2004 Starts Strong for Planning

Tuesday, April 27, 2004

The Central Planning Authority (CPA) recently announced a bright beginning to 2004.

The first quarter demonstrated continued economic growth in Grand Cayman as planning approvals were up six percent from the first quarter of 2003 and the value of planning approvals climbed by 72 percent. There were 241 approvals with a value of $78.9 million compared to 228 valued at $46 million in 2003.

The housing sector was the most active with 91 approvals valued at $15.5 million. The number and value of approved houses was up 20 percent and 14 percent respectively from the first quarter of 2003.

The condominium sector demonstrated an increase of 19 percent and 11 percent with 31 approvals valued at $17.5 million.

The commercial sector saw a drop in approvals, and yet a rise in values, with nine approvals valued at $13.2 million compared to 13 approvals at a value of $3.8 million in the first quarter of last year.

The number of government projects decreased from 2003 with three projects in 2004 compared to five in 2003. The value of government projects also decreased to $1.2 million from $7.9 million in the first quarter of 2003.

There were fewer industrial projects with only eight approved at a value of $1.2 million compared to 11 approved at $0.6 million in 2003.

With respect to other applications including subdivisions, pools and antennas, there were 99 approvals valued at $30.3 million compared to 97 approvals valued at $4.2 million in the first quarter of 2003.

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