“Investment In Construction Increased 8.1%”
“Investment in construction increased 8.1% year-over-year during the first quarter” and the “estimated value of new projects started during the first quarter reached $60.3 million,” the Government said.
A Government spokesperson said, “The Government of Bermuda welcomes the latest construction activity figures for the first quarter of 2026, which indicate continued momentum in Bermuda’s construction sector. The GDP by Expenditure data for the first quarter of 2026 highlights growth and measurable performance in the construction sector.”
The Minister of Economy and Labour Jason Hayward stated, “I am pleased to report that investment in construction increased 8.1% year-over-year during the first quarter. Investment in construction is a fundamental engine of economic growth because it generates an immediate ripple effect across the entire economy.”
A Government spokesperson added, “According to the Department of Statistics, the estimated value of new projects started during the first quarter reached $60.3 million. Additionally, the estimated value of construction work put in place during the first quarter of 2026 increased by approximately 9.4 per cent over the first quarter of 2025 to $45.6 million.
“Private sector construction increased approximately 17.1 per cent to $20.8 million, while public sector construction increased approximately 3.3 per cent to $24.7 million. Public sector investment in construction reached its highest quarterly level since Q1 of 2013, when it was estimated at $29.2 million.”
Minister Hayward continued, “These figures provide encouraging evidence that construction activity remains an important contributor to Bermuda’s economic performance. The increase in both work being undertaken and new projects getting started demonstrates continued confidence and investment in our economy.”
A Government spokesperson added, “A breakdown of the construction activity indicates that industrial, plant and other projects accounted for $11.9 million, followed by residential construction at $11.4 million, offices, shops and warehouses at $9.2 million, hotels and guest houses at $7.2 million, roads, bridges and airports at $4.3 million, and schools, hospitals and community centres at $1.6 million.
“The Ministry of Economy and Labour will continue to monitor developments within the construction sector as part of its broader efforts to support sustainable economic growth, expand opportunities for Bermudians and strengthen the resilience of Bermuda’s economy.”
“Investment in construction increased 8.1% year-over-year during the first quarter”.
Sorry, Minister. Once again, your understanding of economic statistics is flawed.
The statement you have just made does not distinguish between new construction and necessary maintenance.
We know from the condition of Government House and Montpelier that the PLP Government does not understand the concept of preventive maintenance, but people in private industry do understand that concept.
If you want to be forthright with the people, remove the cost of preventive maintenance from the statistics and what is left will be money expended on new construction. You may not like that statistic, but at least it will be accurate.