For the past few years, Hamilton has become an attractive place to relocate for nature enthusiasts and workaholics who seek to take their careers to the next level as the city is becoming more prosperous by the day. 2021 and 2022, in particular, have brought strong GPD growth.

Although the newest reports show a slowdown in the process (mainly related to inflationary pressures, rising interest rates, and supply chain issues), the route is still optimistic. Let’s take a look at how and why the economy has been booming in Steel City.

The Economic State of Hamilton
The future for Hamilton is bright–economists predict that the city’s GPD will grow to 3.0% this year.

Manufacturing, healthcare and professional services are expected to be the most vital sectors in the city in 2023. Healthcare, which became a key development cluster in Ontario after the pandemic, is projected to have one of the best growth rates.

According to current predictions, the hotel, tourism and food services sectors are expected to expand too. Still, these sectors, which seem to be suffering the most from labour problems, won’t have it easy. Many contact centres are having issues finding good staff, but that just means more job opportunities for those who seek them.

Housing will continue to be vital to the health of Ontario’s economy, especially in light of Statistics Canada data revealing that international migration accounted for 94.5% of the estimated 285,000 new residents who arrived between April and July 2022.

More properties will need to be built, especially as immigration is expected to increase and many people will come to the GTA region and Hamilton.

Dropping Unemployment Rate
As recent statistics show, the local economy in Hamilton has been moving in a positive direction.Unemployment in the city has fallen steadily since January, indicating a strong recovery in the community following the closure of many industries in COVID-19.

There were approximately 18,800 unemployed people in Hamilton in July 2022, 1,400 fewer than in June of the same year. It seems that sales and service occupations had the largest share of job opportunities in Hamilton, followed by business, finance, and administrative fields.

The city has many small and medium-sized businesses, so trade and business jobs make up the majority of occupation types in Hamilton. Lower unemployment in Hamilton could mean that residents will be better able to support themselves in the face of higher inflation rates

Top Industries in Hamilton
The city strives to work closely with government and private partners to ensure the town’s prosperity. Hamilton is known for many things, including its industrial heritage. In fact, it is one of Canada’s leading industrial centres even today. Thanks to its eclectic environment, Hamilton attracts many digitally-focused businesses, as well as companies in more traditional industries.

Technology and Innovation
Hamilton in 2022 is home to many successful businesses at the forefront of software development, data security, robotics, artificial intelligence and advanced data processing applications.

For this reason, it doesn’t come as a surprise Amazon has opened a new robotics centre in Hamilton and announced plans to open three more centres in Ontario by 2023.

The company’s current building is Canada’s most technologically advanced Amazon customer service centre. It is estimated that up to 4,000 people can work in the warehouse at peak times, and these jobs can offer additional flexibility.

Logistics
Are you working in logistics? Then Hamilton might be the perfect place to relocate! The city boasts successful warehousing and distribution projects. Strategic locations, strong transport links and critical infrastructure–there are many reasons why this sector has been so successful for such a long time.

Manufacturing
While employment here is driven primarily by healthcare and other high-value services, Hamilton remains a thriving location for goods-producing industries. In fact, the city is home to some of the country’s most important manufacturing giants and the largest research center dedicated to processing and evaluating metals.

Agricultural Technology
Hamilton is also known for its long-standing agricultural technology industry. Currently, one of the area’s most interesting agricultural projects is the indoor vertical farms. Created by the German company Infarm, the cutting-edge facilities aim to revolutionize agriculture in Canada.

Hamilton has a diverse economy, so there are opportunities for almost every career aspirant. Steel City has already shown tremendous growth potential in recent years, as evidenced by the latest Hamilton market statistics, and it seems the fun won’t end any time soon. So, if you are tempted to relocate to Hamilton, we are here to help! Get in touch with the de Denus Team here.