Costa Rica: Construction Fell 13% in 2017

The builders' association has reported that 6.4 million square meters were processed in 2017, 13% less than in 2016.

Monday, January 29, 2018

In a statement from the Costa Rican Chamber of Construction (CCC), the president of the organization, Jorge Arturo González, said that "... 'this slowdown highlights the need to boost private sector investment in construction, which has stopped not only because of political uncertainty, typical of an election year, but also due to excessive procedures, high financing costs, legal uncertainty, low competitiveness in infrastructure and high construction costs, among other things'." See report by the CCC (in Spanish).

Although there is a slight difference, the figures recently reported by the Central Bank coincide with those of the union.  See "Costa Rica: Construction closes 2017 with negative figures".

See also "Central America: What will be built in 2018?"

In relation to the new issues of bank loans for construction, it is estimated that in 2017 the figure fell by around 9% in entities such as the Bank of Costa Rica, because in a response provided to they indicated that " ... the portfolio for the construction sector added around ¢14,000 million ($24 million) in 2017, in new issues, against around ¢15,000 million ($26 million) in 2016."

Despite the fall registered by the union, the construction entrepreneurs themselves  "... do not believe that 2017 was such a bad year. 'I wish it would always keep growing, but the construction goes in cycles and there have been very high increases in the last two years,' said Randall Murillo, executive director of the CCC."

Regarding what is expected in the sector in 2018, reports that " ... both the Federated College of Engineers and Architects (CFIA) and the CCC consider that the fall in 2017 could be maintained in the first months of this year, influenced by the electoral political environment, an effect that could be overcome later. "

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More on this topic

Construction Sector Begins to Recover

January 2019

After the 13% drop registered between 2016 and 2017 in the square meters of buildings processed, between 2017 and last year, there was a slight increase of 2%.

According to figures from the Costa Rican Chamber of Construction (CCC) the construction of the industrial sector was the fastest growing in 2018, with a 30.4% increase, thanks to the growth in the processing of warehouses.

Costa Rica: More Residential and Commercial Construction

January 2016

In 2015 condominiums fueled a growth of 10% in housing projects, while commercial construction increased by 31%.

From a statement issued by the Association of Engineers and Architects:

In 2015, the Association of Engineers and Architects (CFIA) registered more than 9.2 million square meters, a figure that is 14% higher than the amount reported in the previous year.

Costa Rica: Construction Figures up to June 2015

August 2015

The amount of square metres of construction in applications for permits up to June 2015 decreased by 7% compared to the same period in 2014, with office buildings and industry leading the decline, with negative rates of 22% and 10%, respectively.

Data from the Costa Rican Chamber of Construction shows the decline in the number of square meters of construction being processed with the Association of Engineers and Architects.

Perspectives of Construction in Costa Rica

January 2014

In 2014 the dynamism of the sector will depend on the speed with which the current infrastructure problems and excessive paperwork can be resolved.

The Costa Rican Chamber of Construction (CCC) today announced that 2013 closed with a decline of 1.7%, about 99 thousand square meters less than in 2012.

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