A recent report from the Department of Statistics has shown encouraging signs of recovery in the country's struggling construction sector for the first quarter of 2014, amid concerns from one prominent construction firm over its lackluster performance. An increase in permits issued for construction of commercial and industrial buildings led signs of recovery in the construction sector for the first quarter of 2014, with a five percent rise in new construction permits issued and a 40 percent rise in construction starts throughout the construction industry, according to the department's quarterly Building Construction Statistics Report.The number of new permits issued is typically considered a leading indicator of recovery in the sector, pointing to a likely increase in actual construction activity in the coming quarters. Despite the encouraging figures, President of CGT Construction Larry Treco claimed that CGT had experienced a significant decrease in activity during the past year, including the first quarter of 2014, calling it one of the worst periods in the company's history."This year from January was one of the worst years we've ever had. For the first six months of the year, we were down 70 percent from last year and just started to see an increase in inquiries in the past month," stated Treco. However, Treco remained "optimistic" for the company's prospects in the second half of the year, given the increase in inquiries and noticed the uptick in activity in the country. Construction has traditionally been a key sector in the economy, generating significant employment, particularly among male workers. The Department of Statistics report also highlighted an increase in the number and the value of permits issued, with permits issued rising to 340 from 323 for the same period last year, and the value of permits rising from $120 million to $150 million."The most significant difference of these two periods occurred in the value of permits issued for the commercial/industrial sector in New Providence, which showed an increase of approximately $47 million," read the report.New construction starts, at 144, rose from 103 in the first quarter of 2013. "The value showed an increase from $26 million in the first quarter of 2013 to $60 million in the first quarter of 2014. In the commercial sector, the value of construction starts increased from $7 million in 2013 to $25 million in the same period of 2014," added the department. However, the total number of new construction completions fell to 148, down from 177 compared to last year. This decrease reflected an overall decrease in value of completions from $60 million in the first quarter of 2013 to $31 million in the first quarter of 2014.The department report indicated that this decline was most obvious "in the commercial sector for New Providence, where the value decreased from $23 million to $6 million," while Grand Bahama's private sector also showed a decrease, from $13 million to $6 million during the same period of time.

Click here to read more at The Nassau Guardian