2012 BCQS Latin American and Caribbean Construction Market Trend Report
Welcome to the 2012 edition of our Caribbean Market Trend Report. Within this issue we pay particular attention to trend patterns across the Caribbean as well as observe locations where the effects of the downturn are at their most prevalent.
BCQS International is the longest serving cost consultancy in the property, development and construction industry across Latin America and the Caribbean. With over forty years experience in over 30 countries, BCQS has built on its reputation as the leading independent consultancy of its 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 on construction costs and trends throughout the region.
In this latest issue we begin to see the benefits of our Caribbean analysis coming to fruition as both specific and collective market trends become identifiable throughout the region. The positive feedback from our Clients, clearly demonstrates that this report is a valuable preliminary source of data to fellow construction professionals, builders, established and first time developers, lending institutions and indeed anyone with an interest in, or reason to follow, the construction industry in the Caribbean.
In accordance with our previous reports, we have maintained our focus on ten jurisdictions within the Caribbean consisting of those countries where BCQS has offices, these being The Bahamas, Barbados, British Virgin Islands, Cayman Islands, Jamaica, St. Lucia, Trinidad and the Turks and Caicos Islands, as well as those that hold an affiliated presence, namely, St. Maarten and Curacao. It is our belief that the data samples taken from these locations provide a strong overview of the Caribbean Market through the diversity of the sample group taken across the region as a whole. In our 2011 report, we identified that the company had expanded its regional offering with the opening of an office in Guyana and we are pleased to announce that this expansion continued in 2012 with the opening of another office in Port-of-Spain, Trinidad to further align us with another anticipated growth market.
Our office in Sao Paulo, Brazil continues to flourish amongst the excessive demands of the South American market, which continue to be turbulent, exciting and challenging. Additionally, newer commissions in Chile, Colombia and Argentina are helping to expand and strengthen our knowledge of this region and as a result we are pleased to share this information with you in this latest report. As our involvement in the South American market continues to broaden, we hope to expand this section of the report to include additional territories, ultimately concluding with a standalone Market Trend Report specifically for South America. We hope that the enhanced data contained in the 2012 issue will be of interest and look forward to building on this moving forward.
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 specialized construction markets that 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 broader understanding 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.
Whilst a diverse and varied array of data is available across the region, access and consolidating this into a usable format can be costly and time consuming. As a result, BCQS identified the need to bring this together into one combined data source, providing an informative, accurate and concise presentation of construction costs to allow both existing and potential Client's alike, the convenience to make educated decisions at the feasibility stage of their project.
In our third consecutive year, Client feedback continues to be overwhelmingly positive and therefore we are delighted to continue providing this presentation of what we hope will be another valuable preliminary source of construction data, aimed at promoting more informed development decision making throughout the Caribbean and Latin America. Download full report now >