Categorized | National News

New Economic Vibrancy

A vibrant economy is expected to continue the downward trend in unemployment numbers, according to Minister of Labour Senator Dion Foulkes. 

The 2019 Labour Force Survey, that looked at a six month timeframe, from November last year to May 2019, indicates that unemployment dropped to a record low in 10 years, to a single digit. 

“We are extremely pleased and very happy, the entire government, with the results of the labour survey,” Mr. Foulkes said. 

“There was a significant decrease for that six month period.  We are now down to 9.7 percent, which is extremely good.”

The labour minister is optimistic that the many projects across the country are anticipated to bring new jobs and continue to decrease the unemployment rate in the country. 

“The Wind Development, opposite the prime minister’s office, that’s a major development.  We also have at Hurricane Hole, a major development that’s going on.  They’ve already broken ground and we anticipate that from both of those developments there will be new jobs,” Mr. Foulkes said. 

“When The Pointe is completed that will be close to 600 to 700 permanent jobs at The Pointe.

“So, we are very optimistic about the state of the economy.”

As for the increase in unemployment in Abaco, both labour minister and Deputy Prime Minister and Minister of Finance Peter Turnquest said they were concerned and revealed that there are some major projects in the pipeline for Abaco. 

“In Abaco, I think what you are seeing there is some slowing down in the Bakers Bay work, so that will be kind of expected as they wrap up the development phase over there,” Mr. Turnquest said. 

“But we’re working to continue to try and spur other developments. There is a project that is slated for South Abaco that will hopefully take up some of this capacity that will be shifting and [then] we can get those numbers turned around.”

According to Mr. Foulkes, “There are two or three major developments that are being proposed for Abaco. I do not want to preempt the Cabinet and the prime minister’s announcement of those developments, but we are satisfied that over the next 12 months that Abaco will be in good shape economically.” 

Following the initial release of the Labour Force Survey, last week, the deputy prime minister noted that the government will not rest on its laurels and added that improvements in the overall numbers of employed persons will increase with major projects in New Providence, Grand Bahama and Eleuthera and will provide some relief.  

Written by Jones Bahamas

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