NASSAU, BAHAMAS — The Bahamian constriction industry could see significant activity in 2023, according to Bahamian Contractors Association (BCA) president Leonard Sands, who noted that contractors could see pre-pandemic activity.
Sands said: “All indicators are that there will be a lot of work for contractors in 2023. There is a lot of activity going on in New Providence. If you look at confidence in the economy, New Providence is a major indicator.
“There are a number of major investments in the pipeline which has already been outlined by this administration and the government is really driving the residential housing component which is good.”
He continued:“It is shaping up to a very active sector which should underpin the economy in my opinion. The down town port redevelopment is seemingly going to establish Bay Street as a premier destination for travelers which means that more cruise ship passengers will spend money to the benefit of Bahamians.
Sands noted that the construction sector like many other sectors continues to be impacted by global inflation.
“I think that the government has done as good it can to offset inflation, especially with the construction sector,” he said.
“There is only so much you can do. The government has done a good job lowering the duty or zero rating on a lot of construction-related materials. Inflation is what it is. Since the pandemic pierces have gone up and don’t think they re going to go down anytime soon.”
Sands said: “However, they are not rising in a way that’s going to deter people from building a home or an apartment. I think there is confidence lot do it but persons should still shop around and recognize that inflationary challenges will likely persist through 2023.”