Construction activity expected to end the year 9% lower than 2013
(ICR archive)
September 11th, 2014 (InsideCostaRica.com) The Costa Rican Chamber of Construction (CCC) expects the year to end with a 9% decrease in construction activity compared to 2013.
The sector blames the high cost of building materials, as well as excessive regulation, red tape, and paperwork.
The projection is a far cry from projections made by Costa Rica’s Central Bank early in the year, when it projected positive growth in the construction sector of 5.7%. The Bank later lowered that projection in July, though it still remained positive, saying it expected growth of 3.2% for the year.
The Central Bank also lowered projections for growth in the sector for 2015 from 4.1% to 1.3%.
“The fall is seen in almost all sectors of the economy, with industry, commerce and housing the most impacted,” Guillermo Carazo, CCC president, told the financial newspaper El Financiero.
ATTENTION: If you are seeing this message,
- mhogan
- Larry Worsham
