At the end of the first quarter, the value of new construction, additions and repairs amounted to $796 million, almost 20% more than in the same period in 2016.
The value of new construction, additions and repairs recorded in April was $226 million, an increase of 47% compared to the value registered in the same month in 2016.
The value of building permits that were processed five years ago in the districts of La Chorrera and Arraiján amounted to $208 million, while the figure at the end of 2016 is estimated at $313 million.
Growth in real estate development in Panama West could be further enhanced once Line 3 of the Metro starts to operate, and the fourth bridge over the Canal has been built.
The value of construction projects, additions and repairs reported between January and May 2016 fell by 9% compared to the same period in 2015.
The district of San Miguelito was the area that recorded the greatest reduction in the value of construction in the first five months of the year, falling by 80% compared to the same period in 2015.At the other extreme is Colon, where there was an increase of 143%, followed by David, Santiago, Chitre, Aguadulce and La Chorrera.
Ten companies are interested in managing the construction of the convention center in Amador.
The companies involved are A.C.I. Proyectos S.A.S., EA Panamá, Ayesa, Manhattan Construction Group, SGS Panamá Control Services, The Louis Berger Group, Cemosa, Proyeco Panamá, Consorcio Glag and Consorcio Urbano, who are competing for the project management of the design, construction, and equipment the new center for conventions, exhibitions and events in Amador.
China Construction America and Construcciones Civiles Generales will have two years to complete construction of the Convention Center in Amador, which has been on hold for 13 months.
The two representatives (one Asian and one Panamanian, in that order) will resume construction of the Convention Center of Amador, which is 35% complete and has been on hold since December 2014.
The increase of nearly 6% in building permits between January and May, differs from the drop in production of some building materials in the same period.
Between January and May an increase of 5.7% was registered in the building permits, which forecasts, according to industry representatives, good perspectives for the coming months. On the other hand, production of ready-mixed concrete, for example, declined by 22% and gray cement 2.6%, indicating that overall construction fell in the first five months of the year.
Sand, concrete, wood and cement, are some of the building materials which continue to show an upward trend, of up to 7%, compared to the previous year.
From a report issued by the National Statistics and Census (INEC):
Comments on the Indices of Retail Prices of Major Building Materials (IPMC), available in the districts of Panama and San Miguelito: February 2015
Projections are that for the five year period between 2015-2020 there will be a shortfall of 70,000 workers in the sectors of construction, logistics, tourism and agriculture.
According to the National Competitiveness Center, in the specified period there will be a shortage of workers especially in the logistics sector, where they will need at least 35,000 technicians, ie 49.5%, while in the construction area demand will be for around 28,000 people, representing 40.3%. In the case of the tourism sector it is estimated that it will require approximately 4,113 technicians, ie 5.7% and in agriculture about 3,203, the remaining 4.5%.
The second quarter saw an increase of 14.8% in the total area of individual houses built compared to the same period in 2013, in the districts of San Miguel and Panama, in the province of Panama.
From a statement by the Comptroller General of the Republic of Panama:
The Census of Construction of Buildings conducted in the districts of Panama and San Miguelito in the second quarter of 2014 showed a decline of 26.7% in the total area constructed compared to the same period in 2013, however the amount of construction of individual households and public administration increased by 14.8% and 434.7%, respectively.
Although the absolute number of building permits processed in June fell compared with the same month in 2013, their total value increased by 161%.
Figures from the Comptroller General's Office said that the value of approved permits for building, additions and repairs was in the order of $231.1 million in June.
Of the total, "...$152.1 million correspond to requests to build in the district of Panama, 65.8% of the construction requests in June across the country, where there were 336 projects, both residential and non-residential."
Price Indexes of Major Retail Construction Materials in the districts of Panama and San Miguelito, up to September, 2013.
A statement from the Comptroller General of the Republic of Panama:
The Price Index of Major Retail Construction Materials (PIMC), available in the districts of Panama and San Miguelito, compiled as of September 2013, showed the following behaviors:
Price Indexes of Major Retail Construction Materials in the districts of Panama and San Miguelito, up to July 2013.
A statement from the Comptroller General of the Republic of Panama reads:
The Price Index of Major Retail Building Materials (IPMC), available in the districts of Panama and San Miguelito, compiled up to July 2013, showed the following behaviors:
Price Indexes of Major Retail Construction Materials in the districts of Panama and San Miguelito, up to July 2013.
A statement from the Comptroller General of the Republic of Panama reads:
The Price Index of Major Retail Building Materials (IPMC), available in the districts of Panama and San Miguelito, compiled up to July 2013, showed the following behaviors:
The Mayor of Panama has announced two new concession projects for underground parking spaces in Panama City.
The institution announced that underground parking will be built at the site of the Street Vendors and Crafts Market on plaza 5 de Mayo, an initiative that already has the approval of the Municipal Council of Panama. Recently this local government approved an agreement to authorize it, signing a concession contract for the development of the parking lots.
Retail prices indices for the main construction materials in the districts of Panama and San Miguelito, up to March 2013.
A statement by the Comptroller General of the Republic of Panama reads:
Indices of Retail Prices of Major Construction Materials (IPMC by its initials in Spanish) in the districts of Panama and San Miguelito, compiled March 2013, showed the following behaviors: