Development in Niagara has been rising consistently over the last few years, and shows no signs of slowing down anytime soon.
Last year, there was a significant increase in applications for Niagara developments and projects, showcasing a promising forecast for this year. In fact, the amount of applications received has been described as record-breaking.
For many Niagara councillors and decision makers, this is great news. It means that the region has a highly promising future and many developers and investors are taking note of this, providing more opportunities for the local economy and growth.
Record-High Development Applications Reported
In the first half of 2017, between January and June, the Niagara Region planning committee received the most applications they have ever received within a 6-month period: 386.
Among the regions listed for development plans, St. Catharines had the most applications, totaling 50 requests. Niagara-on-the-Lake and Lincoln had the second highest, with 49 and 48 respectively. Niagara Falls received 45 applications. Other regions with 40 or less applications included Grimsby, Welland, Pelham, Thorold, Fort Erie, West Lincoln, Port Colborne, and Wainfleet.
Booming Growth and Development in Niagara
All over the region, there are plenty of commercial and residential developments underway. Among these developments is the new General Electric factory, slated to open in Welland sometime this year, which will provide a boost to the Niagara economy. Brock University and Niagara College have both undergone their own improvements, such as adding more programs to meet industry demands.
Residential developments are springing up all over the region, from the active revitalization of Thorold to the new housing developments in Fonthill, Welland, St. Catharines, and Niagara Falls.
The Ever-Increasing Investment Appeal of Niagara
Niagara is a world full of investment opportunities that more companies, contractors, and investors are beginning to notice. From the promising tourism industry to the world-famous wine industry, there are many reasons that more people are looking to this area for their future.
If you are considering investing in your own commercial property, contact a commercial real estate agent who will help you find the best deal and provide the best advice throughout the purchasing process.
