General Contractors believe Puerto Rico has capacity to push reconstruction forward
A survey conducted by the Puerto Rico Chapter of the Associated General Contractors of America among its members showed that local businesses have a combined bond capacity exceeding $6 billion and access to financing with local banking with revolving lines of credit, as well as enough management capacity to push projects forward.
During its the induction of its new Board of Directors, the trade group disclosed that the survey also showed there are companies with extensive experience in different construction sectors ranging from transportation and the US Army Corps of Engineers to energy, water, and structures of different types.
“The question isn’t whether there is capacity, the question is when and how much work we will have to be able to plan and adjust our operations to meet more demand,” said Umberto Donato, who will continue as president of AGCPR during 2021.
He also stressed on the importance of maximizing the use of resources available in Puerto Rico to ensure that the capital generated stays in local hands.
The association conducted a survey among its members, which account for 80% of the construction activity on the island, to show that the local industry currently has enough existing and residual capacity to begin reconstruction works.
During the event, Gov. Pedro Pierluisi announced that the minimum wage for construction workers will be set at $10.95 per hour.