One Third of Salvadoran Construction Firms Without Work

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

Friday, March 27, 2009

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."

More on this topic

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.

El Salvador: Construction After Banking Flexibility

April 2009

In the absence financing solutions, the construction union sector initiated meetings with private banks.

The Salvadoran Construction Industry Chamber (CASALCO) is not seeking massive loans, but more flexibility in granting credit.

La Prensa Grafica published on its website: According to Nolasco, the hope is to find new funding mechanisms in private banking, as well as to know what the requirements are to gain access to resources. Earlier this year, several construction companies went to the the Multisectoral Investment Bank (BMI) to look for financing mechanisms that would allow the development of 11 housing projects that needed an investment of $70.1 million, of which $31 million was expected to be obtained from the second-tier bank."

El Salvador: 6% Decrease in Construction for 2008

May 2009

Lack of credit, the uncertainty of an election year and rising material and oil costs were the principal causes.

The Salvadoran Construction Industry Chamber (CASALCO) had predicted zero growth.

German Rivas of Laprensagrafica.com published statements by the Executive Director of CASALCO in his article: "The expectations for 2009 are not very optimistic.

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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