Hamilton’s Construction Boom Continues in 2014
New data shows that Hamilton, Ontario is set for strong economic performance in 2014. The latest report, compiled by Credit 1 Credit Union and the Ontario and Hamilton chambers of commerce, shows that the excellent performance in 2013 was driven by construction. It also presents compelling evidence that all the elements are in place for similar strength across the sector in 2014.
In 2013, over a billion dollars’ worth of construction permits were issued in the city of Hamilton. And this latest economic report highlights the continuing upward trajectory within the local construction industry. The 2014 focus will be on residential development, according to the Head of Hamilton’s Economic Development Department, Neil Everson.
“In 2014, we have 15 condos on tap. The migration from the GTA is driving this growth.”
Neil Everson, Head of Hamilton Economic Development Department
In addition to evolving migration trends, one of the leading factors in this residential real estate growth is the integration of new transit lines within Hamilton. The addition of available transit systems means that many Hamilton residents will be able to easily commute to their jobs in Toronto. This makes the city of Hamilton a more feasible living area in terms both convenience and affordable real estate prices.
A factor that leads many to believe that Hamilton’s economy will strengthen in 2014 is the falling value of the Canadian dollar. The downswing in value has its upside for Hamilton, a city that has a strong manufacturing base and will benefit from the increase in exports the falling dollar value should bring.
“The falling loonie is going to help move manufacturing back to Hamilton. If manufacturing is going to stay in Canada, it will be in southern Ontario.”
Keanin Loomis, CEO of the Hamilton Chamber of Commerce
With the growth in the manufacturing in the city in 2014, Hamilton’s job market will also add to its allure as a real estate haven. The growth in the city was palpable in 2013. Economic vitality has brought great life and hope to the city. Now, in 2014, Hamilton will be looking to consolidate its position as a leading Canadian city and to move forward with its many exciting plans for the future.