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Growth, employment and the construction industry in Trinidad and Tobago

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  • Ramesh Ramsaran
  • Roger Hosein

Abstract

Trinidad and Tobago is a small open oil- and gas-based economy that has experienced the effects of boom and bust and the associated fluctuations in income and employment. This paper focuses on the behaviour of the construction sector and its relationship to income and employment over the last three decades in this small oil-rich economy. In the boom period the construction sector grew twice as fast as the rest of the economy. Similarly, during the recession the construction sector contracted faster than any other sector, providing proof that the multiplier operates in both directions. The correlation coefficient between construction labour productivity and per capita GDP for the period 1973-2002 was 0.70. As pertains to employment in construction per thousand population and per capita GDP, the correlation coefficient was 0.94.

Suggested Citation

  • Ramesh Ramsaran & Roger Hosein, 2006. "Growth, employment and the construction industry in Trinidad and Tobago," Construction Management and Economics, Taylor & Francis Journals, vol. 24(5), pages 465-474.
    • Handle: RePEc:taf:conmgt:v:24:y:2006:i:5:p:465-474
    DOI: 10.1080/01446190500521157
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    References listed on IDEAS

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    1. Strassmann, W Paul, 1970. "The Construction Sector in Economic Development," Scottish Journal of Political Economy, Scottish Economic Society, vol. 17(3), pages 391-409, November.
    2. J. Bradford De Long & Lawrence H. Summers, 1991. "Equipment Investment and Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(2), pages 445-502.
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    Cited by:

    1. Shimaa Elkomy & Hilary Clistina Ingham & Robert Allan Read, 2018. "Heterogeneous Sectoral Growth Effects of FDI in Egypt," Working Papers 238221684, Lancaster University Management School, Economics Department.
    2. Hilary Ingham & Robert Read & Shimaa Elkomy, 2020. "Aggregate and heterogeneous sectoral growth effects of foreign direct investment in Egypt," Review of Development Economics, Wiley Blackwell, vol. 24(4), pages 1511-1528, November.

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