Construction & Real Estate
From The Report: Trinidad & Tobago 2017
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A gradual recovery in the number of projects on construction firms’ order books for 2017 is expected. Current performance in the sector hints that an improvement could come, based on a moderate pick-up in the energy sector and greater public sector demand. Progress is being made to develop public-private partnerships and push forward with the project pipeline. Although the real estate market has slowed somewhat during the course of 2016, the domestic residential market continues to show signs of relative strength, while the luxury and energy-related sectors have seen a cooling off. However, estate agents and industry executives note that the sector has experienced these cycles before and is on track for recovery.

Articles from this Chapter

Overview

Back at it: Following several challenging years, the sector is working to get back on track with new projects
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The construction industry is an important part of the local economy, accounting for almost 5% of GDP. Central bank data projected this figure would fall to 4.7% in 2016, a 0.2-percentage-point decrease from the year before. The bank also expected the construction and quarrying segment would contract by 7.6% in 2016. This downturn in construction activity in recent years has been caused by two main factors. Cyclical Downturn The first is the slump in international oil and gas prices,…

Overview

Hard bargain: Low oil prices and a new tax are taking a toll
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A diverse real estate market exists in Trinidad and Tobago, focused on domestic home ownership and rental, tourism-related property sales and rentals, and commercial property and office space. There are several hundred active real estate agents operating across T&T. The central bank classifies these activities as part of the wider “finance, real estate and insurance” sector, which in 2015 represented 16.7% of GDP. Residential Market T&T has a mixed housing market in which public…

Analysis

Taking action: Ongoing schemes are tackling the housing deficit
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Since taking office in September 2015, the government of Prime Minister Keith Rowley has been looking into the development of affordable housing with the twin objectives of meeting the needs of lower-income families and using the construction industry to stimulate employment and economic recovery. In December 2015, Rowley said his government intended to “ramp up housing construction as a major driver of the economy.” The aim is to encourage private capital to build on private or state-owned…