Another milestone: Hamilton surpasses $2B worth of construction for first time ever
Published November 24, 2021 at 9:53 am
Another historic milestone for construction projects in Hamilton.
The City says, for the first time ever, it has surpassed the $2 billion mark in construction value in one year. The milestone was reached on Monday (Nov. 22).
“Reaching $2 billion in building construction value in one year is not only a historic achievement but also a clear indication of Hamilton’s ongoing success and economic recovery,” said Jason Thorne, General Manager, Planning and Economic Development.
“I am extremely proud of all the City staff who have worked remotely throughout the COVID-19 pandemic in order to continue supporting development in the city. I also want to thank and acknowledge the development community, including the builders, planners, architects, engineers and tradespeople, for their perseverance and hard work throughout the pandemic to keep development moving in the city.”
Hamilton had reached the $1 billion dollar mark in the first half of the year for the first time in its history.
The projects include residential, institutional, commercial, and industrial sectors.
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“Reaching this historic milestone of $2 billion worth of building permits within a single year, and doing so during a world-wide pandemic, not only demonstrates the growth, opportunity and overwhelming interest to invest and develop in Hamilton, it is a testament to our resiliency as a community as a whole,” said Mayor Fred Eisenberger.
“Hamilton has boundless opportunity, as well as creative hubs and historic structures and neighbourhoods. Thank you to our City staff for their tremendous work who, together with developers, builders, and business partners, are helping to create more jobs and prosperity for our community.”
Total construction value up to and including Oct. 2021 is comprised of 59 per cent residential; 39 per cent industrial, commercial, and institutional; and 2 per cent miscellaneous, according to the City.
Residential has increased 53.3 per cent over the previous three-year average for a total of $1,143,411,173.
Industrial, commercial, and institutional have increased by 86 per cent over the previous three-year average for a total of $746,840,407.
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