With the tourism industry going through a boom, many islands are looking for prefab Caribbean construction to build new facilities. Travel arrivals increased by 7% last year, beating the global average by almost double. This trend is making the Caribbean one of the busiest construction markets in the world.
The tourism industry is fickle: developers need to build fast to profit from the increased demand. However, not every market is equally ready to make the most of the opportunity.
Construction costs have increased on some islands significantly.
But as local governments try to decrease unemployment through visa regulations and incentives to hire locals, you can expect higher costs as developers pay more to have qualified workers on-site.
High costs are problematic, and fast growing economies tend to have the reverse.
For example, the Dominican Republic’s economy grew 7% in 2014. Santo Domingo recently pledged to build 40,000 new homes a year. The government also approved permits for 3,000 new hotel rooms and announced they were considering 11 projects worth $1.6 billion total.
Low building costs there had a lot to do with these initiatives, as real estate development on this scale requires affordable construction.
Prefab Caribbean construction has projects ready in as little as a few months and uses much less labor than traditional building. Additionally, modular structures are more resistant to tropical storms and hurricanes than conventional structures.
Singapore has similar environmental conditions as many Caribbean sites, and we saw crews there erect a 10-storey hotel in 26 days. A factory manufactured the steel containers in half a year and made them typhoon-resistant. The whole project cost $12.8 million.