Panama Construction Industry Report 2024: Output Is Estimated To Have Recorded Growth Of 6.9% In 2024 - Forecasts To 2028

(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Feb. 05, 2025 (GLOBE NEWSWIRE) -- The "Panama construction market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, energy and Utilities, Institutional and Residential Market Analysis to 2028 (H2 2024)" report has been added to ResearchAndMarkets.com's offering.

The construction industry in Panama is estimated to have recorded growth of 6.9% in 2024, proceeding bourgeoning by 18.8% in 2023. Slowdown is attributed to reduced trade activity caused by the drought: El Nino, which affected traffic in the Panama Canal at an estimated annual cost of $500-$700 million, according to Ricaurte Vasquez - the Canal Administrator and Panamanian Economist.

Furthermore, increases in labor costs and construction materials - like sand, brick, glass, and wood - coupled with conflict-induced supply chain disruptions in the Red Sea, are further abetting weaker output growth. According to the National Institute of Statistics and Census of Panama (INEC), the total permitted construction area of key municipalities fell by 25.2% year on year (YoY) in the first five months of 2024, owing to an 11% YoY fall in residential area permits and a 49.5% YoY fall in non-residential buildings.
Nevertheless, growth in 2024 will be supported by the government's efforts to reduce its trade deficit - at $1.26 billion as of October 2024 -and boost tourism, coupled with budget expenditure outlined in the 2025 Budget. According to the Panama Tourism Authority (ATP), tourism revenues rose by 9.3% YoY in the first three quarters of 2024, preceded by annual growth of 15.5% in 2023.

In November 2024, Panama's 71-member unicameral legislature approved the 2025 Budget worth $30.1 billion, which is expected to drive growth in the construction industry in short term. The budget prioritizes economic growth, finance, culture, health, foreign relations, public security, transportation, energy infrastructure, and education. As part of the budget, the government allocated $5.67 billion for the Panama Canal; an increase of 17.6% compared to 2024.
Scope

• Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Panama, featuring details of key growth drivers.
• Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
• Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
• Listings of major projects, in addition to details of leading contractors and consultants

Reasons to Buy

• Identify and evaluate market opportunities using our standardized valuation and forecasting methodologies
• Assess market growth potential at a micro-level with over 600 time-series data forecasts
• Understand the latest industry and market trends
• Formulate and validate business strategies using the analyst's critical and actionable insight
• Assess business risks, including cost, regulatory and competitive pressures
• Evaluate competitive risk and success factors

Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Latest news and developments
4 Project analytics
5 Construction Market Data
6 Risk Profile
7 Appendix
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