The data presented by the Central Reserve Bank (BCR) indicates that according to the projections of the Salvadoran Chamber of the Construction Industry (Casalco), they indicate that this year a growth of 15% is expected for the construction sector.
The president of Casalco, José Antonio Velásquez, estimated that growth in the construction industry could be greater or similar to last year.
“In terms of growth [de 2024] It shouldn’t be less than what we had last year. Our estimate, up to this moment, is that we should grow by 15% with reference to the closing that we have in 2023. We are currently reviewing our data, because the last one we had reflected 13.5%, but it may be that we have grown more and means that this year’s growth should be the same or higher,” he explained.
Furthermore, Velásquez stated that this sector has currently become one of the main drivers of the country’s economy. “We contribute, together with the real estate sector, around 12.5% to the country’s gross domestic product (GDP).”
In that sense, he highlighted that the growth is reflected in the construction of businesses, industrial offices, and residential buildings, among which there are some 65 and 70 projects that are high-rise and single-level housing.
“Curiously, around 65% and 70% of all the projects that are being developed are high-rise, because it is a trend that marks a change in mentality (in people) of wanting to live in apartments,” explained the president of Casalco.