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Hamilton Ec Dev on target for many of its business goals

Hamilton Ec Dev on target for many of its business goals

Hamilton Economic Development is well on its way to achieving many of its 2021-2025 business plan goals. Highlights include:

  • On the goal of adding 7 million square feet of new industrial and commercial space more than a third of that goal-2,683,882 square feet have been added.
  • Similarly, the city is on target to generate $2.5 million in industrial/commercial construction with $700 million generated so far,
  • The city is trying to increase the ratio of industrial/commercial assessment by 1.5 percent in order to reduce the tax burden on residential taxpayers In 2021 the city more than doubled that target at 3.2 percent or $204 million.
  • The city has exceeded its immigration target of 25 percent more than the 2019 figure. The actual increase was 67.8 percent representing 5,455 immigrants.
  • The city is one quarter along in its goal of identifying 1,000 living-wage employers

Areas where the city is behind target, include the downtown office vacancy rate which stands at 12.9 percent—one percent more than the rate in 2019. Transit ridership is still struggling to recover from the losses incurred in the pandemic. 2021 ridership was 9.7 million—less than half the ridership in 2019.

Information on the amount of shovel-ready industrial land won’t be available until later this year. The city currently has about 600 acres of fully serviced industrial land in its 10 business parks. This does not include the recently announced plans to develop a major industrial/commercial precinct on the vacant Stelco Lands. The city is currently appealing an Ontario government assessment ruling that pegged the assessed value of Stelco lands at $100 per acre.

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