For the second consecutive year, the City of Hamilton reached the billion-dollar mark in less than six months.
On Monday, the City of Hamilton revealed the municipality surpassed $1 billion in new building permits back in mid-June – the earliest the milestone has ever been reached.
The June 17 date was almost two weeks earlier than the previous record set in 2021 and represents only the second time in history the city surpassed the billion-dollar mark during the first half of the year.
“Surpassing $1 billion in construction value already this year, the earliest time on record, and coming after we achieved the historic milestone $2 billion worth of building permit value last year, is a strong indication that Hamilton’s economy is roaring ahead,” said Mayor Fred Eisenberger in a statement.
“It means jobs are being created and our community is being transformed like never before.”
The $1 billion milestone consists of a total of 3,761 permits across all building projects.
Total construction value up to and including June 2022 is comprised of 72.7 per cent residential, 25.7 industrial, commercial, and institutional, and 1.6 per cent miscellaneous (signs, demolitions, fire repair, tents, sewage systems, protective plumbing).
“Reaching the $1 billion so early in the year is a strong indication that the city has weathered the COVID-19 pandemic and the development industry remains optimistic about Hamilton’s future,” said City of Hamilton’s chief building official Alan Shaw. “This achievement is made possible through the dedication of the many developers, owners, and contractors who support Hamilton’s growth.”
The city has reached the billion-dollar mark every year for a decade now, a feat the municipality’s general manager of Planning and Economic Development Jason Thorne believes is an indication of Hamilton’s long-term attractiveness to developers and families alike.
“Year after year, Hamilton continues to achieve historic milestones in construction value. With 2022 marking the earliest the City has achieved $1 billion in new construction, it is clear Hamilton continues to be an attractive place for people to live, work and invest,” said Thorne.
“This milestone is made possible by the collaboration, dedication and hard work of our city staff, development community, skilled trades, businesses and investors, and community stakeholders, each of whom are direct contributors to this achievement.”
This year, residential construction has increased 31.1 per cent over the previous three-year average, for a total value thus far of $749 million.
Industrial, commercial, and institutional – as a single category – has remained consistent with the previous three-year average, for a total of $265 million. Within that average, the institutional sector increased 130.3 per cent over the previous three-year average, surpassing $92 million in construction value in 2022.
In 2021, the City of Hamilton surpassed $2 billion worth of construction, the first time in history the city reached the $2 billion-dollar mark in construction value in one year.
