NASSAU, BAHAMAS- The value of construction approvals in The Bahamas surged by approximately $305 million in 2024 compared to the previous year, as total permits issued rose to 1,600, signalling broad-based strengthening across the country’s building sector, according to newly released national statistics.
The Building Construction Statistics 2024 Report, published by the Bahamas National Statistical Institute (BNSI), shows that development activity accelerated across every major category—residential, commercial/industrial and public sector—marking a year of higher approvals, more project starts and increased investment value across New Providence, Grand Bahama and the Family Islands.
The nationwide permitting total of 1,600 approvals represented an increase of 81 permits over the 1,519 issued in 2023. While all categories recorded more approvals, the composition of investment shifted noticeably. The Private/Residential sector accounted for the largest rise in volume with 41 additional permits, although the total value of residential approvals fell by $23 million, suggesting that homeowners and developers pursued a higher number of smaller or less expensive projects.
By contrast, the Commercial/Industrial sector posted the strongest performance in monetary terms. The sector saw 29 more permits issued and contributed the majority of the nationwide value gain with an approximately $313 million increase in approved investment. Public-sector permitting activity also rose, adding 11 additional approvals and $16 million in value compared to 2023.
The upswing in approvals translated into a corresponding increase in construction mobilization. Construction Starts climbed by 79 projects, rising from 491 in 2023 to 570 in 2024, supported by higher activity in both the private and commercial segments. The total value of construction starts increased by approximately $121 million, reflecting a stronger pipeline of projects entering the build phase.
Within the starts data, the Private/Residential sector added 38 new starts, with the value of these builds rising by $62 million. The Commercial/Industrial sector mirrored that trend, adding 38 starts and expanding value by roughly $83 million. Public-sector starts saw a modest increase of three projects, though the value of those projects declined by $24 million, indicating that while more government works were initiated, they were smaller in scale than those launched the previous year.
Project completions presented a slightly different picture. While the total number of Construction Completions slipped from 743 in 2023 to 735 in 2024, a decrease of eight projects, the overall value of completed works rose significantly—up by $73 million year-over-year. This trend was driven largely by residential construction, where higher-value homes and expansions dominated the final stages of delivery. The Private/Residential sector posted an approximate $145 million increase in completed project value, accompanied by two additional completions.
The Commercial/Industrial sector recorded 15 fewer completions and a $48 million decline in value, suggesting project delays, extended timelines or a cooldown in completions relative to the prior year. Public-sector completions increased by five projects, but their total value decreased by around $24 million, again pointing to the delivery of smaller-scale government projects.
The BNSI emphasized that construction statistics continue to serve as one of the most sensitive and closely monitored indicators of economic activity in The Bahamas. The report, which compiles data from the Ministry of Works, the Department of Local Government, Family Island Administrators and the Grand Bahama Port Authority, provides a comprehensive look at building trends across the archipelago. Permits are tracked for all islands, while data on starts and completions reflect activity specifically in New Providence and Grand Bahama, the country’s two largest construction markets.
