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There is a re-birth happening at the Head of the Lake. Hamilton is expected to generate close to 900 million dollars in building permits this year, it's second highest number dating back to 2007.  Today at the General Issues Committee which had a lot on it's plate Neil Iverson Director of Economic Development gave his annual update. All the 2011 numbers are in and here are the highlights; building permits 731 million. The number of industrial buildings available to the market place decreased from 6.1 per cent to 3.4 per cent outperforming Burlington, Oakville and Mississauga. Downtown Hamilton office space for properties with at least 5 thousand square feet has dropped from 15 to 13 to 12 per cent since 2009. Assessment growth held at 1.3 per cent despite the fact 2011 came in three hundred million dollars shy of the record building permit year of 2010.
What does the future look like? In 2011 over 3 hundred companies were extensively interviewed by the department to find out what shape we are in. Fourty six per cent of companies said they will be hiring in 2012 with 37 per cent reporting room for expansion with 62 per cent of the companies suggesting in the survey they are growing. Over 77 per cent reported they would be introducing new products over the next two years.
Although steel and steel related industries remain a big player, Hamilton Health Sciences remains the largest employer with the Agra business becoming a very large player especially in the Red Hill Business Park and on the Harbour. The only area of concern was raised by Ward 5's Chad Collins who suggested that although he has been a supporter of banking business park lands around the airport he needs to know from airport officials themselves what they foresee in the short and long terms before he is willing to put any more financing into that particular portfolio especially with expansion of business park lands currently at an expensive OMB hearing. Staff has been asked to bring all interested parties together for a presentation before GIC sooner than later. By the way the Ward Councillor for the airport will be our guest tomorrow on "For the Record, Council Edition". Brenda Johnson will discuss airport development, PFOS contamination, economic development in her ward and of course the story of the week another paranoid implosion emanating from the Mayor's office. More on that is still to come. #HamOnt