A boost in the number of planning applications is a good sign for the Island’s economy, according to Home Affairs Minister Michael Fahy.

The Department of Planning announced today that it had noted a more than 25 percent increase in applications during the period of January 1 to June 5.

And the number of building permits received have risen from 301 last year to 381 this year.

Sen Fahy said: “As planning application numbers are often good economic indicators, the clear increase so far for 2014 is undoubtedly a positive sign and indicative of a possible turnaround in the economy or, at least, heightened confidence in Bermuda’s future.”

In total, 267 planning applications have been received by the Planning Department this year, as opposed to 196 during the same period last year.

A spokeswoman for the Ministry said: “The total number of planning applications which were ‘determined’ (where a decision was made — either approval or refusal) for this period last year was 157 — while that number is 378 so far for this year.”

The spokeswoman also said the time taken to process applications have improved significantly since last year.

The average time to process planning applications fell from 9.9 weeks last year to 7.1 weeks this year, while the time to process building permits plummeted from 7.7 weeks in 2013 to 3.1 weeks this year.