Strongest Construction Quarter Since 2019
The “estimated value of work put in place during the first quarter reached $66.8 million, the highest quarterly value of construction since Q1 2019,” the government said today.
A Government spokesperson said, “The Ministry of Economy and Labour is pleased to report that Bermuda’s construction sector continues its strong rebound, driving economic growth and fostering renewed investment in key areas across the island. The latest GDP data for the first quarter of 2025 affirms a period of remarkable performance and optimism.”
“Construction activity in Bermuda remains a cornerstone of our economic recovery,” said the Minister of Economy and Labour, Jason Hayward. “We are proud to announce that investment in construction increased 2.9% during the quarter, reflecting our commitment to infrastructure development and sustainable growth.”
A Government spokesperson added, “According to the Department of Statistics, the estimated value of work put in place during the first quarter reached $66.8 million, the highest quarterly value of construction since Q1 2019, when an estimated $75.7 million of work was in place.”
Minister Hayward stated, “This level of investment sends a clear message: Bermuda is building for the future, investing in both public and private projects that will benefit our community and economy for years to come.”
A Government spokesperson added, “Private construction activity was estimated at $42.8 million, while public sector investment was estimated at $24.0 million. Public sector investment in construction reached its highest quarterly level since Q2 of 2014, when it was estimated at $24.2 million.”
The Minister explained, “Public investment has been a driving force behind our sector’s resurgence, with $24.0 million invested this quarter. We are on track to deliver improved infrastructure and services for all residents.”
A Government spokesperson added, “Residential construction activity totalled $23.9 million, marking the highest quarterly investment since Q2 2017. Construction investment in offices, shops, and warehouses reached $16.4 million, its most significant since Q3 2012. Furthermore, there was an estimated $10.8 million in hotel and guest-house construction projects.”
The Minister continued, “Our commitment to supporting residential development and revitalising business infrastructure remains unwavering. The resurgence in investment in offices, shops, warehouses, and hospitality establishments demonstrates the broad-based strength of Bermuda’s construction sector.”
A Government spokesperson added, “The Ministry of Economy and Labour will continue to monitor and support growth in construction, ensuring Bermuda’s economy remains dynamic, resilient, and well-positioned for future success.”
Department of statistics, Why weren’t the Q1 2025 figures adjusted down for inflation or the previous years adjusted up for inflation to todays prices.
If you compare, you need to compare like with like. Todays square foot cost of construction is much higher than previous years. If we want to imply the activity comparison, then please report true comparable figures and leave politics out of it.
Thank you
Forget it. The Minister cannot do basic maths let alone understand economic theory or the time value of money.
How many years will the new Token remain as leader for the obaubp? Maybe pick two just in case your favorite suddenly decides to vacate the leader’s position like Jarion!
things were on the slide in 2019 – how does this compare to 2007?
“We are proud to announce that investment in construction increased 2.9% during the quarter, reflecting our commitment to infrastructure development and sustainable growth”
Dear Minister, you do not mention the rate of inflation. What is the statistic after taking into account the rate of inflation?