Column: Bermuda’s Steadily Improving Economy

[Opinion column written by Senator Vic Ball]

It is important that we take time to reflect not only on where we are as a country, but also where we were and where we are going. It is easy to forget the past and to be consumed with the present that we cannot see what the future holds.

As a freshman Senator in November, 2014, Bermuda was in economic survival mode. The Government was still trying to arrest the annual deficit and growing debt. The unemployment rate was at nine percent – 3,500 Bermudians were unemployed. Tourist air arrival numbers were at their lowest point in 49 years.

The Government worked with local grocery stores to offer a 10 percent discount because they recognized the plight of Bermudians. Insurance companies offered a 10 percent discount to government employees. In addition, government workers accepted furlough days in an effort to assist with decreasing the cost to run the country.

In 2014, the America’s Cup was still just a dream. The Government was rebuilding the foundation for International Business to return. The Bermuda Tourism Authority was in its infancy and its CEO was being told by the Opposition to resign and go home. This Government was working feverishly trying to attract direct inward investment to help improve our dire economic condition.

Two years ago this was the position we were in as a country. The stress levels were high as Bermudians were suffering from the worst economic storm to blow upon us in recent memory. Our island was in a bleak and precarious position.

Presently in 2016, under the leadership of the OBA, we have managed to steer our economic ship away from disaster and ruin. We are moving Bermuda in the right economic direction. One hundred million dollars of investment by Hamilton Princess is now complete. The former Pink Beach Property will be opening in the spring of 2017 as the Loren. Hiring for 60 new positions available to Bermudians has already commenced.

Further renovations at Surf Side and Coral Beach are ongoing. New hotel construction at Morgan’s Point has commenced with the Marina to be completed in time for the America’s Cup to service some of the expected 85 super yachts to converge on the island. The St George’s hotel is expected to break ground in the New Year. The airport should also be breaking ground in the near future.

More good economic news is our GDP has increased for six consecutive quarters. Retail sales are up 19 of the last 20 months. Tourism is up 18 percent and according to the BTA the future of tourism has never looked brighter.

Mr. Hanbury, the BTA CEO, should be thanked for the excellent work that he has done in a very pressurized environment. A Bermudian, Kevin Dallas will soon replace him once his contract expires. Additionally, the Government is recording a surplus, before debt service, for the second time in 7 years.

Our residents and businesses in St George’s are excited that our partners at NCL will be sending 16 cruise ship calls into St. George’s in 2017. They have committed to send at least 12 calls into St George’s until 2022.

In addition, they will build two fast ferries to transport visitors from Dockyard to St. George’s, which will bring in more revenue and business for the old town that had been long neglected under the former government. This Government did all of this without widening the Town Cut! The port in Hamilton will see 23 calls next year as well.

There is no doubt that the OBA Government is moving our country in the right direction – opportunities and benefits are becoming available to more and more Bermudians who have endured the longest and deepest recession in recent times.

We would have liked to have been able to snap our fingers and have full employment and opportunities for everyone much earlier. However, the challenges that we faced were deep and complex and those challenges have taken longer than we anticipated.

We are aware that good and exciting economic news is difficult to hear especially to persons who are still unemployed or underemployed. We are pushing harder and harder to increase job opportunities and we are even more hopeful that those opportunities are coming.

We ask that our retail sector, restaurants, construction and maintenance sectors provide opportunities to more Bermudians. We ask that our banks open up lines of credit to allow Bermudians to purchase homes. We ask that IB provide training and other opportunities to assist all of us in Bermuda to enjoy the new economy that we see on the horizon.

We must not forget where we were, where we are and where we are going. It is the One Bermuda Alliance that is steadily improving the economy and improving opportunities for all Bermudians so that we can all rise together.

-Vic Ball

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