Bermuda - Construction and Mining and QuarryingBermuda - Construction & Mining
Overview
Unit: USD thousands
The ongoing recession has hit Bermuda’s construction and quarrying industry hard. The sector’s contribution to GDP fell from $317 million in 2007 to $169.5 million in 2013. This sector continues to decline due to the absence of large construction projects. Hotel developments, commercial properties, and large scale housing projects have diminished across the island, resulting in layoffs of construction workers. For example, the number of filled construction/quarrying jobs decreased from 3,488 in 2009 to 1,922 in 2014. Quarrying of local limestone - used primarily for roofing - does not factor greatly into GDP. No mining, either land-based or offshore, exists in Bermuda.
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 three years to boost the construction industry. As of this writing, hotel and airport construction are wholly speculative.
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 firms or the Bermuda Construction Association for any opportunities at:
http://www.constructionassociationofbermuda.com/.
Opportunities
Other opportunities in this sector include possible widening of the channel into St. George harbor to accommodate larger cruise ships. See also “Opportunities” under Part IV, “Hotels and Restaurants.”
Web Resources
Bermuda Land Development Corporation: http://www.bldc.com
Bermuda Construction Association: www.constructionbermuda.com
Ministry of Public Works: www.gov.bm Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.
Unit: USD thousands
| 2013 | 2014 | 2015 (estimated) | 2016 (estimated) | |
| Total Market Size: Employment | 2,143 | 1,922 | n/a | n/a |
| Total Local Production | 169,492,000 | n/a | n/a | n/a |
| Total Exports | n/a | n/a | n/a | n/a |
| Total Imports | n/a | n/a | n/a | n/a |
| Imports from the U.S. | n/a | n/a | n/a | n/a |
| Exchange Rate: 1 USD | 1:1 | 1:1 | 1:1 | 1:1 |
The ongoing recession has hit Bermuda’s construction and quarrying industry hard. The sector’s contribution to GDP fell from $317 million in 2007 to $169.5 million in 2013. This sector continues to decline due to the absence of large construction projects. Hotel developments, commercial properties, and large scale housing projects have diminished across the island, resulting in layoffs of construction workers. For example, the number of filled construction/quarrying jobs decreased from 3,488 in 2009 to 1,922 in 2014. Quarrying of local limestone - used primarily for roofing - does not factor greatly into GDP. No mining, either land-based or offshore, exists in Bermuda.
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 three years to boost the construction industry. As of this writing, hotel and airport construction are wholly speculative.
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 firms or the Bermuda Construction Association for any opportunities at:
http://www.constructionassociationofbermuda.com/.
Opportunities
Other opportunities in this sector include possible widening of the channel into St. George harbor to accommodate larger cruise ships. See also “Opportunities” under Part IV, “Hotels and Restaurants.”
Web Resources
Bermuda Land Development Corporation: http://www.bldc.com
Bermuda Construction Association: www.constructionbermuda.com
Ministry of Public Works: www.gov.bm Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.