In recent years, the countries in Latin America have taken the necessary steps to continue their growth and, little by little, catch up with the most advanced regions.
The region's economy is expected to grow by about 2% this year and rise to 2.5% in 2020, according to the IMF. These figures are somewhat dampened by slower growth in some of the region's member countries.
However, other countries are indeed experiencing strong growth, such as Colombia, which is projected to grow between 3% and 3.3% in 2019. In addition, according to data from BBVA Research, Peru is expected to grow by around 3.5% or 3.9%, and Chile by 3.2%.
Therefore, the Latin American economy is expected to continue growing in the coming years, which will create many opportunities in the civil engineering and construction sectors.
The Role of Infrastructure in Latin America's Growth
Latin America currently has a deficit in terms of infrastructure. For this reason, measures have been taken recently to address this issue, but even so, investment will need to exceed 4,000 billones over the next decade.
This massive investment in infrastructure will have a very positive impact on the construction industry in Latin America. Below, we will present data from some of the countries in the region:
In this regard, the Colombian Chamber of Construction (Camacol) has provided a positive outlook for growth. In 2019, the construction industry is expected to grow between 3.1% and 4.1%, making it one of the key drivers of the country’s development.
According to estimates from the Center for Economic Studies of the Construction Sector, growth in Mexico will be around 2.5% next year. Infrastructure projects such as the Maya Train and the reconstruction of homes damaged during the 2017 earthquake will contribute to the sector’s development.
In Chile, investment in the construction industry grew by 4% in 2018, and growth is expected to be even higher in 2019, reaching an annual increase of 4.6%.
For its part, Peru’s Ministry of Housing, Construction, and Sanitation estimates that growth in the construction sector will be around 7% this year. In addition, approximately 50 projects worth more than 6,700 million euros will be awarded in 2019.
In addition, in recent years the region has been strongly committed to the use of renewable energy, building a large number of wind and solar power plants. In this regard, Chile has been named the world’s most attractive country for investment in renewable energy.
As a result, more than 70,000 million euros have been invested in renewable energy in Latin America since 2010. The construction of the Cerro Dominador solar thermal plant in Chile and the Lagoa dos Ventos wind farm in Brazil are among the most notable projects currently underway.
The Promising Future of Latin American Engineers
The revolution currently underway with the introduction of new technologies in engineering is also good news for engineers. The use of these new methods leads to the creation of new specialized jobs.
Therefore, Latin American engineers will need to stay ahead of the curve and adapt to the application of these new technologies in engineering, such as the use of Big Data or the implementation of BIM methodology in architecture and civil engineering.
Given the data presented above, the region’s expected growth in the coming years is very promising. The need for infrastructure investment means that the future for engineers in the region looks bright.
In conclusion, given the promising job prospects that are expected to emerge in Latin America in the near future, what are you waiting for to specialize in your field and take advantage of these new job opportunities?
