Hamilton sets all-time building-permit record – with two months remaining
With more than two months left in the year, building permit totals in Hamilton have already set an all-time record.
The city announced on October 25 that permit totals have already surpassed $2.133 billion for the year. That figure is already past the $2.128 billion on record for all of 2021.
City officials report that building permit totals hit the $2-billion mark on October 13 of this year—40 days earlier than the previous record set in 2021. Permit values broke the all-time high six days later, on October 19.
Through October 19, total construction value is comprised of 63.4% residential, 30.2% industrial/commercial, 4.8% institutional, and 1.6% miscellaneous (i.e., signs, demolitions, fire repair, tents, sewage systems, protective plumbing).
The value of industrial and commercial projects has increased 53% over the previous three-year average for a total of $645 million. The value of industrial construction for the year to date is already the highest on record, an increase of 85% over the previous three-year average surpassing $526 million in construction value.
“Despite the uncertainty within our development sector around interest rates and investment returns, Hamilton has proved it continues to excel,” said Chief Building Official Alan Shaw. “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.”
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.