The Tribune

The Bahamas last year breached the $1bn mark in the value of new construction permits issued, it was revealed yesterday, as their collective value increased by $305m compared to 2023.

The Bahamas National Statistical Institute (BNSI), drawing on data from the Ministry of Works, Grand Bahama Port Authority (GBPA), Family Island administrators and local government revealed that the value of new construction permits issued increased by around one-third - from $915.566m to $1.22bn in 2024.

“The total number of construction permits issued for the whole Bahamas was 1,600 for the period 2024, an increase of 81 permits in total when compared to 1,519 permits issued in 2023,” the Institute’s report said. “There were increases in the number of projects in all the categories with the total value also increasing by approximately $305m.

“The main highlights were in the private/residential sector, where the number of permits increased by 41 projects, while the value decreased by $23m. The commercial/industrial sector permits increased by 29 projects, and the value also increased by approximately $313m. The public dector also had an increase in both the number of projects and value, of 11 and $16m, respectively.”

As for construction starts, the Institute added: “The total number of construction starts in 2024 showed an increase of 79 projects when compared to 2023, moving from 491 to 570 projects started. There was also an increase in the total value of construction starts of approximately $121m.” These increased in value from $212.105m in 2023 to a collective $332.688m for last year.

“These increases were led by the private/residential sector, which increased in the number and value by 38 projects and $62m respectively,” the Institute’s report added. “The commercial/industrial sector increased in the number and value by 38 projects and approximately $83m, respectively, while the public sector increased in number by three projects but decreased in value by $24m.”

Turning, finally, to construction completions, the Institute’s report added: “The total number of construction completions showed a decrease of eight projects when compared to 743 projects completed in 2023 versus 735 in 2024. There was an increase overall in the total value of completions of $73m.”

The latter figure jumped from $391.53m in 2023 to $464.588m last year. “This was led by the private/residential sector, which increased by approximately $145m, and the number of projects in this sector also grew by two,” the report added.

“The commercial/industrial sector completions decreased in number (15 projects) and value ($48m). The public sector projects, however, had an increase of five completed projects but the value decreased by approximately $24m when compared to 2023.”