Hamilton has officially crossed the $2-billion mark as it relates to the value of construction permits issued this year.
The city says the barrier was reached on Monday when staff issued new residential permits in Glanbrook.
It’s the first time that the city of Hamilton has ever reached the $2-billion mark in one year.
The economic development department says 59 per cent of the construction value is in the residential sector, while 39 per cent represents projects in the institutional, commercial, and industrial sectors.
Mayor Fred Eisenberger says reaching the milestone during the pandemic shows an “overwhelming interest” to invest and develop in Hamilton, and is a testament to the community’s “resiliency.”
“I am extremely proud of all the city staff who have worked remotely throughout the COVID-19 pandemic in order to continue supporting development in the city,” adds Jason Thorne, general manager, planning and economic development.
Some quick facts
- Total construction value up to and including October 2021 is comprised of 59 per cent residential, 39 per cent industrial/commercial/institutional, and two per cent miscellaneous
- Residential construction increased 53.3 per cent over the previous three-year average for a total of $1,143,411,173.
- Industrial, commercial, institutional increased by 86 per cent over the previous three-year average for a total of $746,840,407.