Hamilton officials celebrate a new construction value record of $2.133 billion reached by October 25th, surpassing the 2021 mark.
City of Hamilton officials recently announced that the municipality has surpassed its annual construction value record.
The record was broken on October 19th, with construction value reported at $2.133 billion as of October 25th.
The previous record was set in 2021, the only other time the city eclipsed the $2 billion mark. In 2021, the city reached $2.128 billion.
It remains to be seen how high the number will get by the end of the year, with a couple weeks of 2023 left to go.
The city says that the value represents 4,755 building projects, including residential, institutional, commercial, and industrial developments.
The data also indicates permits were issued for 3,103 dwellings/units as of October 25th.
Of the total construction value, 63.4 per cent is comprised of residential, 30.2 per cent industrial/commercial, 4.8 per cent institutional, and 1.6 per cent miscellaneous.
The city says miscellaneous construction projects include signs, demolitions, fire repair, tents, sewage systems, and protective plumbing.
Industrial and commercial projects have reportedly increased 53 per cent over the previous three-year average of $645 million.
In 2022, the city exceeded the $1 billion mark on June 17th, which was the earliest point of the year that the city had ever achieved that mark.
However, the city never ended up eclipsing the $2 billion mark that year.
The city has reached the $1 billion mark every year for a decade.
Hamilton Mayor Andrea Horwath commented on the milestone in a press release.
“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 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.”
Steve Robichaud, Acting General Manager of Planning and Economic Development for the City of Hamilton, also made remarks.
He said that the fact Hamilton reached a new record and surpassed the $2 billion mark in October with more than two months remaining in the year is a “truly exceptional” feat.
Alan Shaw, Director of Building and Chief Building Official for the city, says that it is even more remarkable that the municipality reached the $2 billion mark “despite the uncertainty within our development sector around interest rates and investment returns.”
Based in Hamilton, he reaches hundreds of thousands of people monthly on Facebook, Instagram, TikTok, and Twitter. He has been published in The Hamilton Spectator, Stoney Creek News, and Bay Observer. He has also been a segment host with Cable 14 Hamilton. In 2017, he received the Chancellor Full Tuition Scholarship from the University of Ottawa (BA, 2022). He has also received the Governor General’s Academic Medal. He formerly worked in a non-partisan role on Parliament Hill in Ottawa.
