BRIEFS. business

More than a million dollars in construction

LA PRENSA

build up: The value of construction work in Panama is reaching new heights. 974770

The recorded value of construction and remodeling of residential and non-residential properties increased by 25.4 percent in 2007, according to preliminary figures provided yesterday by the Contraloría General de la República.

The value of construction in general reached $1,261,000. Residential construction alone amounted to $984,000,000, and non-residential construction to $276,000.

The four areas that most acutely experienced the so-called real estate boom are Panama, which grew 97.8 percent; Colón, which grew 84.2 percent; Arraiján, which grew 30.6 percent; and Santiago, which grew 172.8 percent.

By contrast, diminished values in construction were recorded for Chitré (-47.7 percent); David (-15.4 percent); La Chorrera (-1.3 percent) and San Miguelito (-73.9 percent).

In December 2007, the value of construction work reached a total of $116 million, an increase of 80.1 percent compared to the same period of 2006, in which it reached a total of $64.4 million was recorded.