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Civil Construction GDP Has the Best Index After Years of Deceleration, Growing 1.6%; Improvement in the Sector Is Indicative of Employment in 2020
Civil construction GDP, improvement in the sector is indicative of employment this year. Bolsonaro took to social media to celebrate the only interesting angle he found in the economic results during his first year in office: the GDP of civil construction. Metallurgical Company Opens Selection Process to Meet New Projects in Civil Construction Works.
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The civil construction sector grew 1.6% in 2019, a rise of 5.4 percentage points compared to 2018. There has not been such a promising period since before the crisis, corresponding to the impact of the Operation Car Wash on the major construction companies after the investigations involving Petrobras.
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“In recent years, several public works have been halted due to the slowdown, the fiscal gap, and the corruption scandals involving the main construction companies linked to the PT and one of the largest corruption scandals in the world,” said Bolsonaro.
In 2013, the last year of growth, civil construction recorded an increase of 4.5%. “With lower interest rates, civil construction GDP is at the highest level since 2013, growing 1.6% after years of deceleration; improvement in the sector is indicative of employment in 2020,” commented President Bolsonaro.
In addition to the strong performance of real estate construction, advances in civil construction are also due to urban planning, roads, and infrastructure works. This last segment, however, is what hinders greater growth in the sector.
The real estate construction market was boosted by consecutive cuts in the basic interest rate, Selic, over the past year. With the resumption of access to credit, financing and property sales hit records.
According to the Brazilian Association of Real Estate Credit and Savings Entities (Abecip), real estate financing grew 37.1% in 2019 compared to the previous year, totaling 78.7 billion reais.
“The civil construction sector created 71,115 jobs for the country in 2019. This is equivalent to 11% of the jobs created in the country. This alone already shows the importance and relevance of our market for Brazilian economic development,” stated the president of the Brazilian Association of Real Estate Developers (Abrainc), Luiz Antonio França.
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