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Friday, April 25 2014 @ 03:34 AM EDT

$671.8 Million Invested In Construction During First Five Months of 2012

Construction & InteriorsThe construction sector continues its upward trend in Panama, with an increase of 3.9% in ongoing projects, from January to May 2012. This, according to a report from the Office of Economic and Social Analysis of the Ministry of Economy and Finance, which says the increase in construction projects is creating a demand for labor, as well as supplies and building materials. The report says construction continued to grow, both in the number of projects, the amount of investment, and the amount of covered area, giving as examples projects for residences with an increase of 3.6% and other types of projects increased by 14.6%.

The document states there are modest changes in some areas compared to last year, but the standouts were Santiago with 86.0%, Panama with 57.9%, Chitre with 10.4%, and David with 9.6%. Investment in construction projects was 36.8% higher compared to last year, totaling $671.8 million, distributed as follows: 39.0% in residential and 61.0% for non-residential. "Last year the distribution was more uniform (47 and 53 percent respectively). This year, the investment in residential projects grew 13.5% and non residential projects grew by 57.6%. Similar proportions are reflected in the surface areas being built," says the text of the report.

Referring to the expansion of the Panama Canal, which is called the iconic infrastructure project in construction activity, not only for the country but for the region, indicates the waterway experienced an increase of more than 38%. It is noted that the date of the report, the project was employing 11,055 active workers of the total of 22,062 which have been required (in total), of which 61% were from the contractor and 39% by subcontractors.

On the issue of the construction of Line 1 of the new Panama Metro subway system, as of May 2012 the project had been advanced by 30%, and the project will have the capacity to transport about 525,000 passengers per day. (Estrella)

Editor's Comment: The Panamanian economic miracle continues to be fueled by construction projects. It's only 2012 and construction on the Panama Canal expansion project will be running for another few years, at least. As soon as Line 1 of the Panama City Metro subway system is done, they will start Line 2. Then Line 3. What's next? The $6 billion dollar copper mine. As far as buildings are concerned, it started with apartments, then malls, then hotels, and now in the future it's going to be resorts on the beaches. Slinging cement, as hard as they can, all over the place. No sign of a letup, any time soon.

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