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.
Jované denied that Panama has experienced a housing bubble, saying strict banking controls has prevented that from happening. Also, he said that the increased demand for housing by workers from foreign companies moving to Panama should keep prices from falling.