Minister: building projects should start
Planning approval for small and large construction projects move on them, the Finance Minister said last night.
Planning officials estimate there are more than 2,000 small and large approved projects that have not yet been acted on.
Go-ahead could result in the employment of hundreds of out-of-work people. But Dr. David Saul said the recession had created a psychological roadblock to people starting their approved projects.
"Many people feel that during the recession it is best not to be seen spending money on capital projects that can be deferred,'' he said.
"I'm arguing the opposite. Going ahead with them will assist the economy. But to do it we must break this psychological roadblock.'' Dr. Saul said his plea aimed to inject some life into the beleaguered construction industry -- the primary source of joblessness.
At the end of September, Government spokesmen pegged the number of jobless at more than 900. Dr. Saul said he believed the construction industry was accountable for 20 percent of that figure plus additional numbers from "allied'' companies that rely on construction projects for business.
"We think this will get hundreds of people back into jobs instead of keeping them on social assistance,'' the Minister said.
Dr. Saul emphasised his plea was directed at people with the resources to launch their projects.
"I'm talking about people with the cash, people who have the credit,'' he said. "The banks know it and they're prepared to accommodate it.'' The Minister said he and colleagues on a special Cabinet committee formed to help steer Bermuda through the recession had been meeting with the Chamber of Commerce and employers on schemes to improve the situation.
His plea last night was also made on the strength of further meetings with architectural firms, banks, construction companies and Government officers.
Urging a go-ahead on construction plans, he said, was considered the best, most direct possible stimulant for the economy.
Dr. Saul said capital projects in themselves spilled work into "allied industries'' such as painting and hardware companies and the trucking business.
"All of our efforts are aimed at channelling this activity through the next six months,'' he said.
Dr. Saul said now was the best time to begin delayed construction projects.
