Manning: Construction will restart economy

THE Government plans to jump-start the economy out of the current covid19 lull by a new thrust in building construction, Minister in the Ministry of Finance Brian Manning told the House of Representatives in the budget debate on Friday. This move will increase the housing stock and improve community aesthetics, he said.

Saying the Government wants 25,000 new housing units to be built in the next ten years, he promised 20 per cent of these projects will be awarded to small and medium contractors. This allocation will help boost employment, he said, creating jobs for thousands of people.

The project will be done using State lands via the Housing Development Corporation, which has already built 50,000 units over the years. Manning said the housing units will be priced at different tiers of affordability. In addition, homes costing less than $250,000 will be built by the Land Settlement Agency over the next ten years, he added.

Manning also promised home improvement grants and repair grants of up to $35,000 to existing home-owners. VAT will be removed from imported materials used to build housing and industrial and commercial properties, he said.

He vowed to increase TT’s ease of doing business and engage investors in public-private partnerships in both the energy and non-energy sectors. “This is how we will put private sector capital to work in this economy.”

Manning said this was a stimulus budget which places money in the hands of the average person. Noting the impact of covid19 on the economy, he said the Government had conscientiously chosen to prioritise the life, health and safety of citizens, and more so has since approved a $6 billion safety net for the most vulnerable so no-one gets left behind.

Manning listed the social assistance given to citizens to help cope with the lockdown during the pandemic. This included $129 million in salary relief grants, $17 million in food cards, $16 million in rental assistance and $6.3 million in food vouchers. He proposed an electronic card to prevent anyone improperly double dipping into social assistance.