Hamilton reaches $1B permit mark in record time
The City of Hamilton has again set a record for the fewest days in a calendar required to reach $1 billion worth of construction permits.
The city reached the milestone on June 14 – three days faster than it did in 2022.
This milestone represents approximately 2,612 building projects within the residential, institutional, commercial, and industrial sectors. The city has now reached the $1-billion milestone for more than ten consecutive years.
Major projects include:
- 863 Nebo Rd, Manufacturing, Atlantic Packaging
- 461 Green Rd, Apartments, Homes By DeSantis (Muse) Inc.
- 22 Roxanne Drive, Apartments, Roxborough Park Inc.
- 16 Roxanne Dr, Apartments, Roxborough Park Inc.
- 270 Longwood Rd, Industrial (Lab), McMaster Innovation Park
The total assessed construction value to the end of June 2023 is composed of 58.2% residential permits, 39.3% industrial/commercial/institutional, and 2.5% miscellaneous permits, such as signs, demolitions, fire repair, tents, sewage systems, protective plumbing.
The value of industrial, commercial, institutional has permits has increased 51.3% over the previous three-year average for a total of $425 million. The industrial sector has seen an increase of 94.6% over the previous three-year average surpassing $322 million in assessed construction value.
The $1 billion mark is an indicator the construction industry’s success within Hamilton, which in turn supports Hamilton’s economic growth, provides employment opportunities, new housing, and places for businesses to thrive.
“This milestone is proof that the city is continually growing, year after year,” said Mayor Andrea Horwath. “Hamilton is a leader among Canadian cities and this new record is a strong indication that others believe in this city as much as I do. This work is a result of collaborative and persistent efforts towards housing affordability. I have heard from Hamiltonians loud and clear; Hamilton needs more housing. This is a step in the right direction to achieve that.”