Following a contraction in the construction sector in 2014, Costa Rica experienced a surprising recovery in 2015, recording positive growth, according to data released by the Costa Rican Chamber of Construction.
CCC president Guillermo Carazo reported that the sector was anticipated to close 2015 with a positive growth rate of approximately 4 percent, following a negative growth rate of -2.3 percent the previous year.
The news was a surprise after a report last summer indicated that construction activity in Costa Rica had actually declined across the board, compared to activity during the first half of 2014.
Between October 2014 and September 2015, a total of 6,480,574 square meters of construction were completed in Costa Rica.
Although news of positive growth in the sector is certainly welcome, it remains far from the double-digit growth the construction industry experienced in Costa Rica in 2012. Contraction in the construction sector began in 2013.
In 2015, the housing sector led growth in the construction industry, followed by commercial development.