The Chamber of Commerce recently conducted an industry roundtable session with firms from the construction and development sectors in March and the results showed both optimism and concerns among local contractors and industry professionals.
“The purpose of our roundtable discussion sessions is to better understand how Chamber members industries are doing, their concerns and any opportunities. It also helps us to better represent the sector by giving feedback to the country’s policymakers,” explained Chamber President Paul Byles.
The construction session involved discussions on industry matters and included a formal industry survey. 30 firms participated in the session which represented over 800 employees.
78% of the firms said they expected their expenditures to increase in 2018 and 70% said they would increase local hiring this year.
Nearly two thirds said they expected to expand their local operations during 2018.
The cost of doing business and bureaucracy were cited as being among the primary concerns when businesses were asked what the main constraints were to growing their businesses.
“The general outlook is that the construction sector is doing well and firms are anticipating further growth and increased employment in the sector during 2018. At the same time members also expressed concerns on the cost of doing business and red tape. Many respondents seem very happy with several of the recent changes in the planning department but most remained unhappy with the inefficiencies associated with the Building Control Unit,” said Mr. Byles.
The Chamber explained that the results will be discussed with the relevant members of Government to seek possible solutions to some of the concerns raised.
“We may not be able to address all issues but we will continue to work with the relevant bodies to address them. I am confident that some of these concerns will be addressed to enable our members of all sizes and in different segments of the construction industry to continue to thrive. If businesses are doing well then so is the wider economy,” said Mr. Byles.
The Chamber also revealed that regular meetings are held with policymakers to share information on the various industry sectors and any concerns and opportunities.
The Chamber plans to hold similar Roundtable sessions for the tourism sector and the financial services industry, and plans to invite participation from their respective industry specific bodies, Cayman Islands Tourism Association and Cayman Finance.
Click here to read the findings report from the Construction industry roundtable.