Ottawa’s Economic Outlook 2026, hosted by the Ottawa Board of Trade and Ottawa Business Journal, brought together business, government, and community leaders to explore how global headwinds, national policy shifts, and local priorities are converging to shape the capital’s future.
Featuring remarks from His Worship Mark Sutcliffe, Mayor of Ottawa; Duangsuda Sopchokchai, Director, Economics & Policy Practice at PwC Canada; The Honourable Jenna Sudds, Parliamentary Secretary to the Minister of Government Transformation, Public Works and Procurement and to the Secretary of State Defence Procurement; Kevin Reed, President of Defence, Security & Resilience Bank Development Group and an expert panel with Mitch Carkner, Co-Founder and COO of Dominion Dynamics; Glenn Cowan, Founder and CEO of ONE9; Dan Goldberg, President and CEO of Telesat; Amy MacLeod, Vice President, Corporate Communications of MDA Space; moderated by Sonya Shorey, President and CEO of Invest Ottawa.
Together, speakers explored global trends and local realities, underscoring opportunities for Ottawa’s business community in a more competitive and uncertain economic environment.
Here were the top takeaways:
Ottawa’s economy is growing slowly, but key sectors are gaining momentum
Canada’s GDP is projected to grow by about 1.2% in 2026, with Ottawa slightly below that at 0.5%, reflecting national headwinds like soft consumer demand and cautious business investment. Yet industries such as tourism, non‑residential construction, and defence tech are emerging as “pockets of strength” that can anchor the region’s growth.
Red tape reduction is reshaping how homes get built
Guided in part by the Housing Innovation Task Force, co‑chaired by Brendan McGuinty, Chair of the Ottawa Board of Trade, the City of Ottawa’s Housing Action Plan introduces 53 measures to cut red tape, streamline approvals, and modernize processes at City Hall, with the goal of making Ottawa the most housing‑friendly city in Canada.
Strategic federal and provincial partnerships are unlocking major investments
The uploading of Ottawa’s LRT system by the province is expected to free up as much as $85 million annually for reinvestment in public transit. Ottawa also became the first city in Canada to sign an agreement with Build Canada Homes, committing $400 million to build 3,000 affordable homes.
Global forces are reshaping the business environment
Tariffs have become the single biggest disruptor of the global economy, with tariff shocks from the previous year working through supply chains, creating both unusual challenges and benefits for Canada due to its deep embeddedness in US supply chains.
Ottawa‑Gatineau is emerging as Canada’s defence innovation hub
The region hosts 330 defence, aerospace, and security companies employing more than 10,000 people, alongside 1,800 tech firms and nearly 100,000 tech workers – forming North America’s most concentrated tech hub. With 65 federal labs and four NATO DIANA test centres, the capital region is uniquely positioned to support Canada’s defence modernization.
New public–private models are changing defence and security
Panelists highlighted a shift where government increasingly sets mission objectives while industry leads on technical solutions, backed by private capital. Examples such as Telesat’s $6‑billion low‑earth orbit satellite constellation underline how Canadian firms are investing ahead of demand to build critical, dual‑use infrastructure.
Financing innovation through the Defence Security Resilience Bank
The Defence Security Resilience Bank aims to use credit guarantees to unlock an estimated $65–85 billion in new lending to small and mid‑sized firms in the defence supply chain. Canada is strongly positioned to host the bank’s headquarters, which could bring thousands of high‑skill jobs and catalyze a broader defence finance ecosystem.
Collaboration remains Ottawa’s greatest competitive advantage
From housing and downtown revitalization to defence innovation and tourism, every story and insight shared at the event emphasized all the ways Ottawa’s best advantage continues to be collaboration. The Ottawa Board of Trade continues to convene leaders, champion pro-growth policies, and provide the resources and networks that help local businesses navigate change and seize new opportunities.
Thank you to our event sponsors: Mann Lawyers, Casino du Lac-Leamy, Oakwood, the City of Ottawa, Rogers Centre Ottawa, Event Design, and Rogers TV Ottawa.
Missed the event? Watch Mayor Sutcliffe’s 2026 State of the City Address here.