Source: Conference Board of Canada – Hamilton CMA Spring Metropolitan Outlook (2012-2017)
Note: 1 is the maximum score for measuring economic diversification.
Over the past 50 years, Hamilton has emerged from the perception of it being a “Steel City” to happily embracing the label of having a highly diversified economy. A diversified economy is one that is not reliant upon any one industry, and is able to accommodate a wide variety of businesses due to our competitive advantages.
The Conference Board of Canada provides a measure of a metropolitan area’s Economic Diversity based on the structure of its economy as compared to a national average. The range provided by the Conference Board to help derive meaning from their scoring is a “highly diverse” economy is said to have a score of 1, while an economy that is “not diverse” has a score of 0.
Story behind the numbers
With a score in the low to mid-90s over the past six years, the Hamilton CMA has a highly diversified economy.
The Economic Development Office undertakes work to build the local economy in a number of ways.
- Business development, focuses on attraction/expansion and retention of new and existing businesses.
- Urban renewal, focuses on building employment opportunities in Hamilton’s six downtowns and 13 Business Improvement Areas.
- Small Business Enterprise Centre, is focused on building the entrepreneur ecosystem in the city and working with partners like Innovation Factory to advance small business growth.
Economic Diversification Ranking
0 = Not Diverse, 1 = Highly Diverse
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