MORE than $9.5B was invested in the construction of new homes in 2010, a direct result of the staging of the International Building Expo that year.
This was disclosed by Minister of Housing and Water, Irfaan Ali, during the launch of the International Building Expo 2011 on Friday evening at the Princess Hotel, Providence. He said, “Based on reports from all of the Neighbourhood Democratic Councils (NDCs), from 2010 after the Building Expo more than 2,525 building plans have been approved, if 50% of those persons would have completed construction in the given year that would mean an overall investment of $9.5 billion.”
In addition to this, Ali explained that almost 500 plans were approved for Georgetown alone.
According to Ali, this upsurge in construction, especially in the city, will bring into question the implementation and enforcement of stricter building codes.
“We have to critically examine the building codes for the city to deal with arising issues such as parking, the future for the building and construction sector is good but we must all continue to work hard to ensure that the full potential in the sector is realised,” he explained.
He urged those present to recognise the fact  that the advantages of  participating in the Exposition is indeed unquestionable, owing to the success of the first event which was initially aimed at  exposing local consumers to the  advantages and disadvantages of various products on the local market.
Alluding to the expansion of the event, Ali pointed out it outgrew its original aim because of the overwhelming response generated from companies within the region, including Barbados, Trinidad and Tobago, and Suriname.
In light of this, the minister encouraged all the corporate sponsors as well as participants to grab the opportunities available through the Building Expo and to take advantage of the economic transformation taking place in Guyana since the vision is to make Guyana’s International Building Expo, within five years, the premier Building and Construction Expo in the Caribbean and Latin America.
“The advantages of participating in the building is unquestionable the issue is how we utilize the opportunity and improve products,” he stressed.
The Housing Minister emphasized the importance of recognizing the tremendous growth that has taken place in the country over the last six years and urged all citizens to recommit
and to work together to ensure that existing gaps are completely bridged and the country’s future is secure.
He said, “As Guyanese we must portray the patriotic, nationalistic fever that will ensure that Guyana is always first on our minds if we are going to build a country that is second to none.”
In closing, he lauded the efforts of last year’s team who he noted accomplished an outstanding task, which provided a platform for Building Expo 2, 2011