This is a best prospect industry sector for this country. Includes a market overview and trade data.

Overview
Over the first three quarters of 2015, construction activity contracted 41.3%, with the value of work put in place falling from $97.9 million in 2014 to $57.5 million in 2015.  The value of new projects started rose by 19.3% over 2014. The sector’s contribution to GDP grew slightly from $169.5 million in 2013 to $178.7 million in 2014. However, employment in construction dropped from 2,143 in 2013 to 1,925 in 2014 due to the absence of large construction projects.

Sub-Sector Best Prospects
The prospects for construction are uncertain at present. The GOB is counting on “unprecedented investor interest” in hotel construction, airport construction, and America’s Cup 2017 to provide a potential stimulus of $930 million over the next two years to boost the construction industry.  As of this writing, however, airport construction is wholly speculative, but progress is being made in hotel construction. Early in 2016, the GOB and developers finalized a 262-year ground lease for the St George's hotel project, and work on the Ritz-Carlton Caroline Bay hotel resort has begun, although   construction sources affirm that the majority of work will be done by Bermudians.

Bermuda is just beginning to emerge from a six-year recession. In the event of an economic turnaround, the best prospects in this sector would likely be in the development/renovation of hotels/resorts, airport renovation, docks (perhaps moving the main cargo dock in Hamilton to another location to permit redevelopment of the Hamilton waterfront), and mixed residential/commercial properties. U.S. businesses can export construction materials directly into Bermuda without going through a wholesaler. Businesses should contact local construction

Opportunities

Other opportunities in this sector include possible widening of the channel into St. George harbor to accommodate larger cruise ships.

Web Resources

Bermuda Land Development Corporation: http://www.bldc.com
Bermuda Construction Association: www.constructionbermuda.com
Ministry of Public Works: www.gov.bm

  

 

2014

2015

2016

2017 (Estimated)

Market Size

1,925

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Local Production

$178,700

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Imports

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Exports

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Total Market Size

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$US thousands  (total market size = (total local production + imports) - exports)

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