The advancement of various sectors across Guyana has triggered a massive construction boom, as more people are earning more and embracing home ownership.
This is according to Senior Minister in the Office of the President with Responsibility for Finance and Public Service, Dr. Ashni Singh.
Dr. Singh made the remarks while addressing members of Jamaica’s Ministry of Industry, Investment and Commerce (MIIC) and the Jamaica Promotions Corporation (JAMPRO) at the Guyana Marriott Hotel, during the recent conclusion of their fourth Business Ministerial Mission to Guyana.
In his remarks, Dr. Singh said Guyana has seen tremendous growth in both traditional and non-traditional sectors.
This, he said, has led to people earning more, as they are leaning towards home ownership.
Additionally, he cited the government’s commitment to delivering 50,000 house lots by the end of five years—a goal which was recently accomplished—as a major contributor to the housing and construction boom.
“We had committed to give out 50,000 house lots which means that we’ll make 50,000 persons owners of a plot of land and then potentially home owners…we’re going to surpass it before the end of this term. That and what is taking place in the rest of the Guyanese economy, including more people working, more people with a capacity to save, better access to financial services. What all of those things have triggered is a huge construction boom. So, you now have more people building homes than at any other time in the history of the country,” he said.
Dr. Singh further noted that the increase in residential construction in the country is in addition to the rise in industrial construction, as he made reference to the latest developments with regards to an increase in hotels, shopping malls, and office buildings.
“That has triggered a demand for construction materials, we have issued new quarry licences—we have new quarries producing, extracting quarry materials—quarry aggregates, etcetera,” he related.
Guyana’s infrastructure and construction sectors recently received a major boost with the launch of the DROMINC Asphalt Plant, situated on the Linden-Soesdyke Highway.
The move signals a significant investment partnership between Guyana and Colombia and supports Guyana’s robust infrastructure agenda.
The company is part of a Colombian group of companies that has over forty years of experience in the industrial supply of aggregates, asphalt mixture, and infrastructure development.
