Overview
- November output rose 9.8% and Capeco estimates December at 10.6%, extending the streak to seven consecutive months of expansion.
- Private initiatives led the upswing, with Obras por Impuestos awards topping S/5,000 million and mining investment up nearly 23% through November.
- Public works reached a record 82.5% execution rate, yet about S/12,400 million was left unspent, and Capeco flagged procurement rules that favor foreign conglomerates over local firms.
- Material costs fell for seven straight months, led by steel, though prices remain more than 22% above March 2020 levels.
- Capeco highlights stagnant construction employment and projects a first‑quarter 2026 slowdown linked to seasonality, elections and persistent public‑sector bottlenecks.