NASSAU, BAHAMAS — The number of permits issued for new construction in the third quarter of 2022 showed a 12 percent increase over the same period the previous year, according to data released by The Bahamas National Statistical Institute.
The Bahamas National Statistical Institute recently published its Building Construction Statistics for the 2022 third quarter.
It read: “The All Bahamas number of new construction permits issued in the third quarter 2022 (424) was higher than in third quarter 2021 (380) by 44 projects or 12 percent. Conversely, the value of permits issued over this period decreased from $167 million in 2021 to $135 million in 2022.
“The main reason for this decrease was a drop of 59 percent in the commercial/industrial sector of $47 million, which was mitigated by increases in the private/residential sector of $11 million and the public sector of $4 million. The third quarter 2022 permits value was shared across the islands with New Providence representing 76 percent, Grand Bahama 20 percent and the remaining Family Islands four percent.
It was also noted however that the number of new construction starts decreased by 17 percent when comparing the third quarter of 2021 (150) and the third quarter of 2022 (133).
“During this same period, however, the value of construction starts All Bahamas increased by $35 million or 74 percent,” the report continued.
“This increase in value was led by the private/residential Sector and the Public Sector, with increases of $36 million and $5 thousand respectively. Contrarily, the commercial/industrial sector decreased by $645 thousand or four percent. New Providence represented 76 percent and Grand Bahama 24 percent of the recorded number of new construction starts in the third quarter 2022,” the BNSI noted.
The number of construction completions in the third quarter of 2022 (165) showed a decrease of six projects when compared with the same period in 2021 (171). The value of construction completions, however, increased by approximately $106 million or 176 percent.
The report stated: “There was an increase in the commercial/industrial sector of approximately $114 million leading to this overall increase in value. New Providence commercial/Industrial sector construction completions value increased from $11 million to $126 million over this same period.”
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