What the 2017 Federal Budget Means for Ottawa’s Local Economy
Ottawa’s engineering and construction sector got good news, which is that the federal government will continue with retrofitting numerous federal buildings that house various departments throughout the national capital region. Ottawa’s plan of “going green” will surely lead to millions of new contracts in the upcoming year. For more about green retrofits, read our article here.
In some respects, the 2017 federal budget raises more questions than answers it gives. Three federal departments within Ottawa appear to be up for a comprehensive review with the goal eliminating waste, which could mean a shift for some of our cities major employers. That being said, overall the budget appears to signify cash infusions within Ottawa’s local economy.
Ottawa’s tech industry, which has already experienced a significant re-awakening in recent years will surely benefit from the major boost of $950M going towards innovation throughout the countries high-tech incubators. Additionally, Ottawa entrepreneurs will have more access to capital as the “venture capital catalyst initiative” is receiving $400M – a move which could see the growing number of Ottawa tech start-ups balloon.
While this news may not be tied to the recent budget, it was announced that Shopify will triple the size of their Ottawa headquarters.
What do you think of the budget, specifically how it will impact Ottawa?