A greater amount of private investment, mainly in construction and infrastructure and transport, explained most of the interannual increase of 11% in formal employment up to December 2016.
Up to December last year companies in the sectors of construction and infrastructure and transport workers increased their payroll by 22% and 20%, respectively, according to figures from the Nicaraguan Institute of Social Security.
In September 2016 an annual increase of 10% was registered in the number of workers signed up with the social security department and a 5% increase was recorded in the average nominal wage.
Membership of the Nicaraguan Institute of Social Security (INSS) grew by 9.8% in September compared with the same month in 2015, with noteworthy sectors being trade, hotels and restaurants, with an increase of 18%, transport, storage and communications, with 17%, construction with 15% and community, social and personal services, with 11.5%, according to Central Bank of Nicaragua.
The Chamber of Builders has recorded eight projects for luxury housing in the country with retail prices ranging from $100 thousand to $450 thousand.
The Chamber of Builders of Nicaragua (Cadur), argues that housing designed for more affluent people have had good sales. Currently there are eight projects of this type recorded in Managua and there are an estimated eight more that are not part of Cadur, with prices ranging from $100 thousand to $450 thousand.
For 2013, the Chamber of Builders of Nicaragua projects an increase in housing construction of between 10% and 12%, the lowest percentage in the past three years.
"In the last three years, not including the current one, between 12,000 and 14,000 homes were built, that's a ratio of about 4000 houses per year, for this reason we believe that this year growth will not have the same level bringing acceleration," said Alberto Atha, vice president of the Chamber of Urban Builders (Cadur).
In one year the number of employees in the formal labor market has grown by 8%.
41,800 new workers were added to the payrolls of companies between April 2010 and April this year, making the number of registered workers rise to 572,500.
Among the sectors which showed the largest increases were mining, electrical, manufacturing and construction.
According to an article in Elnuevodiario.com.ni : "However, economic activities such as agriculture reflect a slowdown or weaker growth, showing an annual increase of 4.45% in the number of unionized workers in the industry. "
The Nicaraguan Social Security Institute will use the money to build 4.800 social housing units.
A group of banks will administer the loans, which will charge interest rates of 8%. They are "Banco de la Producción" (Banpro), "Banco de Finanzas", "Banco de Crédito Centroamericano" (Bancentro) and "Banco de América Central".
Ricardo López, executive director at the Nicaraguan Social Security Institute (INSS), explained the units benefit from "preferential conditions not seen before in the country", adding that the homes will be approved by the Housing Institute (Invur). Each house will not cost more than $30.000", reported Elnuevodiario.com.ni.
At least 3 Nicaraguan banks obtained a loan of $10 million each from the INSS to finance low-income housing projects.
The president of the Association of Private Banks of Nicaragua (ASOBANP), Arturo Arana, told Prensa.com that the agreement with the Nicaraguan Social Security Institute (INSS) “had already been approved and 'I think that several banks already have it. They are going to finance low-income housing with Social Security funds'."
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