The Tribune

SINCE the onset of the global recession in 2008, economies world-wide have experienced the trickle-down affects. According to World Bank statistics, the GDP of just about every country has taken a loss in one or more of its sectors.

As for the Bahamas, it too has taken losses in its tourism, export and manufacturing sectors. However, the construction sector continues to hold steady, showing small but noticeable signs that the economy is making an upward turn.

In particular, the City of Freeport has held a consistent flow of projects despite a downturn in tourism, the country’s number one industry.

According to Arthur Jones, vice-president of the Building and Development Services Department for the Grand Bahama Port Authority (GBPA), the construction industry on Grand Bahama is holding a steady pace.

“Although there has been a small decrease in the amount of construction permits issued, the dollar values and financial injection of projects undertaken have increased significantly. This has been good for the local economy,” Mr Jones said.

While tourism related areas of Freeport’s economy have weakened, the island’s construction sector has seen notable investments over recent years, namely the purchase and present expansion at BORCO/Buckeye, construction of the new West Sunrise Power Generation Facility, the newly constructed Government Complex, and the recent expansion of the Emergency Care Facilities at the Rand Memorial Hospital.

GBPA President Ian Rolle said these projects are a few of many, injecting millions into the island’s economy, helping to sustain the livelihood of many.

“Unlike other Bahama islands, Grand Bahama’s economy is diverse. It is the only family island which balances tourism alongside industry as an equal part of its economic landscape. In fact, it was the island’s industrial and construction sectors that kept the economy moving following the 2004/2005 storms, and, as the global recession emerged.” Rolle said.

“We must also remember that about 40 per cent of the island’s workforce is employed by these sectors; so, where restaurants, hotels and other tourism based businesses were closing, jobs were being replaced in the construction and industrial sectors, thankfully.”

A recent building and development services report showed a decrease in construction permits issued between 2010 and 2012; however, the report also reflected an increase of approximately 87 per cent in construction values for the same period.