures come from Statistics Canada WDS.
• Any specific U.S. tariff on aerospace products affecting Montréal — no fetched source addressed it.
• Mila's current (2025-26) headcount — the About page cites 2022-23 figures.