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Hamilton hits $1 Billion building permit mark with half a year to go

 

Hamilton hits $1 Billion building permit mark with half a year to go

It’s been several years since Hamilton started hitting the $1 billion mark in new building permits. At the beginning of this cycle it would take most of the year to hit the milestone, but in recent years the goal has been achieved sooner as Hamilton achieves unprecedented growth not only in the residential sector but also in commercial and industrial permits.  Now Hamilton 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.

“Strong investment interest continues in the City of Hamilton during the pandemic. Economic recovery is an urgent priority for our community and we anticipate industrial and commercial activity numbers will continue to climb as many new investments are announced in the latter half of 2021,” said Norm Schleehahn, Director, Economic Development.

2021 marks the first time the City has reached the billion-dollar mark in the first half of the year. 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.

City staff have continued to work remotely throughout the COVID-19 pandemic to provide alternative service delivery options in order to continue supporting building within the city. The construction and development industry is key to Hamilton’s ongoing success and economic recovery. The building industry supports Hamilton’s economic growth, provides employment opportunities, new housing, and places for businesses to thrive.

Quick Facts

•             Total construction value up to and including June 2021 is comprised of 65.6% residential, 32% industrial/commercial/institutional, and 2.4% miscellaneous.

•             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.

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