The Tribune

Eleuthera’s economy is suffering from a “boom or bust” trend that makes it difficult for businesses to plan for long-term growth, the island’s Chamber of Commerce president said yesterday.

Thomas Sands added that Eleuthera lacks year-round economic stimulus, but noted there were “definitely” indicators that its economy was moving in the right direction. Mr Sands said the expected development of the long-awaited Four Seasons Hotel at Cotton Bay was one such indicator.

“Eleuthera as an economy is really split into three or four different areas, and in some areas you have seen - especially this season - a slight bump in growth,” Mr Sands said, “and so there are areas of some growth, but I suspect that if you put it all together we’re just maybe beginning to break even.

“But it’s very difficult for the average home to feel that. I think there are definitely indicators that we are going in a positive direction.”

Mr Sands further told Tribune Business: “Generally there is a concern over the generation of traffic.What happens today is that during what we would call our winter season, from November to possibly May, the business may be positive.

“But then what happens after May is that it goes negative; it’s not sustained traffic. For businesses it’s very hard to plan for long-term growth. What you try to do is reserve as much as you can during the winter season so that you can survive the summer time. We hope that these developments will change that. The reality is that the economy is still boom and bust.”

Mr Sands said the development of the Four Seasons hotel in South Eleuthera could be a game changer for that area and the island as a whole, but expressed concern as to whether the community was prepared to facilitate such a project.

A Heads of Agreement (HOA) was signed last week for the construction of the Four Seasons Resort in South Eleuthera, to be developed by Colombian billionaire Luis Carlos Sarmiento.

“Generally, when developments of this size happen, communities are not prepared,” Mr Sands said. “

It’s a great opportunity. I think we should commend the Government for getting to the point of making this happen, but I am concerned over community preparedness.

“Given the magnitude and scale, I seriously doubt that the labour force is currently available in Eleuthera, and a labour force skilled to immediately meet the standard required. Training is going to have to take place and there may be the need to bring persons in with skills levels, because due to the down economy we have lost some of our best people. Some have migrated away.”