Québec Budget 2024-2025 $74.5 million to support the growth of Québec’s aerospace sector

Québec City, March 12, 2024 - Aéro Montréal is pleased with the government’s commitment to supporting the growth of Québec’s aerospace sector. With financial support of $74.5 million over five years, the Québec government intends to improve the competitiveness of companies in the sector, enable the development of new technologies and attract talent. As the breakdown of this investment was not detailed in the 2024-2025 budget, Aéro Montréal will make the necessary representations in the coming days to better understand and support the government in implementing concrete measures for the cluster’s companies.

Meeting the labour shortage challenge

Aéro Montréal welcomes the government’s interest in attracting talent. It hopes to strengthen its collaboration with the Ministry of Employment to propose innovative initiatives to attract and retain the 41,500 talents that the industry will need over the next decade.

Ensuring Québec’s competitiveness

The allocation of $125 million over five years for the creation of industrial laboratories within the innovation zones is also encouraging news for the achievement of a major goal of the industrial cluster: the designation of an aerospace innovation zone in Québec. “A designation dedicated to this sector would be the next step in repositioning Montréal as a leader in the global ecosystem, and the investment in industrial laboratories is another signal that the aerospace industry’s proposed project is in line with the government’s vision,” said Mélanie Lussier, President and CEO of Aéro Montréal.

“In summary, this budget contains good news for the aerospace industry and responds to the requests of Aéro Montréal’s Board of Directors regarding three essential levers: innovation, competitiveness and talent,” added Ms. Lussier. “We look forward to working with the government on the details and distribution of this investment. At the heart of our concerns is the labour shortage affecting our companies, and we must act quickly. We need to ensure that the efforts made will enable our companies to attract and retain the 41,500 talented people they will need over the next decade.”

Highlights for the Québec aerospace sector

An investment of $74.5 million over five years to support the development of new aerospace technologies, improve the competitiveness of aerospace companies and attract talent.
$125.0 million over five years to establish industrial laboratories in innovation zones.
The removal of the tax credit for companies that fosters the retention of experienced workers.
Initiatives totalling $400.0 million over five years to promote the integration of immigrants, in particular to support companies that offer francization activities in the workplace.
$370.0 million to support the success and retention of university students.
$43.0 million to support training in priority areas and the digital transformation, including $26 million over five years to increase the number of graduates in priority areas and $10 million over five years to support teacher training programs.
Initiatives totalling $203.6 million over five years to support emerging technologies and modernize property taxes to foster robotization.
$9.0 million over three years to support business takeovers and ensure business succession.
$27.0 million to improve support for regional air services.

About Aéro Montréal

Created in 2006, Aéro Montréal is a strategic think tank that groups all major decision makers in Québec’s aerospace sector, including companies, educational and research institutions, as well as associations and unions.

The activities of Aéro Montréal are made possible thanks to the participation of the governments of Canada and Québec, the Montréal Metropolitan Community, as well as company members of the cluster.

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Information:

Léa Guicheteau - Aéro Montréal - 514 550-7494 - lea.guicheteau@aeromontreal.ca