INNOVATION IN THE CHILEAN CONSTRUCTION INDUSTRY: PUBLIC POLICY INSTRUMENTS
After many years of steady growth, the Chilean construction industry has been passing through difficult times lately due to the recession produced by the socalled “Asian crisis”. During the last two years, activity decreased to a very low level, with high interest rates that reduced the investment in construction and delayed the selling of new houses. Thus, during 1998 and 1999 the construction industry suffered a strong decline of output. However, starting the year 2000 a slow recovering is being observed and the construction sector is expected to get into the growing path soon.