Invest Ottawa Fuels $635 Million GDP Growth in 2024, an 11.5% Increase from 2023

Summary of Invest Ottawa's 2024 Economic Impact Report

On September 18, 2025, Invest Ottawa released its 2024 Economic Impact Report, highlighting significant growth and resilience within Ottawa’s business community. The report shows that Invest Ottawa, the leading economic growth agency for knowledge-based industries in the region, generated a remarkable $635 million in GDP, marking an 11.5% increase compared to the previous year. This growth also catalyzed the creation of 4,055 jobs and contributed approximately $100 million in government revenues.

Since 2017, Invest Ottawa has made substantial contributions to the local economy, amassing a total GDP impact of $3.7 billion, facilitating the creation of nearly 29,343 jobs, and generating about $622 million in government revenues. According to Sonya Shorey, President and CEO of Invest Ottawa, this year signifies a milestone for the agency and showcases the resilience and ambition of the city’s businesses—from small, local enterprises to leading tech firms.

The report emphasizes the vibrant collaboration among entrepreneurs, showcasing how Invest Ottawa partners with various businesses to bolster economic growth, enhance community well-being, and improve overall quality of life. The agency supported over 1,000 companies in the capital, representing a diverse range of sectors, including AI, cybersecurity, advanced robotics, life sciences, and smart cities.

Invest Ottawa is committed to several key initiatives aimed at fostering economic development in Ottawa and across Canada, including:

1. Supporting business launches, scalability, expansion, and success.
2. Attracting global companies, investment, and capital.
3. Cultivating a diverse talent pool.
4. Facilitating innovation through Bayview Yards, its business acceleration hub.
5. Operating Area X.O, a multi-sector R&D complex, to expedite the development and commercialization of next-generation technologies.

The report also highlights specific success stories of local companies, such as TACTIQL, which is collaborating with the Canadian Armed Forces and has been recognized in the NATO DIANA Innovation Program. Companies like Virica Biotech, Frontier Skincare, and Assent further demonstrate the varying degrees of growth, investment, and global competitiveness achieved in 2024.

As Canada faces global uncertainties and technological shifts, Shorey urges collaborative leadership to capitalize on Ottawa's unique strengths. The potential benefits include creating new jobs and enhancing Canada’s global standing while promoting shared prosperity and quality of life. Shorey envisages a future rich with opportunity for generations to come, asserting that Ottawa is poised to leverage its position as Canada’s Capital for substantial economic impact.

Overall, the 2024 Economic Impact Report serves as a powerful testament to the potential of Ottawa’s business community and the ongoing efforts of Invest Ottawa to facilitate robust economic growth and innovation in the region.