Construction Grew 43% In First Semester of 2006

August 4, 2006

Costa Rica’s construction industry saw a 43% increase in growth during the first six months of the year compared to the same period last year, according to a Federated Association of Engineers and Architects (CFIA) report.

Between January and June of this year, 3.9 million square meters were built, compared to 2.7 million during the first half of 2005, according to the report.

Residential construction, which represents 55% of all building in the period, was the fastest growing sector of the construction industry with 1 million square meters of construction.

Industrial construction came next with 309,032 square meters built, or 16% of total building, followed by commercial construction with 252,432 square meters, or 13% of total building.

Most of the construction projects came from private investment, national and foreign, in areas such as homes, tourism, industry and storage.

Construction was concentrated in San José and the northwestern coastal province of Guanacaste, where 454,927 and 443,028 square meters were built.

In Guanacaste, construction has been fueled by large tourism projects, particularly high-end hotels and condominiums.

The regions with the least amount of development were the Carribean-slope provinces of Limón and Cartago.

The CFIA added that the growth is continuing into the second semester.

 

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