The City of Hamilton has reached a milestone for the highest all-time construction value of more than $2.1 billion in projects.
On Oct. 13, Steeltown officially hit the $2,133,057,915 mark, 40 days earlier than the previous record set in 2021, making it the earliest Hamilton has reached this point. This is the second time on record the city has hit the $2 billion milestone.
Quickly ensuing, on Oct. 19, Hamilton’s all-time construction value record was broken surpassing $2.1 billion. This value represents 4,755 building projects within the residential, institutional, commercial and industrial sectors, including permits issued for 3,103 dwellings/units.
“The fact that Hamilton has reached a new all-time record and surpassed the $2 billion mark with more than two months remaining in the year is truly exceptional. This new record highlights the hard work and collaboration between city staff, community and trades partners, businesses and community stakeholders and positions Hamilton as an attractive place for people to live, work and invest,” said Steve Robichaud, acting general manager, planning and economic development, in a statement.
The top five projects contributing to this achievement are:
- A 931-unit apartment building at 41 Wilson St. valued at $255,423,198.
- A one-storey, 53,265-square-metre manufacturing plant at 863 Nebo Rd., in Glanbrook valued at $209,016,340.
- A 260-unit apartment building at 461 Green Rd. valued at $101,514,684.
- A 260-unit apartment building at 488 Upper Wellington St. valued at $83,528,145.
- A 200-unit apartment building at 22 Roxanne Dr. valued at $67,169,109.
Hamilton’s total construction value, up to and including 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 (i.e. signs, demolitions, fire repair, tents, sewage systems, protective plumbing).
Industrial and commercial projects have increased 53 per cent over the previous three-year average for a total of $645 million.
Industrial construction value for 2023 is the highest on record, with an increase of 85 per cent over the previous three-year average, surpassing $526 million in construction value.
This year has also seen the largest single permit by dwellings created for 931 units.
“For the last three years, the city has hit record numbers in different areas of our building division.
“On June 14, 2023, the City of Hamilton surpassed $1 billion worth of construction since the beginning of the year.
“2023 marks the earliest the city has reached the billion-dollar mark in construction value, three days earlier than the previous record set in 2022, which was on June 17 in that year.
“Having hit this milestone for the last 10 years, Hamilton remains a provincial leader in construction activity and is a prosperous community where business and people come to grow and develop,” said Alan Shaw, the City of Hamilton’s director of building and chief building official.
Shaw also reports in 2022, the total construction value was approximately $1.86 billion.
The difference between last year and this year’s total is attributed to a handful of industrial permits.
“In the five years preceding 2021, the city averaged approximately $1.3 billion in construction value per year (from 2016-2020.)
“We are actually witnessing a huge increase the overall annual average value since 2021 until now, at approximately $2.04 billion/year.
“The city has been beating its own records for the last three years and we continue to see growth compared to years prior to 2021,” said Shaw.
Hamilton’s previous annual construction value record of $2,128,166,392 was set in 2021.