Construction plays major role in country’s economic growth

The country’s construction industry has been identified as a major player in the country’s economic growth, contribution a record $900 million to the national economy in 2024. 

This was outlined by Prime Minister Gaston Browne during his Budget Presentation, stating that the performance was propelled by work on major private sector projects such as construction of Airbnb properties and the international franchise restaurant, The Hut, on Little Jumby Bay. 

He pointed out that several hotel properties were renovated including the Hermitage Bay Resort, Carlisle Bay Resort, and the Royalton Chic Hotel was completed.

“The ongoing PLH project on Barbuda continues to play a pivotal role in this sector, creating employment and business opportunities for thousands of our citizens and residents.  Additionally, data from the Development Control Authority for the period January to October 2024 signal an increase in residential and commercial property construction and renovations,” Prime Minister Browne outlined. 

It was also revealed that there was a 14 per cent increase in applications for residential and commercial construction valued at $464 million.

The country’s leader said that this means that not only will the State gain more revenues from property taxes to finance further development; it also means that the physical appearance and the wealth of the nation are greatly enhanced.

“Mr. Speaker, that is also an indication of the confidence our people, and the business community, have in our economy, and we shall continue to work hard to ensure that everyone benefits from this thriving economy in which we live.  In short, Mr. Speaker, in the words of one of our slogans from a few years ago – “Ain’t no stopping us now; we’re on the move!,” said the Prime Minister.

Prime Minister Browne concluded that the country is securely on the path to becoming an economic powerhouse. (Ends)