Hamilton construction value eclipses $2 billion in 2023, breaching all-time record
Published October 25, 2023 at 3:44 pm
The City of Hamilton has set a new record with annual construction value exceeding $2 billion so far this year for 4,755 building projects.
The City said it broke its all-time construction value record on Oct. 19.
It reported $2,133,057,915 in construction value to date in 2023.
This value represents 4,755 building projects within the residential, institutional, commercial and industrial sectors, including permits issued for 3,103 dwellings or units, according to a press release today (Oct. 25).
“Despite the uncertainty within our development sector around interest rates and investment returns, Hamilton has proved it continues to excel,” said Alan Shaw, Hamilton’s director of building and chief building official, in a statement. “Surpassing $2 billion is a clear indicator that Hamilton remains a place where opportunities will grow.”
For this year, total construction value up to Oct. 19 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, such as signs, demolitions, fire repair, tents, sewage systems and protective plumbing.
It officially hit the $2 billion mark on Oct. 13, 40 days earlier than the previous record set in 2021. This makes it the earliest the City of Hamilton has reached this mark.
This is the second time the City has hit the $2 billion milestone. In 2021, Hamilton’s previous record for the highest annual construction value was $2,128,166,392.
The City noted other milestones for 2023. Industrial and commercial projects increased 53 per cent over the previous three-year average for a total of $645 million. As well, industrial construction value is the highest on record, up 85 per cent over the previous three-year average, which surpasses $526 million in construction value.
Although Hamilton is grappling with an affordable housing crisis, the federal government recently praised Hamilton for its “exceptional” housing plan, which helped it land $93.5 million in “incentive” funding that aims to fast-track the construction of over 2,600 additional housing units over the next three years.
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