Construction activity in Fiji has experienced a slowdown in the first two quarters of this year, as indicated by the value of work conducted for infrastructure development, maintenance, and repairs. According to the Westpac Fiji quarterly economic update released this week, the year-to-date value of construction work has totaled $244.51 million, reflecting an 8.9 percent decline compared to the same period last year.
Senior economist Shamal Chand pointed out that this downturn is primarily due to a lack of progress in both private and government building projects. Additionally, the number of new building permits issued in the first half of the year reached 466, representing a significant decrease of 27.4 percent from the same timeframe last year.
Despite these challenges, Mr. Chand noted potential signs of recovery. He referenced data from the Reserve Bank of Fiji, which indicates that cement production and domestic cement sales have risen by 6.6 percent and 7.6 percent, respectively, so far this year. This increase suggests greater demand for construction materials, which could lead to an improved real value of construction work in the near future.
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