Construction contributed 900 million to the national economy in 2024

Antigua and Barbuda’s booming construction industry has contributed an impressive $900 million to the economy this year and is expected to maintain this trend into 2025.

Prime Minister Gaston Browne highlighted this achievement during his budget address on Thursday, attributing the industry’s growth to significant private sector projects, including the construction of Airbnb properties and the international franchise restaurant, The Hut, located on Little Jumby Bay.

He also noted that several hotel properties have been renovated, including Hermitage Bay Resort, Carlisle Bay Resort, and the completion of the Royalton Chic Hotel.

“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,” he added.

Additionally, PM Browne mentioned that data from the Development Control Authority for the period from January to October 2024 indicate an increase in both residential and commercial property construction and renovations.

“For instance, there was a 14 percent rise in applications for residential and commercial construction, valued at $464 million,” he said.

This growth according to him, not only means that the state will generate more revenue from property taxes to finance further development, but it also enhances the physical appearance and wealth of our nation.

“Mr. Speaker, this trend shows the confidence our citizens and the business community have in our economy. We will continue to work hard to ensure that everyone benefits from this thriving economic environment. In summary, Mr. Speaker, to echo one of our slogans from a few years ago – “Ain’t no stopping us now; we’re on the move!”

Browne added, that “There is no doubt that our country is firmly on the path to becoming an economic powerhouse”.