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Latin America Investment News on Viva Tropical

Panama: Construction Down 21%

Article Summary:

During 2011 the total value of approved construction permits for Panama was $1.029 billion, 20.9% less than during 2010, when it was $1.329 billion.

Photo Credit: Prensa

Original Article Text From Prensa via Google Translate :

Falling Value Of Building Permits

The value of building permits approved in 2011 fell by 20.9% compared to projects registered in 2010, according to the Comptroller General.

The decrease was more pronounced in the residential sector, down 24.5%, while non-residential area, which includes construction of offices and warehouses, among others, the fall was 17.9%.

In total, over the past year the value of approved constructions thousand reached $ 29 million, a decrease of $ 273 million compared with $ 329 million thousand 2010. Regis Gaston, president of the Panamanian Chamber of Construction (CAPAC), noted that this decrease in the value of projects is due to rearrangement of the sector.

Notes that the market has been changing over the past three years and now companies are focused on residential projects that do not require as much investment as an apartment block or office. “One thing is to lower the amount of investment, but the square footage of construction are similar to 2010,” he said.

In its latest report on Panama, the IMF recommended increasing production in all sectors, and not rely on a few such as construction, and finish by 2014 most public projects that are pushing the economy.

Link to Original Article:

From Prensa

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