Sooner than anticipated, The City of Hamilton has already hit $1 billion worth of building permits in the first half of 2021.
According to the city, this makes June 2021 the earliest Hamilton has ever reached $1 billion worth of construction, with the previous record being August 2019.
The City of Hamilton has officially surpassed $1 billion worth of construction since the beginning of the year, making June 2021 the earliest the City has reached the billion-dollar mark in construction value.
— City of Hamilton (@cityofhamilton) July 13, 2021
“Reaching the milestone of $1 billion worth of building permits issued so far in 2021 through the continued global pandemic is a significant achievement that speaks of the continued momentum in Hamilton,” said Hamilton’s Mayor Fred Eisenberger in a statement.
“I am proud of our City staff and their dedication as they continue to work with developers, builders, and our business partners to create more jobs for our community. By continuing to adapt to current challenges and work together, we will continue to build momentum and emerge from this pandemic a more resilient Hamilton than ever before.”
Up to and including June 2021, the total construction value consists of 65.6 per cent residential, 32 per cent industrial/commercial/institutional, and 2.4 per cent miscellaneous.
Notably, this is also Hamilton’s eleventh time hitting the $1 billion milestone for construction in the past twelve years.
The 2021 milestone is also significant given the major impacts of the COVID-19 on Hamilton’s economy and a vast array of sectors, including construction.
“Reaching the $1 billion mark in construction value earlier than we ever have before shows the dedication of City staff as they continue to work remotely during the COVID-19 pandemic,” adds Jason Thorne, the city’s General Manager of Planning and Economic Development.
“This success has helped with Hamilton’s economic growth as it directly contributes to providing employment opportunities and new housing in the city. Thank you to our development community for your perseverance through the pandemic, your efforts are celebrated through reaching this milestone.”
Read the full release on the city website.