The Coderre administration says it has no fast cure to what ails Montreal's economy but it hopes that the support it is providing to up-and-coming businesses will help the city emerge from the doldrums.
Montreal has renewed funding of $115 million over five years to Montreal International, which is focusing on technology companies, one of the few thriving sectors in an otherwise stagnant economic environment.
Montreal's tech boom is not enough to offset other economic indicators which paint a less-than-rosy picture of an economy that grew by just by 1.8 percent last year, while unemployment hovers around 10 percent, three percent higher than the Canadian average.
The once-sizzling housing market has struggled as well, as housing prices fell on the island by 12 percent last year, while 60,000 new homes and condos came onto market.
One employment expert told CTV Montreal that the technology sector has kept its voracious appetite for hiring but other companies have proved reticent to pull the trigger in making new hires.
“Some of my clients in the IT sector are doing well but some of the other clients specifically in the fashion and retail sectors are going through a tough time," said David Inzlicht of Proforce Personnel.
