With six weeks to spare, the City of Hamilton has surpassed $2 billion worth of construction, making 2021 the first time the city has ever reached the $2 billion-dollar mark in construction value in one year. This milestone represents building projects in the residential, institutional, commercial, and industrial sectors. The other piece of good news is that commercial-industrial construction represented nearly $750 Million of the total. Commercial-industrial properties pay a higher tax rate than residential, and that helps remove some of the tax burden on homeowners.
The $2-billion mark was reached on Monday, November 22, 2021, after staff issued new residential construction permits in Glanbrook.
Total construction value up to and including October 2021 is comprised of 59% residential, 39% industrial/commercial/institutional, and 2% miscellaneous.
Residential has increased 53.3% over the previous 3-year average for a total of $1,143,411,173.
Industrial, commercial, institutional has increased by 86% over the previous 3-year average for a total of $746,840,407.
2021 marks the first time the city reached the $1 billion-dollar mark in the first half of the year (June 2021).
The city has reached the $1 billion milestone eleven out of the past twelve years.