Andrew Holness, Prime Minister of Jamaica says that the construction sector is experiencing a major boom, which is a clear sign of economic recovery.
“We are now seeing a very strong resurgence in building and construction. During the pandemic [it] increased and it is a good sign for the country that persons are taking the financial risk to construct,” he said.
Mr. Holness was speaking on Friday (July 23), at the opening of an IBEX business process outsourcing (BPO) facility at the G-Tech Park in Portmore, St. Catherine.
He said that the sector’s recovery is a signal of confidence in the economy.
“People would have to have great confidence, not only in the short-term but in the long-term direction of the country. So, as a government we take heart that investors, who are very important economic beings, see a bright future in the short- and long-terms,” Mr. Holness said.
In June, the Planning Institute of Jamaica (PIOJ) reported that growth in the construction sector was being driven by housing starts, aided by higher disbursement of mortgages, and while the economy contracted by 5.7 percent for the January to March quarter, the industry grew by 12.6 percent.
Data from the PIOJ show a 32.8 percent increase in sales for construction inputs, while sales of wholesale construction materials, hardware, and plumbing input went up 65.2 percent, and retail sale of paint and glass saw a 7.4 percent increase.