Welcome to the new Hamilton Economic Development newsletter.
Long-time readers are likely to notice a few changes in this newsletter. Where our previous newsletter was published quarterly, a new year means a new, monthly approach to sharing Hamilton’s business and community successes.
This change will allow the team to provide faster updates on new investments, research and development innovations, business expansions, sector collaborations, and up-to-date market and labour force data.
On behalf of the Economic Development team, I invite you to read on and learn more about how city staff support sustainable economic growth in Hamilton.
As always, please follow this link to connect with me or my team.
Norm Schleehahn
Director, Economic Development
City of Hamilton
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January’s Trade and Tariff Update
In the months following the United States’ election and the days following a flurry of executive orders, staff in Economic Development have been meeting with partners and businesses, alike, to try and shape an understanding of what changes in Canada’s largest trade relationship might mean for Hamilton.
Given the complexity of the topic and the extent to which targets are still in motion, this feature will provide readers with a high-level update on trade impacts. Additionally, this space will share updates on the actions that the Economic Development team has taken to maintain productive dialogues with our private-sector partners.
Data from the Conference Board of Canada can provide an insight into the potential table stakes of how changes to national-level trade relationships can impact Hamilton. In 2024, the Conference Board estimated Hamilton’s Gross Domestic Product (GDP) at approximately $34.474 billion. This figure was forecast to $35.352 billion for 2025. National-level modelling conducted by the Conference Board and the Bank of Canada amid potential 2019 trade disruptions presumed a 3.1% reduction in real GDP should Canada respond in kind to a global United States tariff of 25%. If that reduction were applied to Hamilton’s modelled GDP in 2025, it would result in a GDP decline of $1,095,912,000 within the local economy. However, given the importance of steel exports to Hamilton’s economy, the actual impacts may well exceed this preliminary estimate.
Amid this uncertainty, Economic Development staff are continuing to meet with investors, partners, and sector experts to learn how city staff can best coordinate efforts across Ontario and Canada. In support of that work, the Economic Development staff partnered with Food and Beverage Ontario (FBO) on January 28, 2025, to host a roundtable session with industry stakeholders. With approximately 120 food and beverage manufacturers operating in Hamilton, this sector is key to maintaining the city’s economic diversity.
The presentations and discussions at the event highlighted causes and solutions to declining business investment and productivity in Canada. Notably, the event had insights on the latest trade developments between Canada and the US, including what we can expect from the second Trump Administration. It explored preparations and possible responses to potential U.S. tariffs in conversation with Export Development Canada (EDC) and Agriculture and Agri-Food Canada.
Additional insights from this event, including presentation slide decks and other relevant market briefings, have been published on investinhamilton.ca and can be accessed through this link.
Hamilton Hosts MEDJCT Staff for Knowledge Sharing Session
On December 3, 2024, Hamilton Economic Development and an array of business and ecosystem partners hosted trade and investment staff from the Ministry of Economic Development, Job Creation and Trade (MEDJCT).
The day allowed for a unique opportunity to showcase Hamilton’s thriving life sciences and technology sectors while also highlighting the city’s strategic advantages, including a robust research and development infrastructure and a collaborative sectoral ecosystem. MEDJCT representatives engaged in meaningful discussions with industry leaders, toured state-of-the-art facilities, and experienced the groundbreaking research and innovative projects driving Hamilton’s future.
A huge thanks to our partners and the companies that participated in this visit, including:
- Synapse Life Science Consortium
- McMaster University
- McMaster Innovation Park
- Mohawk College
- Hamilton Health Sciences
- St. Joseph’s Healthcare Hamilton
- Centre for Probe Development and Commercialization
- AtomVie Global Radiopharma Inc.
- OmniaBio
- Trst Innovations Inc
- Stoked Bio
- Tessella Biosciences Inc.
- PROVA Innovations Ltd.
- Longan Vision Corp.
- eye3concepts
- Virtualware
Learn more about Hamilton’s life sciences sector at this link.
Brick and Mortar Retail is Strong at CF Lime Ridge Mall
In a dramatic change from just a few short years ago, when industry analysts were speculating on the broad decline of brick-and-mortar retail, things are busy at CF Lime Ridge Mall.
Andy Traynor, CF Lime Ridge’s General Manager, reported that in December 2024, the mall’s occupancy had risen to an impressive 97%. This increase in retail occupancy at the mall follows a November 2024 report from Statistics Canada that shows online spending in Canada was down to 6.1% of national retail transactions compared to 6.2% in the previous month.
The arrival of a new Tesla dealership and service centre at the mall, expected to create 50 jobs across a 60,000-square-foot space, is also reported to have provided a 30% increase in the Mall’s foot traffic.
More broadly, this type of specialty service gives Hamilton’s retail sector a broader economic reach. Where retail operations are generally focused on serving their local community, servicing and selling electric vehicles facilitates an economic “pull” factor expected to attract customers to Hamilton from London, Niagara, and the west end of Toronto.
Cutting the Ribbon on the Common House Café
Visitors to Hamilton’s City Hall might notice something new on the first floor. At the end of 2024, the Common House Café opened its doors to the public.
As a project of the Hamilton Business Centre, Hamilton’s Small Business Enterprise Centre, the Common House Café is an exciting new initiative supporting licensed food businesses in the startup or expansion phase. Successful applicants to the program can join a collaborative and inclusive artisan food incubator, retail shop, and creative space designed to be the perfect backdrop for business growth.
Local food entrepreneurs participating in the program can access essential kitchen equipment, showcase their products, receive training and mentorship, and network with fellow culinary creatives.
A grand opening ceremony on January 20, 2025, formally cut the ribbon on the Cafe. More information on the café is available at this link.
January’s Global Hamilton Round-up
Economic Development’s Global Hamilton Office focuses on investment attraction and trade and supports the retention of international entrepreneurs and students calling Hamilton home. These efforts are part of a broad, collaborative knowledge-sharing network within the Hamilton business ecosystem. The Global Business Roundup extends that network and provides our readers with a snapshot of Canada-wide opportunities for export, trade missions, and talent.
Export Insights
- WEBINAR: February 2 – The Trade Commissioner’s Service Presents: New Exporters to Border States
- WEBINAR: February 19-26 – The Ministry of Economic Development Job Creation and Trade Present: Born Global Edition
- VIRTUAL EVENT: February 27 – The Trade Commissioner Service and StrikeUp present StrikeUp 2025, an annual virtual conference for women exporters
- WEBINAR: March 4-18 – The Ministry of Economic Development Job Creation and Trade Present: First Steps in Exporting
- EVENT: May 28-30 – The Trade Commissioner Service Presents: Do Business with Canada program at Web Summit Vancouver 2025
Talent Insights
- As of November 2024, international students can work off-campus up to 24 hours per week during academic terms and full-time during breaks. More information from the Government of Canada through this link.
- RESOURCE: Immigration Refugees and Citizenship Canada present: The Employer’s Roadmap for Hiring and Retaining Internationally Trained Workers.
Trade Missions
- February 9-13: Ontario Life Sciences Mission for Medtech and Biotech Companies to Brazil 2025
- February 10-14: Expo Manufactura Mexico 2025
- March 3-6: Ontario ICT Export Business Mission to Mobile World Congress (MWC) 2025
- March 17-28: Avalon 2025 Australian International Airshow
- March 31-April 4, 2025, Hannover Messe 2025
- May 5-8 Swiss Biotech Day – Biotech Delegation to Switzerland
Additional information is available through these links:
Ontario Trade Mission Calendar
Canadian Trade Mission Calendar
If you have any questions regarding these opportunities, please contact Stefa Sokolowski, Business Development and Global Hamilton Officer.
Four Facts on 2024’s Labour Market
Here are four key facts to better understand local labour market conditions in the Hamilton Census Metropolitan Area.
- A 6.8% Unemployment Rate: a figure that is somewhat higher than the national unemployment rate of 6.4% but slightly lower than the provincial rate of 7.0%
- A 64.8% Labour Market Participation Rate: This figure reflects a strong recovery from the worst years of the COVID-19 pandemic, with some room to grow to meet Ontario’s participation rate of 65.0% and Canada’s participation rate of 65.2%.
- 24% Employment Growth in Professional, Scientific, and Technical Services: Almost 9,000 Hamilton CMA residents joined this sector in 2024 – a sector that has almost doubled since 2020.
- 40% Employment Growth in Accommodation and Food Services: Following three years of employment declines, more than 6,900 Hamilton CMA residents found employment in this sector in 2024.
Would you like to know more?
The Hamilton Economic Development Division serves Hamilton by facilitating sustainable economic & ecological development as aligned with the 2022-2026 Council Priorities. This goal is met through the attraction of new businesses, the retention and expansion of existing businesses, and catalyzing the creation of quality employment opportunities.
Economic Development serves established businesses, start-ups, and entrepreneurs. For more information about starting or growing a business in Hamilton, please feel free to connect with staff through this link.