Editorial Staff
2 months ago

Editorial Staff
2 months ago

10% Growth Projected in Construction in 2024

You can now listen to Antigua News articles!

Antigua and Barbuda’s Prime Minister Gatson Browne is projecting a remarkable growth rate of 10% in the construction sector for the upcoming year.

This growth rate is expected to surpass the country’s current labour market demand, generating more jobs than ever before.

Browne said to complete building projects, the government may need to consider imported short-term labour without impacting existing jobs for locals or denying work to those interested in the construction industry.

In his New Year’s message to the nation, Browne highlighted numerous private and public sector projects outlined in the National Budget Statement.

These projects are expected to contribute significantly to economic upliftment and job creation.

Browne emphasized that several major investments in hotel undertakings, including the Peace Love and Happiness (PLH) project in Barbuda, will provide job opportunities for the people to earn additional income.

Additionally, public sector projects, such as the rehabilitation of the airport, expansion of the port, and development of educational facilities, will lay the foundation for sustainable progress and prosperity, providing job and business opportunities for the people.

Browne expressed his pride in the West Indies Oil Company (WIOC), stating that it will continue to enhance the nation’s economic growth. He announced that the company will expand further in 2024 into renewable energy and other areas, earning increased national revenues.

Browne’s government is planning to increase investments in water production, road repairs, and agriculture in 2024 to improve the quality of life for all citizens.

He emphasized that his government has communicated to the staff at APUA that they will be held accountable to high performance standards, and consistent results are expected.

Prime Minister Browne also mentioned that 2024 will be a year of exciting achievements as the country prepares to host the United Nations 4th SIDS conference and several Cricket World Cup matches.

This major world conference will bring together thousands of people from various organizations, highlighting the hospitality of the country, its attractions, and its ability to compete with major venues in the world.

Furthermore, Browne acknowledged that Antigua and Barbuda has achieved remarkable growth in its economy, soaring by 8.5% in 2023, according to the United Nations Commission on Latin America and the Caribbean.

This growth rate is keeping with the 8.6% average growth rate for the past three years, as reported by the Eastern Caribbean Central Bank.

The projection for 2024 is equally favourable, with an expected growth rate of 8.2%.

Browne attributed Antigua and Barbuda’s success to sound economic policies and the diligence of the business community and workers who have maximized the benefits of the country’s limited resources.

He commended the indomitable spirit of the people and their resilience, which allowed the country to weather the storm and emerge stronger than ever.

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.