Business

UDC looks at construction industry to aid economic development

Wednesday, March 20, 2019

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The Urban Development Corporation (UDC) says that with the onset of major development works being undertaken across the island, the critical role of the construction industry to Jamaica's economic development is now at the forefront.

This was reported by UDC Chairman Senator Ransford Braham, who said the corporation as well as other government and non-government entities are significant contributors to the construction industry through various multi-billion-dollar projects.

He noted that the upcoming and ongoing UDC projects, inclusive of the $1.29-billion Closed Harbour Beach Park development, $3.968-billion Ministry of Foreign Affairs and Foreign Trade Building, and Government Oval Project, among others, are anticipated to play a major role in his projected increase in the growth of the construction industry in the upcoming review period.

Braham was speaking recently at the Incorporated Master Builders Association of Jamaica awards banquet, according to a release from the UDC.

He further noted that the Jamaican economy recorded a three per cent increase in growth in the construction industry due to activities associated with the expansion of road networks and the building or renovation of new and existing hotels. These projects are now positioning the economy for increased GDP through contribution from construction.

In order to meet these projected increases however, according to Braham, the industry requires partnerships at all levels.

He further noted that the corporation, as an agency of development, leans heavily on the support and continued good relations with the members of the industry, as it is by this means that all entities involved can effect the changes necessary for attaining Jamaica's development priorities.


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