Construction activity, as indicated by the value of work undertaken for infrastructure development, maintenance, and repairs, has been slow in the first half of this year. According to the latest quarterly economic update from Westpac Fiji, the year-to-date value of work completed stands at $244.51 million, which is 8.9 percent lower than the same period last year.
Senior economist Shamal Chand noted that this decline is due to a lack of momentum in building activities from both private and government sectors. Additionally, the number of new building permits issued in the first six months reached 466, reflecting a significant drop of 27.4 percent compared to the previous year.
Despite these challenges, Mr. Chand pointed out signs of potential recovery. He highlighted that the Reserve Bank of Fiji (RBF) reported increases in both cement production and domestic cement sales, with rises of 6.6 percent and 7.6 percent year-to-date, respectively. This growth indicates a high demand for construction materials, which is expected to contribute to an increase in the value of work in the near future.