That would mean the sector would grow to $2 billion, a significant jump from 2010, when the sector was valued at $1.65 billion, according to the Panama Chamber of Construction (Capac).
The public sector is driving much of the growth, with a number of large projects on the horizon, particularly in transportation. But housing will also drive this growth.
The market has shifted, however, from luxury apartments to low-income housing. Capac members plan on building 25,000 apartments priced at under $30,000.
Jaime Jované, former president of Capac, said there is room for growth in this area, as the demand for low-income housing is about 140,000 units.