iCrowd Newswire
18 Sep 2023, 23:02 GMT+10
The Latin America construction market size is expected to reach $612.6 billion by 2027, according to a new report by GlobalData Plc. Strong public and private investment in infrastructure, and energy and utilities construction is expected to remain a key engine of growth in the region over the forecast period.
Latin America Construction Market Share by Sectors, 2018 - 2027 (%)
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Latin America Construction Market FAQs
The Latin America construction market size is estimated to be $542.6 billion in 2023.
The construction market in the Latin America is expected to grow at a CAGR of 2.5% during 2023-2027.
The key sectors in the Latin America construction market are commercial construction, energy and utilities construction, industrial construction, infrastructure construction, institutional construction, and residential construction.
The key countries in the Latin America construction market are Argentina, Bolivia, Brazil, Chile, Colombia, Dominican Republic, Ecuador, Mexico, Panama, Peru, and Uruguay.
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Latin America Construction Market Dynamics
Latin America's construction industry continued to grow in 2022, expanding by 4.1%, but the industry has been losing growth momentum with the pace of growth decelerating in recent quarters, indicating a weaker outturn in 2023. The regional construction output growth is expected to decline by 0.5% in real terms in 2023. The industry's weak performance in the current year reflects the downturn in the regional residential sector.
High inflation, high-interest rates, poor fiscal metrics, and political unrest will continue to hamper the region's growth potential. However, there are signs of inflationary pressure subsiding and easing pressure on industry growth. Forecast period growth will be further supported by the public and private sector investment in housing projects, amid rising population, urbanization, and expanding housing deficit in the region. According to the Uruguay government's estimates, the country had a housing deficit of 60,000 to 70,000 homes, as of September 2022. Similarly, the housing gap in Peru is estimated at around 1.8 million housing units.
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Latin America Construction Report Highlights
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Latin America Construction Market Outlook
GlobalData Plc has segmented the Latin America construction market report by sectors and countries:
Latin America Construction Sectors Outlook (Value, $ Million, 2018-2027)
Latin America Construction Countries Outlook (Value, $ Million, 2018-2027)
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GlobalData is a leading provider of data, analytics, and insights on the world's largest industries. In an increasingly fast-moving, complex, and uncertain world, it has never been harder for organizations and decision-makers to predict and navigate the future. GlobalData's mission is to help our clients to decode the future and profit from faster, more informed decisions. As a leading information services company, thousands of clients rely on us for trusted, timely, and actionable intelligence. Our solutions are designed to provide a daily edge to professionals within corporations, financial institutions, professional services, and government agencies.
Tags: Latin America Construction Market, Latin America Construction Market Growth, Latin America Construction Market Share, Latin America Construction Market Worth
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