The Bahamas National Statistical Institute, in its first-quarter Building Construction Statistics Report for 2024, highlighted that 348 permits were issued across the Bahamas, up from 328 permits in the first quarter of 2023. During this period, the value of these permits increased by $210 million. Specifically, the Private/Residential Sector saw an $80 million increase, the Commercial/Industrial Sector rose by $102 million, and the Public Sector saw an increase of approximately $28 million.
“In the first quarter of 2024, the total number of Construction Starts in the Bahamas was 124, which is an increase of two projects compared to the 122 starts in the first quarter of 2023. The value of these starts also rose by $19 million over the same period in 2023. The Private/Residential and Public Sectors experienced decreases in value of $1 million and $0.1 million, respectively. In contrast, the Commercial/Industrial Sector saw an increase of approximately $21 million,” the report stated.
The report further noted that the total number of Construction Completions in the first quarter of 2024 was 173, a decrease of seven projects compared to the first quarter of 2023. However, the value of these completions increased by approximately $105 million. The Private/Residential Sector saw a $100 million increase, while the Commercial/Industrial Sector experienced a $4 million rise in completion value. The Public Sector recorded one completion valued at $0.06 million.
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