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 Economic Development team’s actions 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 impacts may 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. The event provided insights into the latest trade developments between Canada and the US, including what we can expect from the second Trump Administration. It also 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.
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 a unique opportunity to showcase Hamilton’s thriving life sciences and technology sectors while 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 AtomVie Global Radiopharma Inc., Centre for Probe Development and Commercialization, eye3concepts, Hamilton Health Sciences, Longan Vision Corp., McMaster Innovation Park, McMaster University, Mohawk College, OmniaBio, PROVA Innovations Ltd., St. Joseph’s Healthcare Hamilton, Stoked Bio, Synapse Life Science Consortium, Tessella Biosciences Inc., Trst Innovations Inc, Virtualware.
Learn more about Hamilton’s life sciences sector at this link.
Things are busy 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.
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 increased the Mall’s foot traffic by 30%.
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.
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.
The cafe’s ribbon was officially cut at a grand opening ceremony on January 20, 2025.
More information on the café is available at this link.
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
Talent Insights
Trade Missions
Additional information is available through these links:
If you have any questions regarding these opportunities, please contact Stefa Sokolowski, Business Development and Global Hamilton Officer.
Here are four key facts to better understand local labour market conditions in the Hamilton Census Metropolitan Area.
