Hamilton ranked among ‘best places to invest’ by international publication
Published on September 13, 2022 at 3:24 p.m.
For the third year in a row, Hamilton has been declared one of the best places in Canada to invest in 2022 by an international real estate publication.
For the third year in a row, Hamilton has been declared one of the best places in Canada to invest in 2022 by an international publication on corporate real estate and economic development.
Site Selection magazine bases its rankings on “business facility investment data as a means of creating per capita measures of municipal competitiveness.”
It was another banner year for Hamilton. For the tenth consecutive year, the city has surpassed $1 billion in construction projects. This year the city hit the record on June 17 – the earliest in Hamilton’s history and 13 days earlier than the previous record in 2021.
This milestone represented 3,761 construction projects in the residential, institutional, commercial and industrial sectors.
After two years of working remotely, the city’s buildings division reopened to the public on April 25, 2022.
“Reaching $1 billion so early in the year is a strong indication that the city has weathered the COVID-19 pandemic and that the development industry remains optimistic about Hamilton’s future,” said Alan Shaw. , Building Manager, Building Division Manager. “Having achieved this milestone over the past 10 years, it remains clear that Hamilton is a provincial leader in construction activity and is a thriving community where businesses and people come to grow and develop.
“This achievement is made possible by the dedication of the many developers, owners and contractors who support Hamilton’s growth. I am grateful to our city staff who continue to help build Hamilton as we emerge from the pandemic.
The total construction value up to and including June 2022 includes 72.7% residences; 25.7% industrial, commercial and institutional; and 1.6% miscellaneous (signs, demolitions, fire repairs, tents, sewers, protective plumbing, etc.).
Residential construction increased by 31.1% compared to the average of the previous three years for a total of $749 million.
Industrial, commercial and institutional spending remained in line with the average of the previous three years for a total of $265 million. Within this average, the institutional sector grew 130.3% over the previous three-year average, topping $92 million in construction value.
“Year after year, Hamilton continues to achieve historic milestones in construction value,” said Jason Thorne, General Manager, Planning and Economic Development. “With 2022 marking the first time the city has completed $1 billion in new construction, it’s clear that Hamilton continues to be an attractive place for people to live, work and invest. »
“This important milestone is made possible through the collaboration, dedication and hard work of our municipal staff, the development community, skilled trades, businesses and investors, and community stakeholders, all of whom are directly contributing to this achievement.
Last year was the first time Hamilton topped $2 billion in construction projects, having hit the mark in November.
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