Although the boom days of the recent past may not return with gusto, hope is dawning that the local economy is poised to make a comeback.

“We are turning the corner, a little bit,” a cautiously optimistic Owen Hamilton told the fp.

Owen Hamilton has been in business in the Turks and Caicos Islands longer than a decade, involved in several construction related business — both on the building and supply side — including Provo Steel, Island Painting and Island Home Builders, as well as Quality Supermarkets.

His range of companies offers him a unique overview of what is happening in the construction industry and its affects on the economy.

Hamilton calls the last year “lackluster,” but he says there are signs of things turning around. “Some businesses are still quiet, but some are starting to wake up.”

Hamilton says he is starting to see and hear about more and more potential projects coming down the pipeline, and that is a good sign that things are looking up.

“Real estate is starting to pick up,” he notes. “Also, those who bought property are now looking to start construction.”
“We are on the launch pad ready to take off.”

While he notes it won’t be as explosive as the growth seen five years ago, “we also have to realize the whole world economy has changed.”

“Over the past year we have had to downsize and reduce hours due to the slowdown in the industry,” he says, but noting that is a trend being experienced around the globe. “This is not the first time the economy has corrected itself,” says Hamilton.

With each downturn, companies have to reinvent themselves, something he has done with the support of his staff to keep the business alive though the recent rough times, Hamilton said.

“We have had to sacrifice to keep people employed, while at the same time working harder to keep our customers happy.” He says customer service is more important now than ever.

“We have to go that extra mile to make a difference with a customer. We have to inform and educate customers so they can save money for the long term, by helping them to make better decisions.”

The businessman also credits the government for quickly reacting to the crime situation last year as a positive contributor to the potential economic rebound. “I also have to commend the officers out there,” he said. “It is a thankless job because there is so much that goes on that we don’t even hear about.”

Looking to the future, Hamilton says prospects are still at an all time high.

“We have always been blessed that people come here and fall in love with it,” something he attributes not just to the environment, but the mix of people, water and sunshine.

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by fp Staff
fp Turks & Caicos