Gas Price Hike Threatens Construction Industry

The T&T Contractors Association (TTCA) has issued a warning about the potential negative impacts of the recent surge in natural gas prices on the construction industry. According to the association, the hike in prices is causing a significant strain and could potentially destabilise ongoing and future construction projects across the country. The TTCA has noted that the rise in natural gas costs is not only affecting contractors directly but is also causing an increase in the cost of essential construction materials such as cement, glass, and steel. Given that the construction industry traditionally contributes about 5-6% of the country’s GDP, any disruptions could significantly affect the broader economy. The TTCA also pointed out that the higher operational and material costs are making it increasingly challenging for businesses, especially small and medium enterprises, to forecast project budgets and submit bids. If this situation continues, there are concerns about potential project delays, reduced employment, and even business closures.

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