Dominican Republic Construction Market Market Trends

In the past ten years, the Dominican Republic's economy experienced some of the fastest growth in Latin America and the Caribbean. The same period saw a 24% increase in the hotels, bars, and restaurants industry. A vigorous government vaccination campaign and a rebound in international travel aided it. The fiscal expansion was another factor in growth. Increases in the middle class and a decline in poverty are both results of growth. But it also increased the number of people living in cities. More Dominicans relocated to urban areas in the last 15 years. The country transitioned from being an agricultural society to one dominated by vast metropolitan areas, with an increase in the urban population of 50%. Improvements are required for access to basic goods and services in the areas of education, health, water, and electricity that help increase economic opportunities, increase economic mobility, and protect the population of the poor and vulnerable. Growth sectors still need to support the creation of quality jobs. The population's way of life, particularly that of the more vulnerable, is being impacted by rising inflation rates. End-of-year inflation in 2022 was 7.8% y/y, driven by the impact of supply chain disruptions on global markets and rising transport and food commodity prices.