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."
Low public investment and limited access to credit are the main problems, construction companies say.
In the absence financing solutions, the construction union sector initiated meetings with private banks.
Lack of credit, the uncertainty of an election year and rising material and oil costs were the principal causes.
There are 19 housing projects which would generate about 2,400 houses in different market segments that are stagnant.
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