construction costs

Jamaica is raising US$1 billion on international markets, but the consequences for property, public finances and ordinary households are more complicated than the headline suggests.

Jamaica must rebuild after Hurricane Melissa. But when damaged homes, schools, roads, hotels and public buildings all compete for the same cement, steel, trucks and skilled hands, the cost can travel far beyond the construction site—and arrive in everybody’s shopping basket, rent and mortgage.

Inflation hit a 29-month high of 6.7% in June, breaching the Bank of Jamaica’s target ceiling. The economy contracted 4.1% in the March quarter. Yet building plan applications rose 49.7% and the NHT is starting 10,675 units. Our monthly read on the numbers that move Jamaican property.