In The News: Rebound in Business Licences ‘Positive Sign’ for Hamilton Economy

March 6, 2024 | Hamilton, ON
Contributed by Fallon Hewitt, Hamilton Spectator Reporter

Hamilton sign at City Hall

The City of Hamilton issued more than 10,000 business licences in 2023 — the most in a single year since before the pandemic.

Data obtained by The Spectator shows that 10,030 businesses were issued licences to operate last year, marking the first time the city has hit five digits since 2019.

Most of the businesses that require a licence fall under the city’s public health and safety regulatory and inspection regime, including restaurants, salons and taxis — meaning the data does not capture or tell the full story of the local economy.

But it does signal that several sectors that suffered during the pandemic are now showing signs of bouncing back.

And with the economy predicted to remain stagnant this year, the apparent recovery in the city could be stifled, said Goran Calic, director of MBA programs at the DeGroote School of Business at McMaster University.

Calic said with the state of the economy, businesses need to be “more profitable, tighter and efficient” in order to make it to the other side.

“Running a business is going to get harder,” said Calic. “And some businesses aren’t ready for that.”


Read the full article in the Hamilton Spectator.

Goran Calic

Goran Calic

Associate Professor, Strategic Management

Dr. Goran Calic is an Associate Professor of Strategic Management, with membership in Information Systems, at McMaster University. He holds a PhD in Strategic Management and a Post Doc. in Computational Cognitive Neuroscience from Purdue University. Goran Calic’s research focuses on understanding why some individuals are more creative and some organizations are more innovative than others. His area of research is primarily concerned with early-stage entrepreneurship.

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