It’s been another record-setting year for the City of Hamilton, surpassing the previous record set in 2021 and reaching $2,133,057,915 in construction value.
Industrial construction value is also the highest on record, surpassing $526 million.
The City officially hit the $2 billion mark on Oct. 13, 2023, 40 days earlier than the previous record.
“The fact that Hamilton has reached a new all-time record and surpassed the $2 billion mark with more than two months remaining in the year is truly exceptional,” said Steve Robichaud, Acting General Manager, Planning and Economic Development. “This new record highlights the hard work and collaboration between City staff, community and trades partners, businesses and community stakeholders and positions Hamilton as an attractive place for people to live, work and invest.”
The City’s all-time construction value record represents 4,755 residential, institutional, commercial and industrial building projects, including permits issued for 3,103 dwellings/units. Broken down, the values are comprised of 63.4 per cent residential, 30.2 per cent industrial/commercial, 4.8 per cent institutional, and 1.6 per cent miscellaneous (i.e. signs, demolitions, fire repair, tents, sewage systems, protective plumbing).
“Hamilton is building housing. Hamilton is building its economy and industry. Hamilton is demonstrating what’s possible when a city focuses its efforts on smart, strategic growth,” said said Mayor Andrea Horwath. “This new milestone for construction reflects a new approach in our City and a focus on getting things done for the people of Hamilton.”
This year has seen the largest single permit by dwellings created for 931 units, while industrial and commercial projects have increased 53 per cent over the previous 3-year average for a total of $645 million.
“Despite the uncertainty within our development sector around interest rates and investment returns, Hamilton has proved it continues to excel. Surpassing $2 billion is a clear indicator that Hamilton remains a place where opportunities will grow,” said Alan Shaw, Director, Building and Chief Building Official. “I want to recognize our dedicated Planning and Economic Development staff who continue to help Hamilton build.”
Click here to read the City of Hamilton’s official announcement.