The construction companies barely collected 20% of the debts, but none of them filed a lawsuit against the State.

As soon as Javier Milei took office as president, construction companies came out in full force to lay out their demands . The new president had raised the flag high, proclaiming "there's no money," which meant public works would be halted—among many other things—and business owners were quick to raise their hands to remind the public of the debt the state owed the sector, both for completed projects and those in progress.

It was $400 billion in completed and ongoing projects , and the biggest fear was that the money would never be collected, something that is still largely a reality today.

According to several industry sources consulted by Clarín, "some of that amount was paid." And although the industrialists themselves find it very difficult to determine a concrete figure regarding how much of that deficit was paid, some companies indicate that "the informal estimate is between 15% and 20%."

Based on the debt originally claimed by the construction companies and the percentage that the government has so far paid, and according to industry estimates, the amount covered ranges between $60 billion and $80 billion.

According to the sector itself, the impossibility of obtaining concrete figures on this matter is related to the fact that neither side is responsible for keeping a tally. Calculations are based on sector estimates and information gathered informally by the companies themselves.

"What happened was that certain items appeared, and for different departments, and with that, some debts were settled; what was needed was paid . In some cases, the debts were fully settled, and in others, partially or very partially. The criteria used were basically age; in this case, debts that had been outstanding for a longer time benefited," said the sources consulted when explaining how the small attempt to balance the accounts began.

Where they didn't benefit, however, was in the payment amounts. The amounts owed were not updated, meaning they were charged what the payroll stated. "If the debt was $100, they received $100 ; at no point was there any room to negotiate an update," the business owners said.

What also changed was the stance taken by the construction companies themselves. Exactly one year ago, some business owners had kicked the can down the road and announced they would initiate legal action against the State to speed up debt collection. None of the cases reached the courts.

"This decision had nothing to do with the fact that some of the red tape had begun to be covered up, but rather with the knowledge that suing the State can be exhausting, not to mention the fact that not everyone is willing to stand up to the government," reflected one businessman.

Beyond the government's very slow trickle of debt payments, what adds to this complex situation is the virtual disappearance of public works. Shortly after taking office, the national government suspended more than 70% of the infrastructure projects that were underway, and of the 2,337 projects that were underway, only just over 100 remained.

The impact this decision had on public works investment was significant. In 2024, it fell by 77.3% in real terms compared to 2023, reaching its lowest level since 2002. This year, more positive figures were seen, although they must be analyzed beyond the coldness of the numbers.

Data for the first quarter of 2025 show 33% real growth compared to the same period last year, although it should be noted that a very harsh fiscal adjustment was implemented during that period, during which investment had already fallen drastically. Today, business expectations are not encouraging.

The sector explains that "for the moment" there are no cases of company bankruptcy, although the already widespread mix of lack of public works and outstanding debts does not suggest an improvement over time.