Albany, New York, January 12, 2017: The rapid expansion of the construction sector in Colombia has given a positive growth to the market. Due to the government investments, country’s construction industry will continue to expand in real terms over the forecast period, studied by Timetric’s new report added to the wide database of Market Research Hub (MRH). This study is titled “Construction in Colombia, Key Trends and Opportunities to 2020” and analyzes that in real terms the registered growth rate was 3.9% in 2015 which was lesser than the previous years. Thus, economic recovery united with government investments in residential and infrastructure enhanced the issuance of building permits and contributed to its growth.
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The unification of public and private investment in infrastructure other than this implementation of public housing plans continue to be the major drivers for Colombia construction Market. There are several projects ranging from highway construction to expansion of transport infrastructure, energy and utilities and affordable housing projects. According to the DANE, the new housing price index increased by 7.1%, from 97.7 in 2014 to 104.6 in 2015, by the rising demand for residential property and a housing deficit.
According to the key findings, strengthening of the government’s housing programs, as well as a continued prominence on improving transport infrastructure of Colombia’s construction sector is well placed for growth over the forthcoming years. Construction of highways and other infrastructure is accelerating as successive tenders for the Fourth Generation (4G) road projects are launched. Under the 4G highway program, the investment of COP70.0 (i.e. US$35.0 million) to renovate 8000 km of road and 3500 km of the four-lane highway by 2020 is assessed.
Further the report also discusses the analysis of equipment, material and service costs across each project type. The list of the leading operators in the Colombian construction industry is also profiled in the report. Some of the plans and projects by the key findings of the study for different sectors are as follows:
- For the tourism and manufacturing sectors, educational and public infrastructure, the government has introduced a plan named ‘PIPE 2.0 Plan de Impulso a la Productividad y el Empleo’ with the investment of COP16.8 trillion (US446.1 billion) through 2020.
- For the development of sea ports and airports, the government plans to expand sea ports with an investment of COP2.1 billion (US$765, 897.6) and to build two new airports by an investment of COP2.3 billion (US$838, 840.2).
- To meet the rising energy demand in Colombia, the government also aims to expand the nation’s power generation capacity. Under the Energetico 2050 plan, the government plans to establish smart grids during the forecast period.
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For the readers, the report goes through with the critical insights into the impact of industry trends and issues along with the risk and opportunities that will be helpful for the participants in the Colombian construction industry.
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