Building Permits Continue to Boom
HAMILTON, ON - The City of Hamilton continues to experience a building boom. Hamilton is unstoppable. For the sixth consecutive year and seventh time in the past eight years, construction activity within the City of Hamilton reached the $1 billion mark. The year 2017 produced a diversified distribution of construction activity.
"The sixth consecutive year topping $1 billion in building permits signals that the sustained growth and development we envisioned for our city has been realized. The City of Hamilton continues to have the most diversified economy in Canada, with sectors including healthcare, manufacturing and agribusiness – that are helping to drive Hamilton's economy and create new opportunities for employment,”
Mayor Fred Eisenberger
The residential sector remains strong with more than $803 million in construction or 58.9% of the annual total. Activity in the industrial, commercial, and institutional sectors was also very robust with more than $540 million in construction and 1,662 permits issued. Industrial activity greatly increased since 2016 by a whopping 197% or $122 million.
The future tax impact for the residents of Hamilton is very positive. Once all the buildings have been built and reassessed, the annual taxes generated from these new buildings will be between $9 million and $14 million per year.
“The building boom is not only focused in the residential sector. We are experiencing strong growth in the commercial and industrial sectors as well. That's good news for jobs and for reducing reliance on the residential taxpayer, which is one of the top priorities that Council has set for us. The credit has to go to staff, across several divisions, who have worked very hard to manage the high volumes of development applications in order to make this level of growth possible,”
Jason Thorne, General Manager of Planning and Economic Development.