Construction sector growth remains on the whole unattractive across the region. Growth is expected to slow in Nicaragua and Costa Rica in the near term, whilst we believe Panama's current industry boom as a limited time horizon. El Salvador, Guatemala, Belize and Honduras are all struggling to post positive growth, and considering their small industry sizes are significant underperforming. Consequently, we see high risks, small scale and limited growth opportunities across the region as a whole. That said, we do see potential growth in a number of sub-sectors, including social housing, renewables and hydropower, gas conversion, and airports and ports. Local and regional companies, as well as Chinese construction companies, will be most likely to benefit.