El Salvador faces construction slowdown

The construction industry in El Salvador is feeling the impact of the current economic crisis.

Thursday, July 10, 2008

Housing projects have declined in number according to Ismael Nolasco, executive director of the guild in this sector.
The executive of the Salvadorean Chamber of the Construction Industry says that if obstacles are look at sector by sector, "There are problems for the small and medium-sized companies for developing housing projects."
One of the biggest problems is the scarcity of bank financing - not only for construction firms but also for families that want to buy the houses.

More on this topic

Housing Credit Down 55% In El Salvador

September 2013

Up to June banks had only provided financing for housing projects worth $14.36 million, while in the same period last year it had already reached $32 million.  

"The new housing projects can be counted on the fingers of one hand," said the executive director of the Salvadoran Chamber of Construction Industry (Casalco), Ismael Nolasco, adding that the drop is a reflection of an industry that is not investing in large housing projects because it has seen any demand.

Construction Still Sluggish In El Salvador

May 2010

Low public investment and limited access to credit are the main problems, construction companies say.

Ismael Nolasco, head of the Salvadoran Construction Chamber (Casalco), urged the government to begin as soon as possible a number of construction projects pending execution.

One Third of Salvadoran Construction Firms Without Work

March 2009

The prospects of the construction sector for this year are a 4% decrease.

Ismael Nolasco, executive director of the Salvadoran Construction Industry Chamber (CASALCO) informed Elsalvador.com: "There are no closed businesses, but 30% of them just pay taxes and services and go to the office because there is no work; sector outlook for this year is that there will be a 4% decrease and this estimate translates into businesses closing."

El Salvador: Construction Stalled by Lack of Funding

March 2009

There are 19 housing projects which would generate about 2,400 houses in different market segments that are stagnant.

Ismael Nolasco, executive director of the Salvadoran Construction Industry Chamber (CASALCO) detailed in Elsalvador.com: "Eleven projects are already in the process of analysis in the Multisectoral Investment Bank (BMI), which is responsible for "banking" the projects, meaning that it looks for funding options.

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