Investment in construction booming after Maria

September 4, 2018

According to the Governor’s statistical appendix, from 2016 to 2017, the construction sector has seen a total reduction of 10.7%. More specifically, the public sector has shrank by 8.6%, the private sector by 8.6%, and public enterprises by 11.34%. Nevertheless, construction will almost definitely see considerable growth for 2018 and 2019 due to hurricane Maria. 

 

 

In the wake of Hurricane Maria, Puerto Rico was in need of significant reconstruction in infrastructure, both private and public.

 

For these reconstruction efforts, the Federal Emergency Management Agency (FEMA)  has been injecting funds for a variety of needs, such as municipalities, the Puerto Rico Electric Power Authority (PREPA), the National Guard, and others.

Up until April of 2018, the most significant of these have been $115 million for PREPA, to rebuild the electricity infrastructure, and $75 million for Transportation and Public Works, to rebuild roads. Furthermore, the United States Housing Departments has just approved Puerto Rico’s plan for an additional $1.5 billion. These funds will be directed to rebuilding three main areas:  private housing, commercial properties, and infrastructure. This $1.5 billion injection, that is almost completely directed at construction, will be a huge investment for a sector which In 2017 was valued at $2.4 billion.

 

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