Dublin, Sept. 27, 2024 (GLOBE NEWSWIRE) -- The "Dominican Republic Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (H2 2024)" report has been added to ResearchAndMarkets.com's offering.
Following annual growth of 2.1% in real terms in 2023, Dominican Republic's construction industry is expected to grow by 2.5% in 2024, thereafter, recording an average annual growth of 4% between 2025 and 2028
Growth will be supported by investments in industrial, housing, and transport infrastructure projects. In December 2023, the government approved the 2024 Budget, which included a total expenditure of DOP1.6 trillion ($333.6 billion) for 2024; this marks a 35% increase compared to 2023. Moreover, rising Foreign Direct Investment (FDI) will also support construction growth in 2024.
According to government data, FDI rose by 28.8% last year, increasing from DOP196.9 billion ($3.2 billion) in 2022 to DOP253.8 billion ($4.4 billion) in 2023. By segment, the tourism sector received DOP67.5 billion ($1.2 billion) in FDI inflow, while the energy sector received DOP61.8 billion ($1.1 billion).
Over the remainder of the forecasted period, growth will also be supported by investments in renewable energy, underpinned by the Republic's objective to achieve carbon neutrality by 2050. In May 2024, Acciona Energia - the Spanish renewable energy company - and Grupo Pais - a conglomerate of service and product sales companies - reported that they are developing the 63.35MW Pedro Corto solar plant in the Dominican Republic. Featuring solar panels on single-axis trackers, the plant will start operations by late 2025, and will reduce CO2 emissions by over 130,000 tons annually.
The project is backed by a 15-year power purchase agreement (PPA) with Edesur Dominicana - a state-owned electricity distribution company. In August 2024, the Superintendent of Electricity announced an investment of DOP121.1 billion ($2.1 billion) over the next six years for key areas across the national electrical system, including circuit rehabilitation, reducing losses in electrical distributors, expanding substations, and modernizing systems. The investment aims to improve infrastructure and improve services for consumers.
Scope
- Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Dominican Republic, 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
Reasons to Buy
- Identify and evaluate market opportunities using the analyst'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 the analyst's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Latest news and developments
4 Project analytics
5 Construction Market Data
6 Risk Profile
7 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/801vh1
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