British Virgin Islands

Tuesday, May 11, 2021

Big increase in construction projects to bring boost to economy

Big increase in construction projects to bring boost to economy

The BVI can expect a boost to its economy from the hundreds of projects that recently started or will start in the local construction industry over the next several months.

This prediction is based on statistics from Premier Andrew Fahie who said the Town & Country Planning Department is seeing a dramatic increase in the number of development applications it processes normally.

According to Fahie, the department processed 40 percent more applications last year than it does in “an average year”.

He said an average year would see the department handling 330 planning applications. But Town & Country Planning processed approximately 464 in 2020.

“With 464 development applications approved, it means a financial booster shot into the economy, spreading into sectors,” Fahie told the House of Assembly on Thursday.

“This means there is a market for goods, construction materials, transportation services, as well as many other spinoff areas of our economy,” he added.

The spinoffs

Some of the businesses and persons he said will enjoy the spinoff include salons and barbershops, supermarkets, food vendors, landlords, and a range of other players within the economy.

But that is not the only good news, said Fahie who commended Town & Country Planning for their hard work despite the pandemic.

The Premier said 2021 has begun on much the same pace.

“As we close out the first quarter, Town & Country Planning have processed over 150 planning applications. Needless to say, on this pace, the team at the Town and Country Planning Department has projected that the 2021 numbers will easily surpass that of 2020 for the same time period,” the Premier said.


Quote of the Day

Success usually comes to those who are too busy to be looking for it.

Henry David Thoreau
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