Construction materials imported to Maldives in the first 6 months of this year have recorded an increase of 27.5 percent compared to the same period of last year.
The construction industry has become the fastest growing sector in the past three years. In 2014, the productivity rate of the construction sector was at 28.5 percent, while 26.8 percent and 17.1 percent were attained in the years 2015 and 2016 respectively. The increase in the productivity rate is attributed to the major infrastructure development projects initiated by the President Abdulla Yameen Gayoom, specifically the China Maldives Friendship Bridge, expansion of Velana International Airport and development of Hulhumale Phase 2. In addition, the vast number of construction projects carried out by private companies also results in the increase of productivity rate.
In the past three years, resort constriction and housing construction increased year on year. In this regard, resort bed capacity increased 12.5 percent in 2016, which is the largest increment ever recorded. Furthermore, permission granted for housing construction in Male' city increased by 71.4 percent in 2016, according to latest statistics of Ministry of Housing and Infrastructure.
It is estimated with the completion of infrastructure development projects conducted by both government and private companies will continue to result in the increase of productivity rate in the construction sector.