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Construction sector grows 38 percent October 22, 2008

Posted by chandrapong007 in Cambodia, Economics.
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Written by Soeun Say/ The Phnom Penh Post

What meltdown? Spending on construction grows 38 percent in first nine months of 2008

INVESTMENT in construction projects in Cambodia increased 38 percent in the first nine months of 2008, compared to the same period last year, said Lao Tip Seiha, director of the Construction Department in the Ministry of Land Management, Urban Planning and Construction.

Investment in the construction sector grew to nearly US$2.2 billion dollars during the nine-month period, compared to nearly $1.6 billion in 2007, Lao Tip Seiha said. (…)

A stable political and economic environment, and growing demand for office and apartment space continued to attracted both domestic and international real estate development companies to invest in high-rise developments, he noted, with many investors seeking licences to develop properties.

The strong construction sector, in turn, was continuing to contribute to economic growth and stability, he said. creating more jobs for Cambodians. He confirmed that the sector currently employs 45,000 to 50,000 workers nationwide.

More detail: http://www.phnompenhpost.com/index.php/Special-Section/Construction-sector-grows-despite-economic-crisis.html

Price watch
Construction materials:
Steel rods were selling in Phnom Penh markets at 3,523 riels ($0.88) per kilogram on Tuesday, a rise of 60.14 percent over the base price for the year, according to figures from the Ministry of Commerce’s Trade Promotion Department. Cement continued to sell at an average of 19,814 riels per sack, an increase of 23.84 percent over the year’s base price.

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