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.
Copyright 2024 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.
What about those businesses and folks that depend on tourism what was stifled under his watch?
Clueless fellow!
He is indeed clueless but clueless to how hatefull and ignorant people like you are. Keep up the good work Premier.
DONT MIND THE NOISE OUR UNCLE IS GOING TO BUILD THE NEXT TITANIC ITS HAS A NEW NAME ( ECONOMY)
I am voting for a space program
Thank God for the Third Pillar! It’s keeping what’s left of our economy floating. 😉
And it is being wiped out, wondering how many of these projects are actually going to be built now.
How real are these numbers? Do not trust our Premier at all! Approvals of plans does not mean actually building right away. Also with this current economic climate what bank locally is willing to take the risk knowing the Federal Reserve is still practicing quantitative easing?
Sounds good but they are meaningless numbers really. Many are still repairing after Irma. Maybe small repairs and alterations. The total value would be a better indicator. The value of the work is included with planning permissions.
Say no more
CAN YOU BREAK IT DOWN SO WE CAN LEARN SOMETHING
Question for Andrew fahie
How can construction boost the economy
This man is very foolish
Tourism is what the bvi need but wait the vip destroy it
I read the entire speech and what you are saying is also in the speech. This article only pick out this one topic for now.
This news article is much more accurate when this word replaces the word construction.
Lol, you are the one that is the dam A**. How you mean to ask how construction can boost the economy. So with all your common sense, answer this question. Between Tourism and Construction which one assisted the Economy to keep afloat after Irma and during this Pandemic?
You all are just something else in this place. Oh my God.
Same Two or three fools blogging over and over.
Building??? Please explain the wealth.