According to a report by the Congressional Committee on the Economy, there were 787,777 meters approved during the first four months of 2008.
Sigloxxi.com reported statements by the president of the Guatemalan Chamber of Construction (CGC), Alvaro Mayorga: "The problems have increased because of credit restrictions from the banking system. They need to take the necessary measures to protect themselves."
January 2010 figures show a 29.6% reduction in construction permits and 41.9% in square meters.
In the home building segment, the fall was even sharper: 41.2%, according to data from the Central Bank of Guatemala.
According to Pedro Prado, from ASIES (social studies association), the government has taken too long to pass a series of stimulus measures such as Fovi (a fund for financing home building) and Foga (a guarantees fund).
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.
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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