2007 was a big year for local development

Industrial investments are always a good indicator of relative economic growth in St. Laurent, and investment jumped about six per cent, and this in the face of a tough economic outlook (with the Asian emergence, and the U.S. subprime mortgage crisis). In all, St. Laurent businesses invested $770 million in their businesses, with research and development given extra weight.

The second piece of good news on the economic-development front was the rise in manufacturing employment, which jumped 4.5 per cent in 2007, which flew in the face of other global economic indicators, which had seen the global number drop in each of the last five years.

"Because of worldwide uncertainty, the manufacturing sector has seen a decline, but that's not the case here. We had a small growth, even if it wasn't fantastic," said St. Laurent Economic Development director general Daniel Dicaire. According to Dicaire, the reasons for that countercurrent are the attractiveness of the St. Laurent industrial hub and policies and services in place to keep businesses from moving away. It's not quite clear if the proportion of immigrants in the area factored into the manufacturing-employment growth. The unemployment rate for visible minorities on Montreal Island remains steady at 18 per cent.

In total, 410 new businesses were supported in St. Laurent, covering the full spectrum of services provided by the organization. Three newcomers opened up shop in St. Laurent, representing the creation of 167 jobs. More than 20 businesses benefited from the organization's expertise in expanding their operations, or renovating their existing facilities., One shining example was the organization's support for Moisson Montreal's update of operating facilities, which are slated for next fall. Problems related to real-estate issues accounted for 39 per cent of the organization's workings last year.

A hand was also extended to the education sector, as further investment in colleges' technology centres was encouraged. No local favoritism here; both of the proposed projects for the two St. Laurent CEGEPs were turned down.

Another theme in the report was the environment, and the issue figures very strongly in local businesses' plans. Seven businesses took a turn for the green last year, and environmental pressure has forced some new policies for the industrial area. Car-pooling initiatives were launched, as was a summer bike-sharing service.

Other highlights of the St. Laurent Economic Development's year included multiple actions in the areas of networking, innovation, aiding in exports and foreign networking (a partnership with the aerospace firms in Merignac, a town near Bordeaux in France). St. Laurent continues in 2008 as it did in 2007, as one of the province's business leaders.

The year 2008 is starting off on a good note, Dicaire added.

"If we look at certain indicators, such as rental prices, we're seeing that it's going pretty well. The only shadow looming over the year is the impact that further development of the Asian market will have on local businesses. Our attractiveness is still there and still viable," he said.

(Translated by Marc Lalonde)

(Photo: Archives)