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Hamilton economic growth expected to surpass Ontario average

Hamilton’s economic growth rate is expected to surpass the provincial average in the coming months.

According to the Conference Board of Canada’s recent economic outlook report, while Hamilton experienced relatively slower and subdued growth in the latter half of 2023, the city should gain momentum in the first quarter of 2024. That momentum is expected to carry the city into “2025 and onwards,” economist Viktor Cicman told the Hamilton Spectator’s Jon Wells. The article also states that “an increase in manufacturing and building construction will ultimately place the city’s rate of economic growth above the Ontario average” early next year.

Norm Schleehahn, Hamilton’s director of economic development, agrees with the board’s assessment, telling the Spec that “more than three million square feet of industrial and commercial activity is either underway or in the approvals process, reflecting a strong level of economic investment in Hamilton.”

The city had another record-setting year in 2023, surpassing $2 billion in construction value on Oct. 13, 2023 – 40 days earlier than the previous record, set in 2021.

The full article can be found online at thespec.com/business/hamilton-s-economy-to-heat-up-in-2024-and-beyond-report/article_45538bca-d918-500d-950d-3ff844c7a773.html

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