Disrupting Trinidad and Tobago’s Construction Industry
September 4th, 2020 | Related To: Ikigai Consulting Limited
The local construction industry has traditionally been one of the largest within the Trinidad and Tobago economy. In 2017, it accounted for 6% of the country’s GDP but decreased by 0.2% in 2018 to 5.8% with an estimated value of about TT$9.38 billion. An increase was projected for 2019 as the government sought to complete many of its planned initiatives ahead of the 2020 parliamentary elections.
As an industry, construction continues to be influenced and shaped by such externalities as supply and demand, national development policies and programmes, levels of local and foreign direct investment, raw material costs, foreign exchange rates, inflation, legislation, the natural environment, and often protracted statutory approval process. Internally, the industry itself has always been slow to embrace the change, transparency, and accountability that is desperately needed.
We believe corruption and mismanagement to be the largest impediments to the industry’s transformation, growth, and long-term survival. Moving past them will require disruption and change. It will also require the right leadership, mindsets, attitudes, tools and technologies, innovations, processes, collaborative approaches, and attention to sustainable building materials and practices.