Panama: Value of New Construction Down 3% in 2016

  • Thursday, February 16, 2017
The value of construction, additions and repairs recorded last year fell by 3.2% compared to 2015, mainly due to a 9% drop in the value of non-residential construction.
The main reduction in value was recorded in San Miguelito, with a variation of -29%, followed by Panama, where the value fell by 8%. In the province of Arraiján the value fell by nearly 5%, while in David, Chitre, Santiago, Aguadulce and La Chorrera, the value of new construction grew by 6%.

Figures from the General Comptroller said that in the segment of residential buildings, the total value grew by only 0.3%, with an increase of almost 40% in the district of San Miguelito. At the opposite extreme, the value of buildings for residential use in the province of Colon fell by 59%.

Nonresidential construction was responsible for most of the reduction in the total value of new construction in the country. In comparison with 2015 a decline was registered of almost 9%, mostly explained by the drop recorded in San Miguelito (-68%) and to a lesser extent in Panama (-22%).

See figures from the Comptroller General of Panama. (In Spanish)

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