More Signs that Bermuda is Weathering the International Economic Storm
Encouraging productivity numbers and new developments are just a few more signs that Bermuda is weathering the international economic storm. The Royal Gazette reports:
Bermuda is leading the way in labour productivity... That is according to the latest statistics released by Government, which reveal that the Island's labour productivity is $56 compared to its competitors the US ($48), the UK ($40) and Canada ($39).
Our productivity bolsters Bermuda attractiveness to international business and is a good news for our economy. Moreover, statistics also show that despite the economic downturn in other countries, Bermuda is still experiencing economic growth. While the international economic climate has undoubtedly impacted our growth - the fact that our economy is still growing is yet another sign that the PLP government is effectively navigating tough economic waters.
Another encouraging sign of that prosperity is the North East Hamilton Economic Empowerment Zone and other developments across the island. The Royal Gazette reports:
Plans have been submitted for a six-storey apartment block to provide affordable housing in the City of Hamilton.
The development, at the corner of Court and Elliott streets, aims to "protect and enhance the City's distinctive character" and will feature a ground floor café with alfresco dining...
Among the other applications submitted this week, Opus café bar is looking to expand into an adjacent unit in the Vallis Building at 8 Bermudiana Road.
If approved, the café bar will double in size — from 773 sq ft to 1,553 sq ft.
These developments are happening because the owners have confidence in Bermuda's economy. It's the same confidence that former UBP MP David Dodwell is showing in our economy by expanding his resort. All of this new development is a sign that Bermuda is weathering a difficult international economic environment.
The UBP and their friends love to run around screaming that the 'sky is falling' and that we're headed for economic doom - but, after ten years, your PLP government has more than proven that we can effectively manage Bermuda's economy.
