Slight Recovery in Salvadoran Construction Industry

The stimulus activities undertaken by private constructors in the first half of the year resulted in mild recovery signals by June.

Thursday, July 22, 2010

Mario Rivera, president of the Salvadoran Construction Chamber (CASALCO), commented that despite this mild recovery, the sector urgently needs public investment in infrastructure projects.

He also noted that some 2.500 jobs were added in the past six months.

According to “Rivera commented that some private projects suspended in 2008 and 2009 due to the financial crisis, are being restarted. He added that he cannot disclose which they are until its developers make the respective public announcements”.

More on this topic

El Salvador: Housing Market Experiences Slight Recovery

April 2011

The market registers over $30 million in social housing purchases (up to $75.000).

Mario Rivera, president of Casalco, the Salvadoran Construction Chamber, explained that in the first months of 2011 they've experienced a paused recovery, the first since 2008.

However, he added, the situation is still fragile, and he acknowledged they must improve the lack of housing options for high income families.

Salvadoran Developers Look Abroad for Loans

July 2010

Faced with restrictions on local credit availability, 10 projects are looking to foreign banks for finance.

Mario Rivera, president of the Salvadoran Construction Chamber (Casalco), commented that it is not yet possible to access credits from the guarantee fund set up through a trust by the Multisectorial Bank of Investments (BMI).

Salvadoran Bureaucracy Hampers Home Building

June 2010

Business unions complain that excessive red tape complicates the country’s economic recovery.

The Social Housing Fund has 93 projects pending authorization, including private and public initiatives.

The Salvadoran Construction Industry (Casalco), estimates that it takes 18 months to complete the required paperwork, stating that this adds considerable costs to any project.

Salvadoran builders unable to sell homes

December 2008

With a few days left before the end of 2008, there is concern about the inventory and little or no sale of houses in the market due to the credit restriction.

Mario Rivera, president of the Salvadoran Chamber of the Construction Industry (Casalco), added that the companies still have apartments or houses and that "they are unable to sell them because there is no financing for family," and therefore run the risk that the builders will not be able to fulfill their commitments with the banks.

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