Dominican Republic Construction Market Market Size (2024 - 2029)

Dominican Republic Construction Market Analysis

The Dominican Republic Construction Market size is estimated at USD 35.47 billion in 2024, and is expected to reach USD 54.36 billion by 2029, growing at a CAGR of greater than 9.81% during the forecast period (2024-2029).

Developments in infrastructure, energy, utilities, and residential construction will support this growth.

• The growth in the commercial construction sector will be supported by the recovery in the tourism and retail sector. The government's efforts to raise investment in commercial buildings are expected to support growth over the next five years. Indotel, the telecommunications regulator of the Dominican Republic, started a public consultation on a two-year plan for a development project for 2023-24. Public consultation will be conducted until April 6, 2023. The plan includes the infrastructure access component of the project requiring an investment of DOP 80.6 million (USD 1.45 million). It includes two initiatives aimed at improving telecommunications access in rural areas. The Elias Pinha North Mobile Services Project and the Rural Area Telecommunications Services Project. The second initiative involves building and deploying infrastructure funded by Indotel through the Telecom Development Fund (FDT). It is to serve selected communities under the cluster modality. Beneficiaries of this project will receive a Telecommunications Service Grant for 24 months.
• The publisher revised its previous forecast of 5.5% growth to 1% real growth for the Dominican Republic's construction sector this year. Rising construction costs, higher energy costs, rising unemployment, and supply chain disruption brought on by the Russia-Ukraine conflict are all blamed for this downward revision. The value add of the construction sector decreased by 0.4% year over year (YoY) in the second quarter of 2022, the first decline in YoY values since the fourth quarter of 2020, according to the Central Bank of the Dominican Republic (BCRD). The Ministry of Economy, Planning, and Development declared in August 2022 that in the first seven months of 2022, it had approved 308 projects worth a combined DOP 132.9 billion (USD 2.4 billion). In September 2022, the Ministry of Finance presented the parliament with the draft of the 2023 Budget, which included USD 21.6 billion worth of spending. The government plans to spend DOP 275.4 billion (USD 5 billion) on education, DOP 137.8 billion (USD 2.5 billion) on healthcare, DOP 49.6 billion (USD 892 million) on public works and communications, DOP 27.4 billion (USD 492.8 million) on industry, commerce, and MSMEs, DOP 10.7 billion (USD 192.4 million) on tourism, and DOP 3.1 billion (USD 55.8 million) on the energy and mining sectors.

Dominican Republic Construction Industry Segmentation

Construction includes any on-site physical work that involves erecting a structure, cladding, external finish, formwork, fixtures, installing services, unloading equipment, supplies, or the like. A complete background analysis of the Dominican Republic Construction Market is covered in this report. It includes the assessment of the economy and the contribution of sectors in the economy, market overview, market size estimation for key segments, emerging trends in the market segments, market dynamics and geographical trends, and COVID-19 impact.

The Dominican Republic Construction Market is segmented by sector (residential, commercial, industrial, transportation infrastructure, and energy and utilities). The report offers market sizes and forecasts in value (USD ) for all the above segments.