City surpasses $2 billion construction value at record pace
HAMILTON, ON –The City of Hamilton has reached a new major milestone for the highest all-time construction value on record, $2,133,057,915, surpassing the previous record set in 2021.
On October 13, 2023, 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. This is the second time the City has hit the $2 billion milestone.
On October 19, 2023, the City 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.
The over $2 billion value is an indicator of the success of the construction industry in Hamilton, which in turn supports Hamilton’s economic growth, provides employment opportunities, new housing, and places for businesses to thrive.
- 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.
“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. This new milestone for construction reflects a new approach in our City, and a focus on getting things done for the people of Hamilton.”Andrea Horwath, Mayor
“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. 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.”Steve Robichaud, Acting General Manager, Planning and Economic Development
“Despite the uncertainty within our development sector around interest rates and investment returns, Hamilton has proved it continues to excel. 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.”Alan Shaw, Director, Building and Chief Building Official