Construction in Panama slows down

In the last few months there has been a drop in the value of construction permits, although the year's accumulated total is still positive.

Tuesday, December 9, 2008

The value of the construction permits approved in September 2008 totaled $118.5 million, $63.9 million or 35% less than for the same month the previous year, according to the Main Monthly Economic Indicators from the Office of the Comptroller General of the Republic.

The drop was even greater in the district of Panama where the value of approved construction permits was $99.74 million, 41.6% less than the $170.85 million in September 2007.

More on this topic

In Panama, Investment in Construction Down 21%

March 2012

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

Gaston Regis, president of the Panamanian Chamber of Construction (CAPAC), estimates that changing market conditions over the last 3 years and a subsequent rearrangement are some of the factors causing this decline in the value of building permits.

Construction Industry Decreases in Panama

March 2012

The sector experienced a decline of 20% last year compared to 2010.

The construction sector ended 2011 with the value of buildings, additions and repairs at $272.83 million less than 2010, a 20% drop.

"According to the Controller General, the residential segment only reached $459.7 million, suffering a decline of $148.8 million when compared to the previous year.

$918 million in Approved Building Permits

September 2012

In the first seven months of the year the value of approved construction projects amounted to $918 million, 45.3% more than in the same period last year.

This July alone, the total approved exceeded $151 million, representing a 140% increase compared to July 2011.

Of the total number of permits approved $705 million worth was for projects to be developed in the capital, being mostly non-residential.

Panama: Building Permits Show Reduction

September 2011

Between January and July the value of approved constructions fell by 14% compared to the same period in 2010.

The most valuable investments are also those that have shown the greatest decline, especially in the case of residential buildings.

Data from the Panamanian Chamber of Construction show that the largest reduction has been in high-value projects, showing that the amount of building permits issued in the period under review fell by $78 million compared to the same period in 2010 .

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