TCI 10-Year projection boasts 3,000 jobs, 47% more rooms and $792M in Revenue 

Rashaed Esson

Staff Writer

#TurksandCaicos, December 29, 2023 – The Turks and Caicos’ 10-year  Economic Projections were revealed at the launch of the National Investment Policy on December 8, 2023 and it means 47 percent more resort rooms, 3,000 more jobs and nearly $792 million dollars calculated as in the pipeline.

Salik Garland, Investment Services Executive expressed optimism for the growth of Room Count in the Turks and Caicos.

“What we actually expect is for the growth to continue in the way that it has been doing,” he said.

Room Count was the first factor itemized and according to a 2020 report conducted by the TCI Tourist Board, room count was an estimated 4,646 in the Turks and Caicos, says Salik Garland, Investment Services Executive.

Providenciales, Garland points out, had over 4,000 of those resort rooms followed by Grand Turk with 155 rooms and coming in third was North Caicos with 124 rooms.

Though with less inventory, noteworthy were the luxury accommodations at Parrot Cay with 106, South Caicos with 87, Pine Cay with 38, Middle Caicos with 13 and Ambergris Cay with 10 resort rooms.

Garland informed that the room count is expected to increase by more than two thousand within the next 10 years.

This has to do with projects under Development Agreements or pending, Garland says.

“The projection shows an increase in room count by an additional 2,166 rooms, which is a 47 percent increase in the 2020 figures,” he maintained.

This growth is anticipated between 2024 and 2028 and according to the Investment Executive, by 2033 or in ten years, 10,000 rooms are expected to be in the TCI’s inventory, doubling the 2020 numbers.

When it comes to job creation, Mr. Garland informed that more than 3,000 jobs are coming over the next 10 years, with strong growth between 2023 and 2028, due to the Encouragement of Development Ordinance.  He pointed to projects approved or pending Development Agreements as fueling the job market.

In terms of national earnings, the Turks and Caicos will naturally reap impressive dividends, according to Invest TCI.

“The projected revenues to be received by TCIG over the next ten years by projects that currently have a Development Agreement; pending Development Agreement; or have had a Development Agreement expired within the last year but are still actively operating; we are estimating close to eight hundred million dollars in revenue,” Garland says.

It’s an estimated total of seven hundred and ninety-one million, nine hundred and fifty-five thousand, eight hundred and seventy point three four ($791,955,870.34).

The New Policy is now available on the Invest TCI website and also boasts100% duty free suite of concessions for domestic investors and a plush red carpet roll out for housing project investments.