According to a new report from BMO, Hamilton’s job growth is nearly tripling the national average and as businesses expand, the city’s jobless rate is on track to drop to 5.5 per cent by 2016, putting it at prerecession lows.
“Employment growth in Hamilton has accelerated since mid-2011, up a solid 4.2 per cent year over year in the first quarter and outpacing the national average by nearly triple,” noted Mr. Porter. “The city’s jobless rate has fallen to 6 per cent from near 7 per cent last fall, and a high of 9 per cent at the height of the recession.”
“Hamilton is positioning itself to take advantage of a natural logistical advantage,” said Marvin Ryder, Professor of Business at McMaster University’s DeGroote School of Business. “With a large commercial port, a hub of highways, available warehouses and an international airport, Hamilton expects to leverage these into further business growth and job creation. The City is also committed to developing a supportive light-rail transit system over the next two decades. By increasing the liveability of the City and improving its links to the GTA, Hamilton will continue to be a destination for first-time home buyers and families in this region.”
Mr. Ryder noted that Hamilton has been rust-proofing its economy for nearly a decade through the birth and development of medium-sized businesses. “Such companies, which typically employ ten to fifty people, build on the new engines of Hamilton’s economy – health care and education. McMaster’s Innovation Park is a prime example of an incubator that will be growing new businesses in Hamilton for the next twenty years.”
“While the recession may have led some Hamilton businesses to put their growth plans on hold, their efforts at that time to reduce operating expenses, source new supply chains, and open new markets positioned them well to begin to invest again in new equipment, processes and people,” said Rick Jaques, Vice President, South Central Ontario, BMO Bank of Montreal. “Most local businesses we talk to have a renewed sense of optimism, and a desire to pursue growth plans that are at the very heart of the transformation that is taking place across the region. I strongly believe that BMO’s commitment to make $10 billion in credit available for businesses can make a big difference to companies investing in Hamilton.”
Source: Market Watch