SOUTH AMERICA – South America is predicted to see minimal GDP growth in the 2nd Q of 2024:

The 12 countries that constitute South America have a combined construction market of $90 to $95 billion in 2024.

South America’s construction sector remains stable and will experience minimal growth as we move into the 1st Q of 2024.

The Brazilian construction sector is estimated to be a $125 billion market or close to 6.5% of the country’s GDP. Brazil’s political and economic situation appears to be improving. Inflation / escalation inflation in Brazil is running close to 4.5% which is a big improvement to 6 months back.

Argentina is experiencing construction inflation rate of between 50% and 75%, reports from Venezuela that inflation is more than 100%. Chile & Colombia are both experiencing reasonably high inflation rates as we move into 2024 and unfortunately this will impact construction costs and future construction activity.

The smaller nations of South / Central America and Caribbean, such as Bolivia, Peru, Paraguay, Ecuador, Panama, Dominic Republic and Jamaica are challenged by high unemployment levels, inflation and rising costs of construction related materials.

Construction related bulk materials and equipment such as copper (wire / pipe), structural steel, rebar, piping (PVC, CS & SS), lumber/ plywood, windows, doors and instrumentation devices are starting to moderate in most countries.