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Colombia construction market: Growth of over 8% witnessed in 2012
Construction in Colombia - Key Trends and Opportunities to 2017 - a new market research report on 2014-04-23 16:37:01
The Colombian construction industry registered a CAGR of 6.85% between 2008 and 2012. This growth was fuelled by significant levels of foreign investment in areas such as mining and energy, offices and retail, and improvements in security, as well as business-friendly policies set out by the country.

The industry is expected to grow at a CAGR of 7.39% over the forecast period, backed by substantial investments in physical infrastructure such as roads and social infrastructure such as education and healthcare to enhance economic development. In 2012, the government introduced several amendments to its tax code to promote low-cost social housing for low-income demographics. The move is expected to stimulate growth in the residential construction market.

The Colombian construction industry posted a solid performance in 2012, growing by 8.1%, while the construction value add grew by 9.1% and accounted for 7.3% of GDP in 2012. During this period, the value add of buildings recorded a year-on-year increase of 7.6%, while the value add of infrastructure works increased by 9.9%.

Colombia´s robust economic growth in the 2000s and strong export-oriented industrial base have significantly increased the need for robust infrastructure networks, with infrastructure deficiencies now one of the key barriers to the country´s continued economic growth. Although, as a percentage of GDP, Colombia´s investment in infrastructure rose from 0.66% in 2002 to 1.73% in 2010, with 65% of this funding coming from public sources, the country´s infrastructure development is still failing to address national challenges. To speed up the pace of infrastructure development, the government has realized the importance of collaboration with the private sector, and introduced reforms in PPP law aimed at increasing the efficiency of project finance mechanisms.

Colombia´s export-oriented industrial production is concentrated in areas of textiles, automotive, food processing, oil, clothing and footwear, beverages, chemicals, cement, gold, coal and emeralds. As a consequence of a decline in the demand for manufactured goods from industrialized countries following the global financial crisis, Colombia´s exports decreased by 12.7% in 2009. However, backed by recovery in the global economic environment, exports regained momentum in subsequent years to grow by 20.9% in 2010 and 43.3% in 2011, before slowing to 5.9% in 2012, due to a deceleration in key consumer markets. With a recovery expected, export volumes are likely to rebound and industrial construction is projected to record stable growth over the forecast period.

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