Hamilton building permits reach $1B value in record time
The value of construction activity in Hamilton surpassed $1 billion on June 17 – the earliest point in the year in which it ever has.
The city reports that it has issued permits for 3,761 building projects in the residential, institutional, commercial, and industrial sectors for the year to that point.
This is the second time Hamilton has reached the billion-dollar mark in the first half of the year, thirteen days earlier than the previous record set in 2021. The city has consistently reached the $1 billion milestone for over ten years in a row.
“Surpassing $1 billion in construction value already this year, the earliest time on record, and coming after we achieved the historic milestone $2 billion worth of building permit value last year, is a strong indication that Hamilton’s economy is roaring ahead,” said Mayor Fred Eisenberger. “It means jobs are being created and our community is being transformed like never before.”
Total construction value up to the end of June 2022 is comprised of 72.7% residential, 25.7% industrial/commercial/institutional, and 1.6% miscellaneous. The value of residential sector permits has increased 31.1% over the previous three-year average for a total of $749 million.
Meanwhile, the value of industrial, commercial and institutional construction has remained consistent with the previous three-year average for a total of $265 million. Within that average, the institutional sector has increased 130.3% over the previous three-year average, surpassing $92 million in construction value.
After two years of remotely supporting construction, the city re-opened its building division to the public on April 25. The city credits the ability to return to both in-person and electronic building permit services as helping to provide more options for the public to apply for building permits.
“Year after year, Hamilton continues to achieve historic milestones in construction value. With 2022 marking the earliest the City has achieved $1 billion in new construction, it is clear Hamilton continues to be an attractive place for people to live, work and invest,” Jason Thorne, General Manager, Planning and Economic Development. “This milestone is made possible by the collaboration, dedication and hard work of our city staff, development community, skilled trades, businesses and investors, and community stakeholders, each of whom are direct contributors to this achievement.”