NASSAU, BAHAMAS — The second quarter of 2024 saw a mixed performance in The Bahamas’ construction sector, with 440 permits issued—23 fewer than the previous year—but a $5 million increase in value, driven by a $61 million boost in the commercial/industrial sector. However, residential and public sector values declined by $34 million and $23 million, respectively, according to data released by the Bahamas National Statistical Institute (BNSI) in its Building Construction Statistics Report for the second quarter of 2024.
“The total number of permits issued for all of The Bahamas (440) was 23 projects fewer than the 417 recorded in the second quarter of 2023, while the value increased by $5 million. This increase was led by the commercial/industrial sector, which rose by approximately $61 million. However, this increase was offset by decreases in the private/residential sector and the public sector, which fell by $34 million and $23 million, respectively,” the report noted.
Regarding construction starts, the data revealed an increase of six projects between the second quarter of 2023 and the second quarter of 2024, resulting in a $61 million rise in value. The main factors behind this increase were gains in the private/residential sector ($60 million) and the commercial/industrial sector ($1 million), while the public sector saw a decrease of $206,000.
The total number of construction completions increased by eight projects in the second quarter of 2024, rising from 194 projects in the second quarter of 2023 to 202 in 2024. However, the total value saw a slight decline of approximately $959,000, dropping from $88 million in Q2 2023 to $87 million in Q2 2024. The decrease in value was driven by a $10 million drop in the commercial/industrial sector and a $900,000 decline in the public sector, while the private/residential sector saw an increase of $10 million during the same period.
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