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Activity in the sector, coupled with the level of optimism among developers and builders, also casts light on the general state of the economy and prospects for the immediate future.
Unfortunately, optimism currently appears to be at rock bottom. Indeed, the chairman of the Jersey Construction Council, Martin Holmes, has said that this year could be the worst yet for firms which are already reeling from the enduring effects of the global recession.
Mr Holmes, who is also chief executive of Camerons, the development company, says that the situation is so dire that millions of pounds of taxpayers’ money should be spent to boost building activity and kick-start the rest of the economy. Those millions would be in addition to the £44 million already allocated by the States to the fiscal stimulus pot.
So far, the wise heads of the Fiscal Policy Panel have advised that the sort of new investment urged by Mr Holmes would not be the best way to spend public funds. Many Islanders might agree with that assessment – though not on the grounds of rigorous economic analysis. They may well feel that an industry which has seen plenty of good times as well as bad should be prepared to stand on its own two feet and weather the present storm.
However, Treasury Minister Philip Ozouf has stopped short of closing the door on Mr Holmes. He has, in fact, highlighted other measures which might meet the needs of construction and allied companies without the proposed cash injection.
Senator Ozouf’s plans, which were already in the pipeline, include bringing forward capital projects which have already been granted funding and streamlining planning procedures for social housing initiatives.
As the Senator no doubt accepts, government can play a role in stimulating the economy, but he will also understand that public money must be spent with consummate care. He will, quite rightly, also want to ensure that all construction projects that receive States support will involve buildings that the Island genuinely needs rather than those which will deliver maximum benefits to developers and builders.
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