It’s being seen as a sign that Hamilton has an economic future. Monday, First Ontario Credit Union broke ground on a new head office in Stoney Creek.
It is the first financial institution to do so in years. But, as Sean Leathong tell us, it’s just one of many companies setting up shop in Steeltown.
With the groundbreaking of their new head office, First Ontario Credit Union is making a statement.
“Our communities are right here in Hamilton, so this is where we want to be.”
The company has nearly doubled its branches in the past five years from 17 to 30 and they are the first financial institution to set up a head office here in decades. But it’s part of a much larger trend. Since 2009, there have been four billion dollars in new building permits issued in the city.
“The expected completion date is September 2014. So in a years time, this whole area will be covered by a 30,000 square foot indicator of Hamilton’s economic growth, literally from the ground up.”
The city once known for it’s industry is seeing a quick transition. In four years, the city has seen the head office from Car Star open up as well as a regional office for medical supplier Stryker. Also Fortino’s has relocated their head office to Hamilton.
“Not only is that new job’s, but that’s new taxes and that’s new investment growth of the municipality.”
Also Hamilton is rated number one in Canada for economic diversification.
“And that spreads the risk when you’re in times of economic downturns.”
There is even talk that a GO station will be built in the Stoney Creek area which elected officials say is a sign of even greater growth in the future.
“All of that is a message to the broader of Canada and internationally that Hamilton is the place to come to.”
“Hamilton, and I think Hamiltonians need to understand that, is really on a roll and we’ve got to keep it going.”