Business

Residential home construction on New Providence up 11%

Residential home construction on New Providence saw an 11 percent increase last year, while commercial sector construction declined by 12 percent, according to the Annual Building Construction Report for 2019, released by the Department of Statistics.

The annual report only includes data for New Providence because of a lack of information from Abaco and Grand Bahama, which were impacted severely during Hurricane Dorian last year.

“In the private/residential sector, the number of permits issued in 2019 was 949 units compared to 855 units issued in 2018, an increase of 94 units or 11 percent. The value also had an increase of approximately $58 million or 18 percent,” the report states.

“Conversely, the commercial/industry sector saw a decrease in the number of 25 units or 12 percent in 2019, while the value increased by $92 million or 47 percent.”

Construction projects across the public sector also saw a decrease in activity by 13 percent (units) and 86 percent (value) respectively.

The strong growth in construction on New Providence was due in part to an increase of new projects, which grew marginally by six percent.

“Overall, the New Providence starts had a combined increase of 17 units or six percent. However, the value decreased by four percent, going from $84 million to $81 million in 2018 and 2019 respectively,” the report states.

“The data for the private/residential sector was 252 units in 2019, when compared to 236 units in 2018 and showed an increase of 16 units or seven percent. The total value in this sector also showed an increase of approximately $2 million, moving from $63 million to $65 million in 2019.”

The Department of Statistics noted, however, that the most notable changes for construction on New Providence were surrounding completions in the commercial/industrial sector.

“This sector decreased in both number and value in 2019 when compared to 2018. The value decreased by 34 percent to $49 million and the number went down by 66 percent to 53 units.”

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Paige McCartney

Paige joined The Nassau Guardian in 2010 as a television news reporter and anchor. She has covered countless political and social events that have impacted the lives of Bahamians and changed the trajectory of The Bahamas. Paige started working as a business reporter in August 2016. Education: Palm Beach Atlantic University in 2006 with a BA in Radio and Television News

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