Because of its position as the
capital of Canada and seat of the federal
government, Ottawa has traditionally enjoyed a stable economy
and measured growth. In turn, this has provided a supportive
business environment for
its commercial, industrial, retail, hospitality and government-related
industries. However, over the years, the city's economy has
diversified to include a thriving and dynamic community of private
sector firms and over 1,000 national associations
(an estimated 350 associations house their national headquarters
in Ottawa). The region is also the headquarters of many national
corporations, especially in the field of high technology. Already
termed "Silicon Valley North," Ottawa is home to more than 800
companies specializing in high technology. Over 18,000 residents
work in the health and life sciences fields, making the region
a world leader in this area. Ottawa is also a centre for advanced
research and development, especially in the fields of space
science, telecommunications and environmental technology. Tourism
also pays a significant role contributing an annual economic
impact of $ 1.02 billion in 1997 for Canada's Capital Region.
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