Ontario Construction News staff writer
The City of Hamilton has reached a new major milestone for the highest all-time construction value on record, $2.13 billion, surpassing the previous record set in 2021.
“Hamilton is building housing. Hamilton is building its economy and industry. Hamilton is demonstrating what’s possible when a city focuses its efforts on smart, strategic growth,” said Mayor Andrea Horwath. “This new milestone for construction reflects a new approach in our City, and a focus on getting things done for the people of Hamilton.”
By the middle of October, the city officially hit the $2 billion mark, 40 days earlier than the previous record set in 2021, making it the earliest the City of Hamilton has reached this mark.
It’s only the second time the $2 billion milestone has been topped.
On Oct. 19, Hamilton broke its all-time construction value record. Overall, the value represents 4,755 building projects within the residential, institutional, commercial and industrial sectors, including permits issued for 3,103 dwellings/units.
“Despite the uncertainty within our development sector around interest rates and investment returns, Hamilton has proved it continues to excel,” said Alan Shaw, director, building and chief building official.
. Surpassing $2 billion is a clear indicator that Hamilton remains a place where opportunities will grow. I want to recognize our dedicated Planning and Economic Development staff who continue to help Hamilton build.”
- 2023 has seen the largest single permit by dwellings created for 931 units.
- Total construction value, up to and including October 19, 2023, is comprised of 63.4 per cent residential, 30.2 per cent industrial/commercial, 4.8 per cent institutional, and 1.6 per cent miscellaneous (i.e. signs, demolitions, fire repair, tents, sewage systems, protective plumbing).
- Industrial and commercial projects have increased 53 per cent over the previous 3-year average for a total of $645 million.
- Industrial construction value for 2023 is the highest on record, an increase of 85 per cent over the previous 3-year average surpassing $526 million in construction value.
- Hamilton’s previous record for highest annual construction value was $2,128,166,392 in 2021.
“The fact that Hamilton has reached a new all-time record and surpassed the $2 billion mark with more than two months remaining in the year is truly exceptional,” said Steve Robichaud, acting general manager, planning and economic development. “This new record highlights the hard work and collaboration between City staff, community and trades partners, businesses and community stakeholders and positions Hamilton as an attractive place for people to live, work and invest.”