Q4 2011 Caribbean Construcion Market Trend Report
Welcome to our 2011 Market Trend report for the Caribbean, which follows on from our 2010 report published last year. For this issue we now have the opportunity to start making real use of collected data and can begin to demonstrate the developing pattern of construction costs which affect us here in the Caribbean region.
BCQS International Ltd has been an established cost and value consultancy in the Caribbean construction and property industry for over forty years, during which time we have built on our reputation as the leading independent consultant of our kind in the region. With an ever increasing and diversifying Client base, and with a wealth of regional in-house knowledge, this report continues to offer a guide to construction costs and variances throughout the region.
As discussed in last year's report, through the diligent updating of our cost database, and in our analysis and presentation of these base costs, we believe that this report remains a valuable initial resource to fellow construction professionals, builders, established and first time developers, lending institutions, and indeed, anyone who has an interest in, or reason to follow, the construction industry in the Caribbean. The information within this report now begins to enable the reader to analyse market trends, and to give some indication of specific as well as general cost patterns and nuances within the region.
Last year, we concentrated on ten jurisdictions, consisting of those countries where BCQS have offices, namely, the Bahamas, Barbados, British Virgin Islands, Cayman Islands, Jamaica, St. Lucia and the Turks and Caicos Islands, as well as those where we had good supplementary local knowledge, namely, St Maarten, Curacao and Trinidad. In the interests of consistency, we have kept up-to-date with the same markets, which we believe reflect a good cross section of the region. Last year, we also anticipated growth in the importance of two of the larger economies within the region, namely Guyana and the Dominican Republic. This has coincided with the expansion of our business to now include an office in Guyana. Our other major office opening in 2010 was in Sao Paulo, Brazil, and our Brazilian team has worked hard to provide up-to-date information to include in this year's report. In order to give some perspective to the South and Central American countries we have also included Belize, a Central American country, which shares a similar heritage and relationship with the English-speaking Caribbean, while, like Guyana, being part of a different geographical land mass.
As was true last year, this report does not attempt to comment on markets such as Puerto Rico, the French West Indies, Cuba or Haiti, which have specialised construction markets which are not necessarily reflective of the remainder of the region, be they tied directly to other markets or have a constitution otherwise not reflective of the regional market.
The indices contained herein not only show escalation costs for building materials, plant and labour, which reflect market trends, but also consolidate useful information on general costs per square foot of various types of construction as well as local and regional sales and rental rates. We have also researched each jurisdiction in order to provide useful information regarding general statistics, government and GDP information, cost of living, population types as well as tourism types and numbers. We believe that this supplementary information helps to form a clearer picture of the countries involved and enables the reader (and/or would-be developer/ lender/ builder) to form an early opinion as to the viability of any chosen project.
Client feedback on our report of last year was overwhelmingly positive and we are therefore delighted to present what we hope will be an equally, if not more valuable, initial source construction cost report, which aims to encourage more informed development throughout the Caribbean and Latin America and to be of benefit to those who have a stake and interest in our industry and our region. Download full report now >