Boom in construction sector signs towards economic development of Jamaica: PM Holness

As the work in the construction sector increases from the past some time, PM Andrew Holness stated that if the construction sector got the boom, this clearly indicates that the Jamaica is moving on the path of economic development.

PM Holness, while speaking on Friday, July 23, at the opening of an IBEX business process outsourcing facility at the G-Tech Park in Portmore, St. Catherine.PM Andrew Holness said that as they have been now seeing a very strong resurgence in building and construction. During the pandemic, that increased, and that has been a good sign for the country that persons were taking the financial risk to construct. PM Holness, after seeing the increase in the work of the construction sector he said it had been the clear signal that the country would be achieving its previous economic growth again. Jamaica would return to a state of normalcy and would recover from the economic and health damage that has been done by the COVID-19 virus and the lockdowns announced during this period.

PM Holness said that the people of Jamaica should have great confidence, not only in the short term but in the long-term direction of the country. So, as a government, they could take heart that investors, those who have been very important economic beings, have seen a bright future in the short- and long terms.

In June, the Planning Institute of Jamaica submitted a report that growth in the construction sector had been driven by the start of the housing programme, aided by higher disbursement of mortgages, and while the economy contracted by 5.7 per cent for the January to March quarter, the industry is on growth with 12.6 per cent.

Data from the Planning Institute of Jamaica shows a 32.8 per cent increase in sales for construction inputs, while sales of wholesale construction materials, hardware and plumbing information went up 65.2 per cent, and retail sales of paint and glass noticed a 7.4 per cent increase.