Colombia Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027
Summary
The Colombian construction industry is expected to contract by 3.4% in real terms in 2023, after growing by 6.5% in 2022. The decline in 2023 is attributed to rising inflation, high construction material costs and interest rates. According to the Colombian Chamber of Construction (Camacol), the Producer Price Index (PPI) for construction materials rose by 13.5% year on year (YoY) in the first four months of 2023, preceded by an annual increase of 14.5% in 2022. Public opposition to the Petro administration’s plan to increase taxes has also increased political risk, potentially undermining investor confidence.
The country’s construction sector is expected to record an annual average growth rate of 4.8% between 2024 and 2027, but it will remain far below levels recorded in 2019 before the disruption cause by COVID-19. The improvement in the latter part of the forecast will be supported by the government’s effort to move away from oil dependent economy which will facilitate investment in renewable energy. As part of this plan, the Ministry of Mines and Energy is undertaking the construction of 16 wind farms with a generation capacity of 2,502MW in La Guajira. With an investment of COP10.1 trillion ($2.5 billion), the ongoing construction works that commenced in Q3 2022 is expected to reach its completion by the end of 2027. Over the forecast period, the industry’s growth will also be supported by government’s aim to push forward with plans for its fifth generation (5G) concessions program after accelerating the completion of Colombia’s fourth generation (4G) infrastructure development program. In line with this plan, the government is aiming to have 30% of the total population have access to 5G connection by the end of 2025 and 68% of the total population by 2030.
This report provides detailed market analysis, information, and insights into the Colombian construction industry, including -
- The Colombian construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Colombian construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
This report provides a comprehensive analysis of the construction industry in Colombia. It provides -
- Historical (2018–2022) and forecast (2023–2027) valuations of the construction industry in Colombia, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
- Identify and evaluate market opportunities using GlobalData's standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using GlobalData's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
- 1 Executive Summary
- 2 Construction Industry: At-a-Glance
- 3 Context
- 3.1 Economic Performance
- 3.2 Political Environment and Policy
- 3.3 Demographics
- 3.4 Risk Profile
- 4 Construction Outlook
- 4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
- 4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
- 5 Key Industry Participants
- 5.1 Contractors
- 5.2 Consultants
- 6 Construction Market Data
- 7 Appendix
- 7.1 What is this Report About?
- 7.2 Definitions
- 7.3 CRI Methodology
- 8 About GlobalData
- 9 Contact Us
- List of Tables
- Table 1: Construction Industry Key Data
- Table 2: Colombia, Key Economic Indicators
- Table 3: Colombia, Commercial Construction Output by Project Type (Real % Change), 2018–27
- Table 4: Colombia, Top Commercial Construction Projects by Value
- Table 5: Colombia, Industrial Construction Output by Project Type (Real % Change), 2018–27
- Table 6: Colombia, Top Industrial Construction Projects by Value
- Table 7: Colombia, Infrastructure Construction Output by Project Type (Real % Change), 2018–27
- Table 8: Colombia, Top Infrastructure Construction Projects by Value
- Table 9: Colombia, Energy and Utilities Construction Output by Project Type (Real % Change), 2018–27
- Table 10: Colombia, Top Energy and Utilities Construction Projects by Value
- Table 11: Colombia, Institutional Construction Output by Project Type (Real % Change), 2018–27
- Table 12: Colombia, Top Institutional Construction Projects by Value
- Table 13: Colombia, Residential Construction Output by Project Type (Real % Change), 2018–27
- Table 14: Colombia, Top Residential Construction Projects by Value
- Table 15: Colombia, Key Contractors
- Table 16: Colombia, Key Consultants
- Table 17: Colombia, Construction Output Value (Real, $ Million)
- Table 18: Colombia, Construction Output Value (Nominal, COP Billion)
- Table 19: GlobalData Construction Market Definitions
- Table 20: Risk Dimensions
- Table 21: Ratings, Scores and Definitions
- List of Figures
- Figure 1: Latin America, Construction Output (Real % Change), 2021–27
- Figure 2: Colombia, Construction Output by Sector (Real % Change), 2021–23 and 2024–27
- Figure 3: Colombia, Risk Summary
- Figure 4: Colombia, Risk Regional Comparison
- Figure 5: Colombia, Construction Output Value (Real, $ Billion, 2017 Prices and Exchange Rate), 2018–27
- Figure 6: Colombia, Construction Output Value, by Sector (Real, $ Million), 2018–27
- Figure 7: Colombia, Construction Value Add (COP Billion, 2015 Chained Prices), YoY % Change
- Figure 8: Colombia, Gross Capital Formation (COP Billion, 2015 Chained Prices)
- Figure 9: Colombia, Total Area Approved for Construction, In Thousand m2
- Figure 10: Colombia, Number of People Employed in The Construction Industry, In Thousands
- Figure 11: Colombia, Producer Price Index (PPI) for Construction Materials (2014=100)
- Figure 12: Colombia, Production and Sales of Cement, In Tons
- Figure 13: Colombia, Production of Ready-Mixed Concrete, In Thousand m3
- Figure 14: Colombia, Construction Projects Momentum Index
- Figure 15: Latin America, Construction Projects Momentum Index
- Figure 16: Colombia, Commercial Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 17: Colombia, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 18: Colombia, Retail Sales Index, In Real Prices (2019=100)
- Figure 19: Colombia, Non-Resident Visitor Arrivals, In Thousands
- Figure 20: Colombia, Value Add of Wholesale and Retail and Repair of Motor Vehicles and Motorcycles, Transportation and Storage, and Accommodation and Food Services Activities (2015 Chained Prices, COP Billion)
- Figure 21: Colombia, Value Add of Artistic, Entertainment and Recreation, and Other Service Activities (COP Billion, 2015 Chained Prices)
- Figure 22: Colombia, Industrial Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 23: Colombia, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 24: Colombia, Manufacturing Value Add (COP Billion, 2015 Chained Volume Measures)
- Figure 25: Colombia, Industrial and Manufacturing Production Indices (2018=100)
- Figure 26: Colombia, Total Exports ($ Million)
- Figure 27: Colombia, Infrastructure Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 28: Colombia, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 29: Colombia, Value add of Civil Engineering Works (COP Billion, 2015 Chained Prices)
- Figure 30: Colombia, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 31: Colombia, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 32: Colombia, Value Add of Supply of Electricity, Gas, Steam and Air Conditioning and Water Distribution, Wastewater Evacuation and Treatment and Waste Management and Environmental Sanitation Activities, (COP Billion, 2015 Chained Volume Measures)
- Figure 33: Colombia, Information and Communication Value Add (COP Billion, 2007 Constant Prices)
- Figure 34: Colombia, Institutional Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 35: Colombia, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 36: Colombia, Value Add of Education, Human Healthcare and Social Service Activities, (COP Billion, 2015 Chained Volume Measures)
- Figure 37: Colombia, Value Add of Public Administration and Defence and Compulsory Social Security Plans (COP Billion, 2015 Chained Prices)
- Figure 38: Colombia, Residential Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 39: Colombia, Residential Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 40: Colombia, Real Estate Value add, (COP Billion, 2015 Chained Volume Measures)
- Figure 41: Colombia, Total Area Approved for Housing, In Thousand m2
- Figure 42: Colombia, Total Balance of Mortgage Portfolio, In Current Prices, In COP Billion, % Change YoY
- Figure 43: Colombia, New Housing Price Index (IPVN), Q4 2020=100, % Change YoY
- Figure 44: Colombia, Disbursement for Home Purchase, In COP Billion, Constant Prices
- Figure 45: Colombia, Headquarters of Key Contractors (% of Total Project Pipeline)
- Figure 46: Colombia, Headquarters of Key Consultants (% of Total Project Pipeline)
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