|Government is encouraging citizens to take advantage of the ongoing Construction Stimulus Programme which has resulted in noticeable price reductions on select building materials island-wide. The eighteen month programme was launched on August 21, 2012.
Under this programme, Government has removed a range of taxes levied on products such as paints, lumber, sand, cement and fencing materials among others. No Value Added Tax will be paid on these items until February, 2014.
In some cases, consumers are enjoying approximately 41% reduction in the retail prices of items included in this package. Consumers also have an opportunity to secure mortgages at reduced interest rates from participating banks and in addition, benefit from lower legal fees on mortgages.
While prices may vary at retail outlets, a general analysis of the change in price in a few building materials in one participating business are as follows:
ITEM PRIOR TO STIMULUS ($) POST STIMULUS ($)
Plywood, T1-11 5/8 Deco Treated 119.95 109.50
Cement 23.45 19.05
½” Steel 20.50 16.95
2x4x20 ryppt 59.95 47.75
2x6x20 dyppt 74.00 68.25
Plywood, 5/8 Red Edge 99.95 86.25
Plywood, Exterior Sanded ½ 79.95 71.75
Berger Wood Primer 85.00 79.95
¼ Interior Ply 48.95 41.95
Source: True Value Building and Hardware Supplies (Oct 17, 2012)
*There may be slight variations in prices as there are other factors which affect prices.
The Government of Saint Lucia continues to ensure that there is increased access to land through the Proud Programme, the National Housing Corporation and the National Development Corporation.
Certainly, this is a once in a lifetime opportunity, and Government urges citizens to make full use of it.