NASSAU, BAHAMAS — Construction sector activity in the second quarter of the year remained largely supported by ongoing varied scale commercial foreign investment projects, while domestic financed activity remained subdued.
The Central Bank in its quarterly economic review for June 2020 stated: “Construction sector activity during the second quarter remained supported by ongoing varied-scale commercial foreign investment projects. However, domestic-financed activity remained subdued.”
Further, the regulator noted noted that total mortgage disbursements for new construction and repairs declined further by 45.9 percent or $12.5 million to $14.7 million, after a 13.1 percent falloff a year earlier.
“In particular, the residential component contracted by 45.2 per cent ($11.8 million) to $14.4 million, following a 9.2 percent reduction in 2019,” the bank stated.