Once known solely as a steel town, Hamilton has grown into Canada’s most diverse economy. Hamilton obtained this prestigious title with an Economic Diversification Rating of 0.94 as per The Conference Board of Canada. The closer the score is to a perfect 1.0 the more similar an area’s economy reflects Canada’s as a whole. With Hamilton no longer relying so heavily on one industry, an influx of new businesses have blossomed within the city which has resulted in Hamilton also becoming Ontario’s fastest growing economy.
For years, Hamilton’s unemployment rate, which is considered one of the most important measures of economic health, has been trending downwards and has remained below the provincial average. Over 350,000 people are employed in the area (Census Metropolitan Area/CMA); with the top three employment sectors being Education and Healthcare, Professional, Financial and Support Services, and Wholesale and Retail. This represents the growth and change that Hamilton has gone through, as Manufacturing has fallen out of the top three employment sectors in the region.
A positive product of Hamilton’s diversifying economy has also been the growth of the arts and entertainment scene; from the resurgence of cultural areas such as Locke St. South and Ottawa St. North, to hosting large scale events such as the PGA Tour’s Canadian Open in 2019. Much credit for the city’s ever-growing nightlife can be attributed to the city’s millennial population, born between ‘81 and ‘96, as they account for more than one in four of the residents in the city.
With the most diversified economy in Canada the future is bright for the city of Hamilton. #YourRealEstateProfessionals
Sources:
https://www.thespec.com/news-story/4239648-hamilton-has-canada-s-most-diverse-economy-says-conference-board/
https://www12.statcan.gc.ca/census-recensement/2016/as-sa/fogs-spg/Facts-cma-eng.cfm?LANG=Eng&GK=CMA&GC=537
https://www.hamilton.ca/city-initiatives/citizen-dashboard/economic-diversification
https://www.hamilton.ca/city-initiatives/citizen-dashboard/employment-by-sector
https://www.hamilton.ca/government-information/trust-and-confidence-report/our-economy
https://www.investinhamilton.ca/why-hamilton/top-ten-reasons/
