In the next 12 to 24 months, Barbados could witness a significant construction boom, potentially leading to the importation of labor, according to James Edghill, co-founder of construction development firm One Builders. Edghill based his forecast on several planned projects, a low unemployment rate, and sustained economic growth in the country.
Edghill emphasized the need for creativity in addressing the potential surge in the construction industry, as previous sources of labor, particularly from Guyana, might not return. He noted that the demand for talent is expected to rise in 2024, and to cope with the increased workload, Barbados might need to import labor. Drawing a parallel to the situation in 2006 when a substantial number of Guyanese worked in Barbados, Edghill highlighted the importance of finding innovative solutions to source labor from different regions.
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Speaking at the 10th Caribbean Valuation and Construction Conference at the Hilton Barbados Resort, Edghill expressed optimism about the hospitality sector, citing a promising outlook for projects in the pipeline. On the retail side, he indicated that growth would depend on employment and economic expansion.
Edghill acknowledged the challenges of sourcing materials, particularly electrical equipment, due to shipping delays. He urged developers to adopt smarter strategies, such as bulk purchasing directly from larger suppliers.
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Regarding property prices, Edghill anticipated stability in the short to medium term, despite a recent increase. He also mentioned the completion of South Coast road repairs as a potential catalyst for further investment in that region.
Corey Knight, manager of Corporate Credit at Republic Bank (Barbados), shared his perspective, foreseeing a steady real estate market over the next two to three years, driven by strong economic growth and numerous projects in the pipeline. However, he cautioned that large commercial projects might taper off in the next five years.
Isabela de Caires, director of Investment Banking at CIBC, discussed the positive trend of foreign investment in the Caribbean, particularly in the hospitality sector. She highlighted the attractiveness of the region to investors, with a significant influx of capital, especially from the United States.
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