Colombia Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2028

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Published: February 08, 2024 Report Code: GDCN1305MR-ST

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Colombia Construction Market Report Overview

The Colombia construction market size was $55.1 billion in 2023. The market will garner an AAGR of more than 5% during 2025-2028. Investments in transport and energy projects will drive the sector’s growth during the projected period. Furthermore, the government’s intention to invest COP101.9 trillion ($24.9 billion) during the current presidential term (ending August 2026) to develop transportation infrastructure will propel the sector’s growth during the projected period.

Colombia Construction Market Outlook, 2023-2028 ($ Billion)
Colombia Construction Market Outlook, 2023-2028 ($ Billion)
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The Colombia construction market research report provides detailed market analysis, information, and analysis of the Colombia construction industry comprising market growth prospects by project type and construction activity. The report also delivers critical insights into the impact of industry trends and an assessment of key risks and opportunities in the Colombia construction industry. It also analyzes the mega-project pipeline, focusing on development stages, participants, and listings of major projects in the pipeline. The market report discusses the key sectors in the construction market and provides an overview of each sector along with their driving factors.

Market Size (2023) $55.1 billion
AAGR (2025-2028) >5%
Forecast Period 2023-2028
Historical Period 2018-2023
Key Sectors ·        Commercial Construction

·        Industrial Construction

·        Infrastructure Construction

·        Energy and Utilities Construction

·        Institutional Construction

·        Residential Construction
Key Contractors ·        China Communications Construction Co Ltd

·        SP Ingenieros SAS

·        Mota-Engil SGPS SA

·        MIncivil SA

·        Construcciones El Condor SA
Key Consultants ·        Ingetec Gerencia y Supervision

·        IDOM Consulting, Engineering, Architecture SAU

·        Worley Ltd

·        SENER Grupo de Ingenieria SA

·        SYSTRA SA
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Colombia Construction Market Segmentation by Sectors

Infrastructure construction was the leading sector in the Colombia construction market in 2023

The key sectors in the Colombia construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction. In 2023, the infrastructure sector accounted for the highest market share.
Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. The government’s efforts to increase the country’s renewable energy sources, as well as to expand and upgrade the telecommunications networks will propel the sector’s growth during the forecast period.

Residential construction: The project types in this sector include single-family housing and multi-family housing. The residential construction industry’s recovery over the later part of the forecast period can be attributed to private investments in the housing sector coupled with government programs and initiatives to promote the development and financing of housing construction.

Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. The government plans to continue its spending on infrastructure projects, focusing on improving regional connectivity through the development of transport infrastructure will influence the sector’s growth.

Commercial construction: The project types in this sector include leisure and hospitality buildings, office buildings, outdoor leisure facilities, retail buildings, and other commercial construction. The commercial sector’s growth over the forecast period can be attributed to private investment in data centers, retail stores development, and warehouse construction.

Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. Government and private investments in the healthcare, education, and research infrastructure will support forecast-period growth in the institutional construction sector.

Industrial construction: The project types in this sector include chemical and pharmaceutical plants, manufacturing plants, metal and material production and processing plants, and waste processing plants. The gradual recovery in industrial and manufacturing activities coupled with an improvement in the wider economy will support the sector’s growth.

Colombia Construction Market Analysis by Sectors, 2023 (%)
Colombia Construction Market Analysis by Sectors, 2023 (%)Buy the Full Report for more Sector Insights into the Colombia Construction Market

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Colombia Construction Market - Competitive Landscape

China Communications Construction Co Ltd emerged as the leading contractor and Ingetec Gerencia y Supervision as the leading consultant in the Colombia construction market in 2023

The leading contractors in the Colombia construction market are:

  • China Communications Construction Co Ltd
  • SP Ingenieros SAS
  • Mota-Engil SGPS SA
  • MIncivil SA
  • Construcciones El Condor SA

Domestic contractors account for most of the project pipeline in the Colombia construction market. Firms based in China are the dominant foreign contractors.

Colombia Construction Market Analysis by Contractors, 2023 (%)
Colombia Construction Market Analysis by Contractors, 2023 (%)Buy the Full Report to Know More about the Contractors in the Colombia Construction Market

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The leading consultants in the Colombia construction market are:

  • Ingetec Gerencia y Supervision
  • IDOM Consulting, Engineering, Architecture SAU
  • Worley Ltd
  • SENER Grupo de Ingenieria SA
  • SYSTRA SA

Consultants with headquarters outside Colombia are involved in most of the project pipeline by value. Among foreign-based consultants, firms based in the US are involved in 27% of projects in the pipeline in which a foreign consultant is operating.

Colombia Construction Market Analysis by Consultants, 2023 (%)
Colombia Construction Market Analysis by Consultants, 2023 (%)Buy the Full Report to Know More about Consultants in the Colombia Construction Market

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Colombia Construction Market – Latest Developments

  • In November 2023, the Empresas Públicas de Medellín (EPM), approved a budget of COP28.8 trillion ($7 billion) for 2024 to develop road infrastructure, transmission, electricity distribution, gas, water supply, and wastewater facilities. This budget was up by 19% compared to COP24.2trillion ($5.9 billion) in 2023.
  • In October 2023, state owned infrastructure company Empresas Publicas de Medellin awarded a contract of COP1 trillion ($254 million) to Chinese energy company Yellow River Co, Colombian mining company LTD Sucursal and Colombian engineering and construction company Schrader Camargo S.A.S for the construction of the 2,400MW Hidroituango dam. Additionally, government’s plans to offer affordable residential houses by 2030 through Vision 2030 will also support growth in the forecast period.

Segments Covered in the Report

Colombia Construction Sectors Outlook (Value, $ Billion, 2018-2027)

  • Commercial Construction
  • Industrial Construction
  • Infrastructure Construction
  • Energy and Utilities Construction
  • Institutional Construction
  • Residential Construction

Scope

This report provides:

  • A comprehensive analysis of the construction industry in Colombia.

  • Historical and forecast valuations of the construction industry in Colombia, featuring details of key growth drivers.

  • Segmentation by sector and by sub-sector.

  • Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors and projected spending on projects in the existing pipeline.

  • Listings of major projects, in addition to details of leading contractors and consultants.

Reasons to Buy

  • Identify and evaluate market opportunities using GlobalData’s standardized valuation and forecasting methodologies.

  • Assess market growth potential at a micro-level with over 600 time-series data forecasts.

  • Understand the latest industry and market trends.

  • Formulate and validate strategy using GlobalData’s critical and actionable insight.

  • Assess business risks, including cost, regulatory, and competitive pressures.

  • Evaluate competitive risk and success factors.

Table of Contents

  • 1. Executive Summary

  • 2. Construction Industry: At-a-Glance

  • 3. Context

    • 3.1. Economic Performance

    • 3.2. Political Environment and Policy

    • 3.3. Demographics

    • 3.4. Risk Profile

  • 4. Construction Outlook

    • 4.1. All Construction

      • 4.1.1. Outlook

      • 4.1.2. Latest news and developments

      • 4.1.3. Construction Projects Momentum Index

    • 4.2. Commercial Construction

      • 4.2.1. Outlook

      • 4.2.2. Project analytics

      • 4.2.3. Latest news and developments

    • 4.3. Industrial Construction

      • 4.3.1. Outlook

      • 4.3.2. Project analytics

      • 4.3.3. Latest news and developments

    • 4.4. Infrastructure Construction

      • 4.4.1. Outlook

      • 4.4.2. Project analytics

      • 4.4.3. Latest news and developments

    • 4.5. Energy and Utilities Construction

      • 4.5.1. Outlook

      • 4.5.2. Project analytics

      • 4.5.3. Latest news and developments

    • 4.6. Institutional Construction

      • 4.6.1. Outlook

      • 4.6.2. Project analytics

      • 4.6.3. Latest news and developments

    • 4.7. Residential Construction

      • 4.7.1. Outlook

      • 4.7.2. Project analytics

      • 4.7.3. Latest news and developments

  • 5. Key Industry Participants

    • 5.1. Contractors

    • 5.2. Consultants

  • 6. Construction Market Data

  • 7. Appendix

    • 7.1. What is this Report About?

    • 7.2. Definitions

    • 7.3. CRI Methodology

  • 8. About GlobalData

  • 9. Contact Us

Table

Table 1: Construction Industry Key Data

Table 2: Colombia, Key Economic Indicators

Table 3: Colombia, Commercial Construction Output by Project Type (Real % Change), 2019–28

Table 4: Colombia, Top Commercial Construction Projects by Value

Table 5: Colombia, Industrial Construction Output by Project Type (Real % Change), 2019–28

Table 6: Colombia, Top Industrial Construction Projects by Value

Table 7: Colombia, Infrastructure Construction Output by Project Type (Real % Change), 2019–28

Table 8: Colombia, Top Infrastructure Construction Projects by Value

Table 9: Colombia, Energy and Utilities Construction Output by Project Type (Real % Change), 2019–28

Table 10: Colombia, Top Energy and Utilities Construction Projects by Value

Table 11: Colombia, Institutional Construction Output by Project Type (Real % Change), 2019–28

Table 12: Colombia, Top Institutional Construction Projects by Value

Table 13: Colombia, Residential Construction Output by Project Type (Real % Change), 2019–28

Table 14: Colombia, Top Residential Construction Projects by Value

Table 15: Colombia, Key Contractors

Table 16: Colombia, Key Consultants

Table 17: Colombia, Construction Output Value (Real, $ Million)

Table 18: Colombia, Construction Output Value (Nominal, COP Billion)

Table 19: GlobalData Construction Market Definitions

Table 20: Risk Dimensions

Table 21: Ratings, Scores and Definitions

Figures

Figure 1: Latin America, Construction Output (Real % Change), 2022–28

Figure 2: Colombia, Construction Output by Sector (Real % Change), 2022–24 and 2025–28

Figure 3: Colombia, Risk Summary

Figure 4: Colombia, Risk Regional Comparison

Figure 5: Colombia, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2019–28

Figure 6: Colombia, Construction Output Value, by Sector (Real, $ Million), 2019–28

Figure 7: Colombia, Construction Value Add (COP Billion, 2015 Chained Prices), YoY % Change

Figure 8: Colombia, Gross Capital Formation (COP Billion, 2015 Chained Prices)

Figure 9: Colombia, Total Area Approved for Construction, In Thousand m2

Figure 10: Colombia, Number of People Employed in The Construction Industry, In Thousands

Figure 11: Colombia, Producer Price Index (PPI) for Construction Materials (2014=100)

Figure 12: Colombia, Production and Sales of Cement, In Tons

Figure 13: Colombia, Production of Ready-Mixed Concrete, In Thousand m3

Figure 14: Colombia, Construction Projects Momentum Index

Figure 15: Latin America, Construction Projects Momentum Index

Figure 16: Colombia, Commercial Construction Output by Project Type (Real, $ Million), 2019–28

Figure 17: Colombia, Commercial Construction Projects Pipeline, Value by Stage ($ Million)

Figure 18: Colombia, Retail Sales Index, In Real Prices (2019=100)

Figure 19: Colombia, Non-Resident Visitor Arrivals, In Thousands

Figure 20: Colombia, Value Add of Wholesale and Retail and Repair of Motor Vehicles and Motorcycles, Transportation and Storage, and Accommodation and Food Services Activities (2015 Chained Prices, COP Billion)

Figure 21: Colombia, Value Add of Artistic, Entertainment and Recreation, and Other Service Activities (COP Billion, 2015 Chained Prices)

Figure 22: Colombia, Industrial Construction Output by Project Type (Real, $ Million), 2019–28

Figure 23: Colombia, Industrial Construction Projects Pipeline, Value by Stage ($ Million)

Figure 24: Colombia, Manufacturing Value Add (COP Billion, 2015 Chained Volume Measures)

Figure 25: Colombia, Industrial and Manufacturing Production Indices (2018=100)

Figure 26: Colombia, Total Exports ($ Million)

Figure 27: Colombia, Infrastructure Construction Output by Project Type (Real, $ Million), 2019–28

Figure 28: Colombia, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)

Figure 29: Colombia, Value add of Civil Engineering Works (COP Billion, 2015 Chained Prices)

Figure 30: Colombia, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2019–28

Figure 31: Colombia, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)

Figure 32: Colombia, Value Add of Supply of Electricity, Gas, Steam and Air Conditioning and Water Distribution, Wastewater Evacuation and Treatment and Waste Management and Environmental Sanitation Activities, (COP Billion, 2015 Chained Volume Measures)

Figure 33: Colombia, Information and Communication Value Add (COP Billion, 2007 Constant Prices)

Figure 34: Colombia, Institutional Construction Output by Project Type (Real, $ Million), 2019–28

Figure 35: Colombia, Institutional Construction Projects Pipeline, Value by Stage ($ Million)

Figure 36: Colombia, Value Add of Education, Human Healthcare and Social Service Activities, (COP Billion, 2015 Chained Volume Measures)

Figure 37: Colombia, Value Add of Public Administration and Defence and Compulsory Social Security Plans (COP Billion, 2015 Chained Prices)

Figure 38: Colombia, Residential Construction Output by Project Type (Real, $ Million), 2019–28

Figure 39: Colombia, Residential Construction Projects Pipeline, Value by Stage ($ Million)

Figure 40: Colombia, Real Estate Value add, (COP Billion, 2015 Chained Volume Measures)

Figure 41: Colombia, Total Area Approved for Housing, In Thousand m2

Figure 42: Colombia, Total Balance of Mortgage Portfolio, In Current Prices, In COP Billion, % Change YoY

Figure 43: Colombia, New Housing Price Index (IPVN), Q4 2020=100, % Change YoY

Figure 44: Colombia, Disbursement for Home Purchase, In COP Billion, Constant Prices

Figure 45: Colombia, Headquarters of Key Contractors (% of Total Project Pipeline)

Figure 46: Colombia, Headquarters of Key Consultants (% of Total Project Pipeline)

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