The recent easing of tensions between the United States and Cuba suggests that a related economic boom may likely be close behind. Relations between the two countries are the friendliest they’ve been in some 50 years, and some experts believe that associated increases in tourism and trade between the U.S. and Cuba will mean increased economic opportunity for south Florida construction contractors and other businesses.
The political processes to further ease relations are still underway, according to the South Florida Sun Sentinel. For example, Congress has yet to lift travel restrictions to the island for standard travelers heating to Cuba for recreation or pleasure.
On the other hand, travel licenses have become easier to get for certain purposes, such as family visits, journalist visits, humanitarian missions, educational or religious visits, professional research and meetings, athletic competitions, and certain types of commercial activity.
Economists believe that the situation will be positive for the U.S. economy. Boosts in tourism to Cuba will result in construction of facilities in Florida to accommodate all aspects of the increase in ocean travel, including hotels, docking facilities and travel companies.
Airport and seaport construction will be a major component of the increase in U.S.-to-Cuba travel.
Exports of construction services and equipment directly to Cuba are also expected to increase. Experts believe that Cuba will contract with American builders for improvements to the island’s infrastructure, new building construction, new homes and multi-family dwellings, and commercial buildings.
American investment in Cuba is also likely to spur increased need for construction and construction-related services.
Construction professionals can find the latest information on industry developments, including housing starts and permit issuances, from Construction Monitor’s up-to-date weekly reports. Contact us today for more information on trends in Florida construction and how recent improvements in U.S. relations with Cuba could affect construction market in Florida and elsewhere.
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