Colombia Construction Market Size, Trends, and Forecasts Analysis 2024-2028 - Subdued Growth of 1.8% is Forecast for 2024, Following an Estimated Decline of 5.2% in 2023

DUBLIN, March 26, 2024 /PRNewswire/ -- The "Colombia Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2024-2028" report has been added to ResearchAndMarkets.com's offering.

The Colombian construction industry is expected to record subdued growth of 1.8% in 2024, following an estimated decline of 5.2% in 2023. The decline in 2023 is attributed to elevated inflation, high construction material costs and interest rates.

According to the International Monetary Fund, the country's inflation jumped from 3.5% in 2021 to 10.2% in 2022 and remained high in 2023 at 11.4%. The residential sector will decline further in 2024, but this will be offset by investment in the infrastructure, industrial and energy segments.

In November 2023, the Empresas Publicas de Medellin (EPM), approved a budget of COP28.8 trillion ($7 billion) for 2024 to develop road infrastructure, transmission, electricity distribution, gas, water supply, and wastewater facilities. This budget was up by 19% compared to COP24.2trillion ($5.9 billion) in 2023. Moreover, the national infrastructure agency (ANI) has planned COP17.8 trillion ($4.3 billion) for investment in transport infrastructure projects in 2024 including the expansion of Rafael Nunez airport in Cartagena and the Public-private partnership (PPP) for the Dorada-Chiriguana rail corridor will support the growth in construction industry in 2024.

Over the remaining part of the forecast period, the construction industry is expected to record an annual average growth rate of 5.5% between 2025 and 2028, supported by investments in transport and energy projects. Growth will be supported by the government's intention to invest COP101.9 trillion ($24.9 billion) during the current presidential term (ending August 2026) to develop transportation infrastructure.

Among the recent developments, in October 2023, state owned infrastructure company Empresas Publicas de Medellin awarded a contract of COP1 trillion ($254 million) to Chinese energy company Yellow River Co, Colombian mining company LTD Sucursal and Colombian engineering and construction company Schrader Camargo S.A.S for the construction of the 2,400MW Hidroituango dam. Additionally, government's plans to offer affordable residential houses by 2030 through Vision 2030 will also support growth in the forecast period.

The report provides detailed market analysis, information, and insights into the Colombian construction industry, including:

• The Colombian construction industry's growth prospects by market, project type, and construction activity
• Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Colombian construction industry
• Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

This report provides a comprehensive analysis of the construction industry in Colombia:

• Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Colombia, 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

Report benefits:

• Identify and evaluate market opportunities using the 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 strategy using the critical and actionable insight.
• Assess business risks, including cost, regulatory and competitive pressures.
• Evaluate competitive risk and success factors.

For more information about this report visit https://www.researchandmarkets.com/r/jtti7l

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SOURCE Research and Markets

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