FOR IMMEDIATE RELEASE
Invest Ottawa Drives $635 Million GDP Impact in 2024, Up 11.5% from 2023
Ottawa, ON – September 18, 2025 – Invest Ottawa, lead economic growth agency for knowledge-based industries in Canada’s Capital, today released its 2024 Economic Impact Report, reinforcing the resilience, growth and collective achievements of Ottawa’s business community. Together with founders, companies, and partners, Invest Ottawa generated $635 million in GDP for Ottawa and Canada in 2024, an increase of 11.5% year-over-year. This growth supported the creation of 4,055 jobs and contributed $100 million in government revenues.
More broadly, since 2017, the agency has delivered $3.7 billion in GDP impact, 29,343 jobs, and $622 million in government revenues.
This impact reflects the vision, grit and innovation of the founders and companies building boldly in Ottawa every day, and the powerful collaboration that defines Canada’s Capital. It provides a strong foundation for Invest Ottawa’s refreshed five-year strategic plan to be released in early 2026.
“This past year marks both a milestone for Invest Ottawa and my first as President and CEO. It has been an incredible honour to experience the resilience, bold ambition, and global impact of our business community,” says Sonya Shorey, President and CEO of Invest Ottawa. “From main street businesses to world-class tech firms, founders and companies are creating high-value jobs, strengthening our communities, and competing globally. We are building a capital of global opportunity and shared prosperity and creating the economy and community of our future”.
The 2024 Economic Impact Report highlights how Invest Ottawa collaborates with entrepreneurs and firms to fuel economic growth, strengthen the Ottawa community and enhance quality of life.
Anchored in a global tech and business hub with the highest tech talent concentration in North America, Invest Ottawa supported more than 1,000 companies in every corner of the capital last year. This includes a diverse array of main street businesses, startups, scaleups, SMEs and multinationals with bold innovations achieving global impact.
These include diverse technologies such as AI, machine learning, cybersecurity, drones, advanced robotics, semiconductors, SaaS and healthtech; and sectors such as defence, security, aerospace, telecom and next-generation communications, life sciences, smart mobility and smart cities.
Invest Ottawa is dedicated to growing the Ottawa and Canadian economy by:
- Helping founders and firms launch, scale, expand, and succeed;
- Attracting top global companies, capital, and investment;
- Building, cultivating and retaining a diverse talent pool from every walk of life;
- Facilitating innovation and collaboration at Bayview Yards, our one-stop business acceleration hub; and,
- Operating Area X.O, our multi-sector R&D complex, to accelerate the safe development, commercialization, and adoption of next-gen technologies, helping companies get to market faster, safely.
“The Area X.O and Invest Ottawa Venture Development teams have been phenomenal. Their support makes us feel at home and they take great care of us. We’re actively working with the Canadian Armed Forces and, with the help we get from Area X.O and Invest Ottawa, we are not only meeting expectations but also seeing the potential to scale the value we offer.” Mike Nelson, Founder and CEO, TACTIQL, one of 15 firms in the world selected for Phase II of the NATO DIANA Innovation Program in 2025
The report showcases success stories from across Ottawa’s business community, including companies such as Virica Biotech, TACTIQL, Warner Bros. Discovery, Frontier Skincare, and Assent, among others, which all achieved major milestones in growth, investment, and global competitiveness in 2024.
“At this critical juncture marked by global uncertainty and rapid technological change, Ottawa has unparalleled opportunities. It is a call for collaborative leadership. Together, we can harness our unique strengths and achieve disproportionate economic impact for our community,” Shorey reflects on the moment, “We can create new jobs, scale global companies, strengthen Canada’s sovereignty, and fuel shared prosperity and quality of life. We can create a world of opportunity for future generations. And we will. Because we are Canada’s Capital.”
- The full 2024 Economic Impact Report is available online: https://www.investottawa.ca/io-reports/#reports
Media Contact:
Lindsey Fair – Vice President, Marketing and Bayview Impact
Invest Ottawa, Area X.O and Bayview Yards
613.857.7779
[email protected]
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