Hamilton breaks the $1 Billion construction projects record, again
Published June 20, 2023 at 8:08 pm
The City of Hamilton has surpassed the $1 billion mark for building permits since the beginning of 2023.
Beating the previous record set in 2022 by three days(June 17), Hamilton kept up with the trend of reaching this milestone for over ten consecutive years.
Recent data showed that the construction value up until June is divided into different categories, encompassing approximately 2,612 building projects across various sectors.
On June 14, 2023, the City of Hamilton surpassed $1 billion worth of construction since the beginning of the year. 2023 now marks the earliest the City has
reached the billion-dollar mark in construction value.Release>> https://t.co/LFXGD7d0VA #HamOnt
— City of Hamilton (@cityofhamilton) June 20, 2023
Residential projects make up the largest share, contributing about 58.2 per cent of the total value, while industrial, commercial, and institutional projects take second place (39.3 per cent).
The remaining 2.5 per cent represents miscellaneous projects, like signs, demolitions, fire repairs, sewage systems, etc.
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Notable projects that have contributed to this milestone include the Atlantic Packaging manufacturing facility, the Muse Apartments by Homes By DeSantis, the apartments developed by Roxborough Park Inc., as well as the industrial facility (Lab) in McMaster Innovation Park.
“Again it is made abundantly clear that Hamilton continues to be an attractive place for people to live, work, and invest, with 2023 marking the earliest the city has achieved $1 billion in new construction,” said Jason Thorne, General Manager of Planning and Economic Development.
The city’s industrial sector has witnessed a growth of 94.6 per cent compared to the previous three-year average, surpassing $322 million.
“With the current level of uncertainty caused by factors such as increased interest rates, it is clear the development industry still sees an opportunity for investment in Hamilton,” said Alan Shaw, Director of Building in Hamilton.
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