In January and February repairs and construction works rose by more than 40% compared to the same period of 2010.
Monday, May 16, 2011
In the first two months of the year alone, the value of permits presented for new constructions, additions and repairs in different districts around the country totaled $199 million.
According to information from Prensa.com, "the growth of the construction has been observed in both the residential and commercial sectors, according to preliminary data from the Controller of the Republic."
In the first seven months of the year the value of approved construction projects amounted to $918 million, 45.3% more than in the same period last year.
This July alone, the total approved exceeded $151 million, representing a 140% increase compared to July 2011.
Of the total number of permits approved $705 million worth was for projects to be developed in the capital, being mostly non-residential.
The sector experienced a decline of 20% last year compared to 2010.
The construction sector ended 2011 with the value of buildings, additions and repairs at $272.83 million less than 2010, a 20% drop.
"According to the Controller General, the residential segment only reached $459.7 million, suffering a decline of $148.8 million when compared to the previous year.
In May alone building permits for projects worth more than $100 million were approved .
Of all the projects that received approval to start works in May, about half are residential, and the rest are commercial developments or other projects.
One of the reasons behind the boom in this sector is the strong economic growth the country is experiencing, receiving large flows of foreign investment as well as local investments.
In the first quarter there were 20% more imported goods than in the same period of 2010.
The buoyancy experienced by the Panamanian economy has led Panamanians to increase consumption, explaining the significant increase on imported goods in recent months.
An article in Prensa.com notes: "According to preliminary figures from the Controller, from January to March $2,484.800 worth of assets came into the country, whereas in 2010 the total was $69.3 million 2000. "
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