Full slate for construction industry in 2011
The head of The Bahamian Contractors Association(BCA) is expecting a full plate for the construction sector this year, saying the passage of the contractor’s bill along with training for Bahamian workers among the priorities of 2011.
Stephen Wrinkle toldGuardian Businesslast week that he anticipates a busy and productive year for the construction industry, but emphasized that the approval of the contractor’s bill and preparing Bahamians for large projects are key components before anything gets off the ground.
“From the BCA standpoint it’s getting contractors prepared to prequalify for Baha Mar training and ensuring that they prequalify for the tender process,”Wrinkle said.”The passage of the contractor’s bill is also important too, it’s moving along quite nicely.”
While Wrinkle said growth in the construction industry is contingent on those factors , he also mentioned how important a role achieving a boost in the local home building industry is . That sub-sector of the industry experienced a decline in 2010 according to the latest Quarterly Economic Review from The Central Bank of The Bahamas. Mortgage disbursements from banks and the Bahamas Mortgage Corporation dropped by 15.2 percent to$53 million, and residential disbursements declined by$19 million to$44.9 million compared to last year.
The BCA president is optimistic that 2011 will be a year of increases for the sector, and despite the declines last year, the industry will take a turn for the better.
“Housing is still down by one-third and it will take a significant injection to the overall industry to get that going again,”he said. Albany will be going on for a few years and Baha Mar will be as well…tie those projects together and they directly correlate to employment and that means more mortgages and that opens up the housing market.
“was tough andwas tougher but signs are pointing to a recovery.The potential is certainly there.”