Construction in Chile – Key Trends and Opportunities to 2015

July 19, 2012 - PRLog -- Prior to the global financial crisis in 2009, the Chilean construction industry recorded strong growth. However, weak levels of foreign investment and low domestic demand for construction projects meant that the industry, which grew by 29.1% in 2008, registered a decline of 4.7% in 2009. In contrast, the immediate need for infrastructure construction created by the earthquake in Chile in February 2010, coupled with recovery in the global economy, drove industry growth which recovered in 2010 and recorded a CAGR of 20.0%.

During the review period, the commercial construction market in Chile recorded a CAGR of 12.82%, largely due to the expansion of the office and retail buildings categories, coupled with government efforts to increase tourist inflows. Over the forecast period, the market is anticipated to achieve a CAGR of 7.9%. Potential expansion within the retail sector, office construction market and the tourism industry will drive the commercial construction market over the forecast period.

The infrastructure construction market in Chile recorded the fastest growth of all the construction markets within the industry, registering a CAGR of 16.49% during the review period. Such growth is primarily a result of the government’s increased focus on infrastructure and the rise of private participation within the market. Furthermore, the market is also expected to achieve the fastest growth over the forecast period with a CAGR of 8.37%, as a result of further government and private investments towards the reconstruction and overall development of the country’s infrastructure.

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The institutional construction market was the smallest market in the Chilean construction industry, accounting for 7.7% of the overall industry value in 2010. However, the market is expected to grow at a CAGR of 6.54% over the forecast period, due to increased budget allocations provided to improve the quality of education and healthcare across the country. Furthermore, reconstruction efforts will continue to support growth in the market as the restoration of devastated schools and hospitals, as a result of 2010 earthquake will continue until 2012.

The industrial construction market recorded a growth of 12.20% during the review period. The market was largely supported by manufacturing, chemical, pharmaceutical, and metal and material processing plant categories. Chile was ranked highest amongst South American countries as a promising country to private investors in 2010. Timetric expects the market to achieve a CAGR of 7.11% over the forecast period.

In 2010, residential construction market was the second-largest market within the Chilean construction industry, comprising 20.2% of its total value. Over the review period, the market recorded a CAGR of 15.25%, supported by reconstruction and modernization works following the earthquake in 2010. The market is expected to grow at a moderate CAGR of 7.36%, supported by a rising population and increasing levels of disposable income.

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