GRAND CAYMAN, Cayman Islands, July 17, 2018 With economic growth projections surpassed for 2017, analysts say the Cayman Islands is enjoying an economic boom.
The latest report from the Cayman Islands Economics and Statistics Office shows the jurisdiction’s GDP grew by 2.9 per cent in 2017, a jump from the 2017 third quarter projection of 2.4 per cent. The trend is expected to continue throughout 2018, with a projected GDP growth of 3.0 per cent by the end of the year.
This growth has been attributed to the increasing diversification of the economy, as well as significant gains in the financial services, tourism and construction sectors – the three pillars of the British Overseas Territory’s economy.
Perhaps the most dynamic industry in the Cayman Islands – the construction sector continues to emerge as a significant player showing positive growth, increasing its gross value by 7.2 per cent in 2017.
The growth in this industry reflects the infrastructural capacity of the islands keeping pace with its growing population’s demands for residential and commercial real estate for sale from companies who want to do business on Grand Cayman.
Dart Real Estate, Grand Cayman’s largest developer has invested US$1.3 billion in infrastructure and development projects over the past 20 years, with a further commitment to invest US$400 million through 2025.
“We were pleased to read the reports on the country’s economic performance to date,” said Justin Howe, Senior Vice President of Development at Dart. “Given the current state of the Cayman Islands’ robust GDP and diminished public debt levels, we have confidence in the long-term sustainability of a broader financial services and tourism-based economy, which will in turn drive our continued development of commercial, residential and hospitality offerings.”
In the short-term, this investment includes the continued development of its 685-acre master-planned new urbanism community, Camana Bay, via the construction of underpasses on two of Grand Cayman’s main roadways, the expansion of the Cayman International School and the construction of a 60,000- square foot supermarket.
This uptick in development is driven by an increase in demand for commercial real estate for lease from companies who choose to do business on Grand Cayman or expand their current footprint on the island.
“We have seen an increase in enquiries for Class A office space at Camana Bay over the last year,” said Dart Real Estate President Jackie Doak. “The territory’s positive economic performance is definitely a factor and we expect more interest over the next year.”
Via: Markets Insider