The local construction
sector has been hit by a series of increases in the price of steel.
It is reported that since January steel prices have gone up five times.
The Incorporated Masterbuilders Association of Jamaica said the hikes have been due to a severe shortage of steel worldwide.
President of the Association, Raymond Cooper, said this has placed a major burden on the sector.
"The prices have been rising steadily over the past few years and we have seen a 35% rise in the price of steel this is a worldwide phenomena as the demand for steel continues," said Mr. Cooper.
He said the Association is trying to determine the full impact of the increase on the construction sector.
In the meantime, the IMAJ said the increased cost of steel combined with the continuing rise in the prices of other inputs could drive up the cost of construction.
Mr. Cooper said large projects have been feeling the brunt of the price adjustments.
"One has to take into account that other costs are increasing especially fuel and the cost of heavy equipment for infrastructural projects. This will have a significant impact on construction costs as well as with a lot of materials being imported the cost will also come into play," he continued.
It is reported that since January steel prices have gone up five times.
The Incorporated Masterbuilders Association of Jamaica said the hikes have been due to a severe shortage of steel worldwide.
President of the Association, Raymond Cooper, said this has placed a major burden on the sector.
"The prices have been rising steadily over the past few years and we have seen a 35% rise in the price of steel this is a worldwide phenomena as the demand for steel continues," said Mr. Cooper.
He said the Association is trying to determine the full impact of the increase on the construction sector.
In the meantime, the IMAJ said the increased cost of steel combined with the continuing rise in the prices of other inputs could drive up the cost of construction.
Mr. Cooper said large projects have been feeling the brunt of the price adjustments.
"One has to take into account that other costs are increasing especially fuel and the cost of heavy equipment for infrastructural projects. This will have a significant impact on construction costs as well as with a lot of materials being imported the cost will also come into play," he continued.
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