Uruguay Construction Industry Report 2024: News and Developments, Project Analytics, Market Data, Risk Profile

Core Insights - The construction industry in Uruguay is projected to grow by 0.5% in real terms in 2024, followed by an average annual growth rate of 3.7% from 2025 to 2028, driven by investments in transport, electricity, and housing infrastructure projects [2]. Industry Overview - The construction sector in Uruguay benefits from robust institutions, stable politics, and a conducive business environment, although high levels of regulation and bureaucratic processes present challenges for investors [3]. - Significant labor shortages and skills gaps are identified as headwinds, necessitating additional government funding for vocational training [4]. Renewable Energy Focus - Uruguay excels in renewable energy, generating 90% of its energy from renewable sources, primarily hydroelectric [4]. - The government has authorized the state-owned energy company ANCAP to bid for offshore wind blocks, which will facilitate the production of green hydrogen [5]. Project Pipeline and Opportunities - The Uruguayan government has identified around 20 offshore wind blocks for exploration, with four blocks covering 500 km² available for tender, each having the potential to develop approximately 3 GW of offshore wind power and produce 200 kt/year of green hydrogen [5]. - The Roadmap for Green Hydrogen aims for a production target of 1 Mt/year by 2040 [5]. Market Data and Analysis - The report includes historical (2019-2023) and forecast (2024-2028) valuations of the construction industry, detailing key growth drivers and sector segmentation [9]. - It provides insights into the mega-project pipeline, major projects, leading contractors, and consultants, along with over 600 time-series data forecasts to assess market growth potential [9].