Following a decade of economic headwinds in which inflation reached 40 percent and interest rates reached 24 percent, the Argentinian economy looks set to improve. Government reforms include a USD16.5bn bond aimed at boosting construction investment, fewer legal obstacles, and the ending of lawsuits that prevented access to global capital should all help.
As the country opens up to USD32bn of foreign investment the construction industry should benefit. The Argentinian government is set to boost infrastructure spending across many sectors including airports, freight rail, roads, tunnels and power plants. This will boost the construction sector, and create construction trade jobs.
Engineers across all specialities are highly sought-after, with salaries approximately 30 percent higher than other industry professionals. Construction costs increased by as much as 27 percent during 2016 as inflation increased materials prices, causing firms to re-evaluate project decisions.
The IMF expects Argentinian growth to improve to 2.7 percent in 2017. The new reforms provide confidence that higher construction growth will occur in 2017 and inflation should reduce, this will ease the cost pressure on construction jobs.