Record-Breaking: Hamilton surpasses $1B worth of construction projects in just 6 months
Published July 13, 2021 at 2:13 pm
It’s a record-breaking year for the City of Hamilton in construction projects.
The City says it has officially surpassed $1 billion worth of construction since the beginning of the year, making June 2021 the earliest the City has reached the billion-dollar mark in construction value.
2021 marks the first time the City has reached the billion-dollar mark in the first half of the year.
“Reaching the $1 billion mark in construction value earlier than we ever have before shows the dedication of City staff as they continue to work remotely during the COVID-19 pandemic,” said Jason Thorne, General Manager, Planning and Economic Development.
“This success has helped with Hamilton’s economic growth as it directly contributes to providing employment opportunities and new housing in the city. Thank you to our development community for your perseverance through the pandemic, your efforts are celebrated through reaching this milestone.”
Previously, the earliest this milestone was reached was August 2019. The City has now reached the $1 billion milestone eleven out of the past twelve years.
Total construction value up to and including June 2021 is comprised of 65.6 per cent residential, 32 per cent, industrial/commercial/institutional, and 2.4 per cent miscellaneous.
“Reaching the milestone of $1 billion worth of building permits issued so far in 2021 through the continued global pandemic is a significant achievement that speaks of the continued momentum in Hamilton,” said Mayor Fred Eisenberger.
“I am proud of our City staff and their dedication as they continue to work with developers, builders, and our business partners to create more jobs for our community. By continuing to adapt to current challenges and work together, we will continue to build momentum and emerge from this pandemic a more resilient Hamilton than ever before.”
Residential has increased 55.7% over the previous 3-year average for a total of $725 million.
Industrial, commercial, institutional has increased by 74% over the previous 3-year average for a total of $359 million.insauga's Editorial Standards and Policies advertising