Tourism and related services (including construction)

Tourism continues to be the cornerstone of The Bahamian economy, contributing over 70 percent of the country’s GDP and employing half of the workforce. The sector is expanding strongly, with 11.2 million visitors recorded in 2024, supported by expanded U.S. carrier routes and stronger air and sea connectivity. Tourism remains the leading force behind the country’s economic growth.

Recent and upcoming large-scale projects are reshaping the sector. The $300 million Nassau Cruise Port, opened in 2023, is now operating at record capacity with plans for further expansion. Major new investments include Disney Lookout Cay at Lighthouse Point (opened June 2024, $250–$400 million), Carnival’s Celebration Key (Grand Bahama, opened July 2025, ~$600 million), the $165 million Royal Beach Club Paradise Island (scheduled to open in December 2025), and the planned $827 million redevelopment of the Grand Lucayan Resort.  These projects, along with boutique hotels, vacation rentals, and niche tourism products in wellness, culinary, eco, and heritage tourism, create robust demand for U.S. expertise in construction, architecture, furniture, fixtures, and equipment (FF&E), technology, and hospitality management.

Tourism growth is also lifting national prosperity.  GDP per capita rose 27.7 percent between 2021 and 2024 from $30,400 to $38,900 and grew 2.7 percent year-over-year from 2023 to 2024.  Based on current trends and regional benchmarks, The Bahamas is targeting an annual GDP per capita of $44,000 by 2029.  Multilateral development banks estimate The Bahamas has a Gini coefficient that exceeds the World Bank’s benchmark for high income disparity. This means that much of the country’s purchasing power is held by higher-income households, limiting the overall size and strength of the local consumer market. Over the next three to five years, private cruise destinations and associated investments are expected to be the single largest driver of GDP growth, underscoring tourism’s continued central role in t

Energy Renewable and Non-Oil Energy and Energy efficiency

The Bahamas is implementing its “New Energy Era” reforms to modernize an aging power system, lower costs, and shift toward cleaner sources, with a target of generating 30 percent of electricity from renewables by 2030. Efforts include utility-scale solar integration on New Providence, hybrid microgrids and battery storage across the Family Islands, replacement of outdated generation units, and upgrades to transmission and distribution. The government is steering a massive LNG conversion on New Providence, involving purchases of LNG turbines and construction of two new pipelines. The government is also promoting household solar, transitioning its fleet to electric vehicles, and retrofitting public buildings with renewable energy systems, supported by a $9 million EU grant and an $80 million Inter-American Development Bank loan. LNG is being used as a bridge fuel while renewable capacity is expanded. In April 2025, The Bahamas announced a landmark partnership with Laconic Infrastructure Partners and Carbon Management Ltd. to monetize its vast seagrass ecosystems through sovereign carbon securities, marking the country’s first structured blue carbon financing agreement under the Paris Agreement’s Article 6.2; while no public confirmation of a completed credit sale has yet been made, these initiatives are creating strong opportunities for U.S. companies in solar and battery storage solutions, LNG infrastructure, EV charging systems, grid modernization, and carbon finance.

Reconstruction and Infrastructural Redevelopment:  The Bahamas is making significant investments in modernizing its infrastructure to support long-term growth and resilience.  Priorities include road and port upgrades, airport improvements, housing development, and utilities modernization, with a strong emphasis on climate-resilient design standards.  The government has also committed to strengthening state-owned enterprises and project management capacity to ensure more efficient delivery of infrastructure works across New Providence and the Family Islands.  These efforts create opportunities for U.S. companies in construction services, engineering, water and waste management, renewable energy integration, and the supply of building materials and equipment.

Natural Resources

The Bahamas has strengthened its framework for managing natural resource wealth through the National Investment Funds Bill (2022), which replaced the former Sovereign Wealth Fund Act. The policy is designed to ensure transparent management of resources while also advancing the country’s blue, green, and orange economy strategies.  The government’s Natural Resources Committee assesses commercial opportunities in areas such as aragonite, limestone, salt, sand, forestry, solar, wind, and marine assets, with an emphasis on sustainable development and climate resilience.  U.S. companies may find prospects in areas like limestone mining, forestry, and renewable energy projects, though the establishment of a dedicated regulatory body will be key to providing clarity and avoiding delays in project approvals.

Digital Economy & E-Commerce

The Bahamas is steadily expanding its digital economy, with the government committed to digitizing services, streamlining business processes, and modernizing investment applications. Recent initiatives include the development of an “entrepreneur visa” to attract high-tech firms and skilled professionals, as well as ongoing programs to digitize public records and government service delivery. Demand continues to grow for smart technology, ICT services, cybersecurity, cloud solutions, health technology, and educational technology. The planned Tech Hub at the University of The Bahamas, Grand Bahama campus, supported by partnerships with U.S. firms, aims to build local capacity in software development and digital entrepreneurship.  These developments present opportunities for U.S. companies in IT services, systems integration, training, and e-commerce platforms.

Digital Assets and FinTech

The Bahamas remains a leader in the region for digital asset regulation despite setbacks in 2022.  Its Digital Assets and Registered Exchanges (DARE) Act 2020 established one of the most comprehensive frameworks globally, covering digital currencies, custodial services, and exchanges, including the Central Bank-issued Sand Dollar, the world’s first central bank digital currency. Following the collapse of FTX, the government strengthened oversight with the passage of the DARE Act 2024, which expanded regulation to include digital asset advising, management, derivatives, staking, node services, custodial wallets, and token offerings, while tightening requirements for exchange systems and client-asset protections. The Securities Commission of The Bahamas continues to engage with international partners to align regulations with global standards. Despite challenges, fintech and blockchain firms remain interested in establishing operations in The Bahamas, creating opportunities for U.S. providers of compliance technology, cybersecurity solutions, financial software, and blockchain infrastructure.

Manufacturing

Grand Bahama, the second-most populous Bahamian island, features a free-trade zone that is home to many U.S. owned manufacturing businesses, including cement and pharmaceuticals. Efforts are underway to promote light manufacturing for export abroad.

Consumer Products

Most consumer products in The Bahamas are imported.  Bahamians are brand conscious and prefer American brands that they encounter on frequent buying trips to the United States, or through advertisements on U.S. cable TV programming. 

Agriculture & Food Products

The Bahamas has prioritized food security in its 2025/2026 Budget, raising the agriculture allocation to $35 million, up from $25 million in the prior year. Key initiatives include the establishment of a Centre for Food and Nutrition Security to conduct research, innovation, and policy development, and a $9 million earmark for the Golden Yolk Project to expand poultry housing and add an egg processing facility. Additional support is directed toward developing hydroponic farms on several islands to modernize farming techniques. With The Bahamas importing nearly 90 percent of its $1 billion annual food supply, largely from the United States, the government aims to reduce this dependency by attracting private investment in the agriculture and fisheries sectors to increase their contribution to GDP by 2031.