Construction costs still rising

THE COST OF construction in Barbados continues to escalate, says property and development consulting firm BCQS International in its latest 2023-2024 Caribbean and Latin America Construction Market Trend Report.

The 2020-2022 edition of the publication, BCQS stated that construction costs in Barbados had increased by 16 per cent and in the new report it said these costs had gone up by a further 8.35 per cent in 2023-2024.

The construction costs referenced comprised “primary materials, plant, and labour elements” which BCQS said reflected “the core constituents of most construction projects within the region”, but did not “explicitly account for the additional costs associated with specialty items, which can vary significantly based on market fluctuations and geographical considerations.

In addition to Barbados, Caribbean countries covered in the report are Antigua & Barbuda, Anguilla, Aruba, The Bahamas, British Virgin Islands, Cayman Islands, Curacao, Guyana, Jamaica, St Lucia, Saint Barthélemy, St. Maarten, Trinidad and Tobago, and Turks & Caicos Islands.

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