As of June 17, Hamilton passed $1 billion worth of construction since the beginning of the year, making 2022 the earliest the city has reached the milestone in value.
This landmark represents 3,761 building projects in the residential, institutional, commercial and industrial sectors and makes this the second time the city has reached the billion-dollar mark in the first half of the year.
The 2022 benchmark is 13 days earlier than the previous record set in 2021 and one that has been consistently reached for over 10 years in a row.
“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.
“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,” said Jason Thorpe, general manager, planning and economic development.
After two years of remote operations necessitated due to the COVID-19 pandemic, the Building Division reopened to the public on April 25.
The ability to return to both in-person and electronic services provides increased options for the public to apply for building permits.
“Reaching the $1 billion so early in the year is a strong indication that the city has weathered the COVID-19 pandemic and the development industry remains optimistic about Hamilton’s future,” said Alan Shaw, the City of Hamilton’s chief building official.
“As construction values are a major economic driver across Canada, by hitting the $1 billion mark, Hamilton should see an increase in employment opportunities into the near future.”
In breaking down what encompasses Hamilton’s total construction value up to and including June 2022, it is comprised of 72.7 per cent residential, 25.7 per cent ICI and 1.6 per cent miscellaneous.
Residential has increased 31.1 per cent over the previous three-year average for a total value of $749 million, while ICI has remained consistent with the previous three-year average for a total of $265 million.
Within that average, the institutional sector has increased more than 130 per cent over the previous three-year average, surpassing $92 million in construction value.
Key 2022 projects include the $80 million McMaster University residence on King Street West. The 30-storey super structure will be consist of 27 storeys of residences and a two-level podium that will accommodate commercial spaces. It also includes five storeys of above grade parking and one storey of below grade parking.
There will also be 244 new units of apartment construction on Barton Street East.
This will be a sprinklered 14-storey residential building with ground floor commercial units and a three storey below-grade parking garage.
Also in the permit stage is a $62 million warehouse addition on Glover Road, a $60 million, 242-unit apartment building on Highland Road West and a $59 million McMaster University building with a basement and links into adjacent buildings.
Included in the highest-value planned projects are also a $10.3 million new Subaru dealership on Upper James Street and a $10-million Janco Steel manufacturing plant in Stoney Creek.
“Surpassing the $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 Hamilton Mayor Fred Eisenberger.
“It means jobs are being created and our community is being transformed like never before.”