Hamilton Economic History - Term Paper Example

Hamilton Economic History affiliation Introduction This essay looks at the Hamilton Ontario and its economic history. It analyses the economic growth and development it has experienced over the years. It also discusses the major industries and their efforts in overcoming the effects of recession in 2008 and 2009. Analysis Hamilton has benefited from its geographical proximity to land and water transportation routes to like Ontario. It has created Canada standards with a rich military history that it preserves. It has altered to become a recreational, residential and industrial platform for business. In the past the Head of the lake that is now known as present day, Hamilton was a forest area. In 1815, there was a chopping mill that became the forts industry in this area. The area grew speedily which was aided in 1827 by a channel to Burlington Bay that is in line with Lake Ontario. In 1833, Hamilton was incorporated as a police village where a legislature was thereafter passed where it was able to establish a market1. When the town of Hamilton was first incorporated in 1833, its first order of business was to establish place for its board to meet where they met at local taverns like Thomas Wilson Inn at Jackson Streets. Hugh Cossart Baker established the first life insurance company in Canada.2 It later became the first functioning railway that transformed Hamilton into a major center for the immigration route from Boston and Newyork to Chicago. In 1856, the town saw the first locomotives built. In 1862, Hamilton town invested in the Great Western Railway and at the end of the Depression in 1862, the population in the town had dwindled since it was not able to meet the interests on its bonds held by British investors. In the 1870s era the town started to have a financial edge and shifted to an economic strategy of attracting the industry. It saw the birth of working class in 1872 and unionists that created the Nine Hour Movement that was to fight for limited hours to nine daily by the government. The same era saw the Bank of Hamilton established which lasted until 1924. It merged with The Commerce that later became the Canadian Imperial Bank of Commerce. In 1847, the town established the first department store. The town played a huge role in the telephone development. In 1877, Hugh Cossart Baker Jr established the first commercial telephone in Canada in the town of Hamilton. He also established the first telephone exchange in the British Empire. He made the town to be the first commercial site for long distance telephone line in the British Empire. This paved way for building a large company in the town that was named the Hamilton Telephone Company that led the way for creation of the Bell Telephone Company in Canada3. The town also saw building of companies to the electrical city. The first electric company was called the Dominion Power that was created due to 75% increase in its population between 1901 and 1912.The town had promotional booklets that focused on three areas to lure business. One of them was indicting that Hamilton was the Home of the of industry unrivalled facilities and it was home to the “Cheapest Power in Canada.”4 In 1938, the population had increased by 155,000 and had over 500 manufacturing plants. The town was home to the cheapest hydropower across the world. Hamilton had bid industries where promotion of electrical power in 1895 and 1920 saw a shift in the Banking and Insurance that accentuated the industry focus.5 There was a manufacturing operation established in Hamilton in 1897. This created a new industry. It was incorporated in 1903 where it set up a factory to create air brakes for the rail industry. By 1955, the company had employed over 11,000 employees in Hamilton city6. In 1914, the town saw a rise in construction especially the Procter& Gamble operations that had the boiler house, gas plant soap building, hardening plant, and the machine shop. The town saw its economy grow due to creation of many industries and manufacturing plants over the years even in the 21 first centuries. The town has also experienced loss of big industrial employers that was attributed to the high dollar and high-energy prices. Overseas completion also challenged the industries growth. In 2006, the town saw closure of some of its companies. Economic Growth and Development Economic growth is key for development of a prosperous community that leads to agent’s economic activity. The Hamilton city energizes its economic growth through the Hamilton City Council Economic Development Agenda7. This program has created a platform for increasing the economic development that creates a business environment for investments and build confidence and certainty. Hamilton is an economic hub for the Waikato that is an agricultural and pastoral region8. It economy is based on business services, energy health and education. These values have created a source for income and creation of jobs. The city has invested highly on technology machinery and material manufacturers. These sectors have competitive advantages that have created the platform for trading nationally and internationally that adds value to the city. Construction has improved economic growth for the city. Residential construction is an economic driver in 2013 that creates jobs and has in turn reduced unemployment rates the city had issued over a billion dollars in building permits in 2013. In 2012 and 2013, the Site Selection Magazines in Atlanta named Hamilton as the top investment city in Canada. The Calgary Real Estate Investment Network ranked the city as the top location in Ontario for investments in 2012 and 2013. The FDI magazine also ranked Hamilton as the top cities in Canada9. Education, business, and government in Hamilton city has helped in breakthroughs into its business success. This city is shifting from the dirty steel town to better facilities. Hamilton real estate has highly shot up and this has contributed to its economic development. In 2001, Statistics in Canada established that the population was 6,704,598 where this number created consumerism for products from manufacturing industries like motor vehicles, foods, beverages, electrical goods, machinery chemicals, and paper products10. Major Industries in Hamilton Hamilton has various industries from manufacturing, construction, energy, food, beverage industries, and the steel industry. The city has the best steel industry where 60% of Canada steel is made where it has reached a stable level in profitability. Food and beverage industries deal with bakeries and supply of food products. Hamilton major industries include manufacturing, agriculture, bioscience, and medical. It boosts a very high education sector that has local universities, school boards, and colleges11 Hamilton is a viable city that attracts industries of all kinds it has advertising and marketing industries, apparel, automotive services, computer hardware, consumer services, electrical and financial companies. These companies contribute to its growth and developments. The major industry in Hamilton is the steel industries that offers employment to residents in Hamilton and therefore reduces rates of unemployment. This industry has defined Hamilton for a long time however the health and education sectors are nipping the steel industries where startups have increased in the city. It would seem that Hamilton is not fully defined by steel industries. Hamilton is known for producing steel but its job market has changed. The city industries are located in cluster of highways, train lines, and airports where it provides a leeway to be reached by many different people12. Recession in Hamilton Recession of 2008 hit Hamilton and it affected its economic growth where there were cases of increased unemployment since most people lost their jobs in this time. Cases of Ontario Works were big since the recession hit and this saw an increase in welfare numbers. The economy in Hamilton is stable and therefore it was quickly able to stand on its feet13. The city has recovered after the recession and brought real growth where it increased its efforts to diversify its economy by attracting modern factories. New companies that were introduced after the recession revitalized the industry since their operations were modern and efficient. Innovation played a key role in challenging global steel market that was a bit affected by recession. The city’s auto industry where companies invested huge sums of money used advanced techniques in the traditional industry. The city worked in reducing the regulation burden that helped the business environment issues like tax rates, trade supports, and training programs. The city had a competitive tax rate where it was able to produce the best workforce talent in the market and therefore investors were attracted to the area .This had a positive boost to the economy of the city. By 2010 the Hamilton Project had a measure recovery plan to deal with the jobs gap where it would deal with the return to employment rates that were projected before the Great Recession14.This recovery target was proposed by policy makers where the jobs gap was calculated under the assumption that employment trends prior to recession could continue. The city knew that the labor force growth would slow down due to the sluggish economy. Closing the jobs gap is hard therefore; policy makers exclusively had to target unemployment rates in the city15. It is clear that the Hamilton city was committed at fighting the effects of recession in 2008 and 2009. It was to react to the unemployment rates by introducing conducive policies that would deal with the issue. However due to modern companies being formed after the recession the city was able to survive and improve employment rates and this had a positive effect in the economic growth of the city and its development. Conclusion Hamilton city in Ontario is viable business city due to a variety of industries and companies that have had a positive impact in the economy. It has increased its employment rates and this has made the city to be attractive to investors across the world. The recession of 2008 also hit the city that saw most people lose their jobs .However, the city had plans and polices in place to address the situation. It is clear that Hamilton city in an economic city that relies on business fully. References Top of Form Top of Form Top of Form Top of Form Top of Form Top of Form Top of Form Bottom of Form Bottom of Form Bottom of Form Bottom of Form Bottom of Form Bottom of Form Bottom of Form Bélanger, Réal, John English, Andrew Smith, and J. Andrew Ross. 2011. Canadas entrepreneurs: from the fur trade to the 1929 stock market crash : portraits from the Dictionary of Canadian biography under the direction of John English and Réal Bélanger. Toronto: University of Toronto Press. Bradford, Neil John, and Allison Bramwell. 2014. Governing urban economies: innovation and inclusion in Canadian city-regions. Brebbie, C. A. Brebbia, and Tae Soo Chon.( 2012). International Conference on Environmental and Economic Impact on Sustainable Development,. Environmental impact. Southampton, UK: Wit Press. Conteh, Charles. (2013). 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