Guyana Paint Rises on Construction Boom

Oil-and-gas rich Guyana is undergoing a boom in construction ranging from new infrastructure to housing, which in turn is driving up the demand for paints and coatings. The national paint industry grew at a rate of 8% during the first quarter of this year, and the sector is expected to grow at an annual growth rate of 20%, according to the Guyana Manufacturing & Services Association (GMSA), the largest industrial association in the country.

This strong paint and coatings growth rate is leading the national gross domestic product (GDP) growth projection for 2025, at 14.4%, according to the International Monetary Fund. Paint and coatings sector growth typically expands several percentage points faster than GDP in the Latin American economies.

Guyana’s GDP growth could take off again in 2026, when the expansion rate is projected at 23%, according to the most recent analysis by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC).

Thanks to the rapidly investment of billions in the gas and oil sector, the size of Guyana’s economy is also on the rise. The country’s GDP is projected to rise to $24.5 billion in 2025 from less than $5.5 billion in 2020, the IMF notes. (See CW July 9, 2025)

Harris Paints Expands to Meet Demand

Among the international paint and coatings manufacturers expanding in Guyana, Harris Paints, based in Barbados, recently completed a new factory at Beterverwagting, East Coast Demerara, its sixth in the region. 

“This investment is a testament to our belief in Guyana’s potential, and our commitment to supporting the country’s remarkable transformation,” Marguerite Desir, chief operating officer of Harris Paints International, says in a statement to the St. Vincent Times in September.

Among advances at a new Harris Pro Paint store adjacent to the new factory, Harris Paints is utilizing its Quantum technology for full color range production from a single base rather than multiples. 

“We are thrilled to open this new manufacturing plant, which will significantly increase our ability to provide high-quality products and improve delivery times for both local and export markets,” Desir told the Stabroek News in November 2024. Harris Paint operates in 15 countries in Latin America.

Among other international paint and coatings companies represented in the Guyana market are Quality Coatings, which distributes Jotun Paints, and Architectural & Protective Coatings, which distributes PPG and Benjamin Moore brands. Local manufacturers include Torginol Paints, TCL Guyana, and Wintoly, specializing in powder coatings. Dun & Bradstreet lists Torginol as the largest manufacturer in the sector, with annual sales in the region of $14 million. 

Housing Expands on Public-Private Investment

The government of Guyana president Irfaan Ali is working to quickly improve the state of the housing market, handing out thousands of free parcels of land to prospective homebuilders. Unlike other housing programs in Latin America, where the government builds houses on government land and then gives the home to a needy family, Guyana is seeking greater investment by the private sector. 

The government plans to complete a goal of giving away 50,000 lots over the near term, at the rate of thousands per year. Under the leadership of the Ministry of Housing and Water, some 1,600 lots were distributed in April this year during a two-day event, part of the Dream Realized Housing Drive. 

Most of the lots are located in areas where low-income housing is expected to be developed, but some lots in middle-income and upper-income areas also are being provided. 

Financing for these new housing projects will include loans from organizations like the Guyana National Housing Trust, organized by the board of the Caribbean Association of Real Estate Professionals (Carepre) in collaboration with Fabulous Homes International, which builds “from mansions to miniature homes.”

Civil Construction from Hotels to Municipal Projects

Apart from housing construction, there is a major project underway to refurbish and enhance the capital of Georgetown. Elements of the project include a new bridge over the Demerara River, a new museum and widespread garden enhancements, under the Rescue Georgetown program. The program includes a comprehensive city revival plan, developed with the support of the Kings Foundation.

Hotel construction is also evolving rapidly, with many major international chains arriving for new destinations. A year ago, vice president Bharrat Jagdeo told local press that seven hotels were under construction. Among these, the Courtyard by Marriott opened at the Cheddi Jagan International airport in August, and projects by Hilton, Sheraton and others are underway.

Among these projects, private sector and multilateral investments are leading. The InterAmerican Development Bank in February 2024 announced a $22 million loan for the development of a 172-room Four Points by Sheraton Hotel, and accompanying conference facility and retail facilities in Georgetown. IDB Invest partnered with Caribbean Green Building for the sustainable mixed-use tourism project, the bank noted.

Caribbean Green Building (CGB) is owned in part by Tama Investments Limited, an investment vehicle that focuses on construction, steel manufacturing, and tourism and marine services in Miami and Latin America.

This IDB financing team included participation by First Citizens Bank and Finabank, which contributed $7 million to the project, and by the Canadian Climate Fund for the Private Sector in the Americas-Phase II (C2F2), which contributed $4 million to the loan package. C2F2 was designed “to provide financing and performance-based incentives to implement climate resilience, transition risk, and enhanced climate mitigation strategies.”

Within the design of the new Sheraton hotel, indigenous art is playing a significant role. 

“Decor and fixtures throughout the property will be sourced in part through a close collaboration with the local Arawak indigenous community,” the IDB noted. The hotel project is believed to be “the first EDGE Advanced-certified hotel in Guyana and potentially the first EDGE Zero Carbon-certified hotel in Latin America and the Caribbean,” the IDB added.

EDGE (Excellence in Design for Greater Efficiencies) is a green building certification system from the International Finance Corporation (IFC), a member of the World Bank Group. EDGE Advanced certification requires achieving a minimum of 20% savings in water and embodied energy (energy used in materials) and 40% or more energy savings on-site compared to a base case, as verified by an independent auditor, a Google AI search reveals.

International Commercial Investment Interest

While gas and oil is the boom sector in Guyana, civil construction is following closely. Among the country sources of international private sector investment is Colombia. The inauguration of the DROMINC Asphalt Plant located along the new Linden-Soesdyke Highway took place earlier this year. 

DROMINC was formed by Maycorp, which represents Caterpillar in Guyana, and by DROMOS Pavimentos and Incominerias, based in Mosquera, Cundinamarca, Colombia. The joint venture supplies asphalt mixture and stone aggregates, including the service of extension and compaction of the mixture.

A host of infrastructure projects in Guyana are also underway thanks to the multi-billion oil industry. From a small revenue base, the construction industry is expanding at a rapid rate, now representing about three-quarters of national GDP, which in turn expands by billions, if not tens of billions of dollars per year,
analysts agree. CW