Nevis Government Unveils New Initiatives to Stimulate Economic Growth and Employment

Expanded Concessions on Building Materials for Home and Business Owners

During his 2024 Budget Address for the fiscal year 2025, Premier of Nevis and Minister of Finance and Economic Planning, the Honourable Mark Brantley, unveiled new initiatives aimed at stimulating economic growth and employment. One such initiative is the expansion of concessions on building materials for home and business owners undertaking property renovations, expansions, or new developments.

“We recognize that sometimes people start with a two-bedroom house, but perhaps as they get two or three children they need to expand. The concession as it stood only allowed them to get help when they built the house originally but thereafter provided no further assistance. We are saying now that we will try to provide additional assistance if they want to expand that home,” said Premier Brantley.

The expanded programme also targets investors developing rental properties or undertaking commercial construction. “Also, there may be people who want to invest in a second or third house, to perhaps rent property and we feel that it’s appropriate that they too receive some assistance, all in an intention to spur construction activity. We will also extend concessions to commercial construction as we remain committed to growing Nevis together,” stated Premier Brantley.

Benefits of the Expanded Programme

The expanded programme grants exemptions on Customs Duties and reduces building costs by requiring only VAT payments on building materials.

The Role of the Construction Sector in Nevis’ Economic Development

“The construction sector continues to play a vital support role in our economic development. Our economy weighed heavily on this pillar during the COVID era while we were awaiting the rebound of activities in the Tourism Sector. In fact, it was the first sector to resume full employment even while the other sectors remained closed during the midst of the pandemic. This pillar has not waned even after the pandemic and continues to grow,” remarked Premier Brantley.

Construction Sector Performance

According to the Department of Physical Planning, 226 construction applications were received from January to October 2024. These ranged from new home construction and property renovations to apartment buildings, commercial properties, and perimeter fencing projects. Of these, 144 permits were approved, and construction commenced on 112 projects.

Conclusion

Premier Brantley credited this sustained growth to the NIA’s incentive programs, such as the first-time homeowners’ initiative.

FAQs

What are the new initiatives unveiled by the Nevis government?

Expanded concessions on building materials for home and business owners undertaking property renovations, expansions, or new developments.

Who is the target audience for the expanded programme?

Home and business owners, as well as investors developing rental properties or undertaking commercial construction.

What are the benefits of the expanded programme?

Exemptions on Customs Duties and reduced building costs by requiring only VAT payments on building materials.

What is the role of the construction sector in Nevis’ economic development?

The construction sector continues to play a vital support role in our economic development, and it was the first sector to resume full employment during the pandemic.

What is the current performance of the construction sector in Nevis?

According to the Department of Physical Planning, 226 construction applications were received from January to October 2024, and construction commenced on 112 projects.