Market Research Report
Taiwan Construction Market Size, Trends and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2022-2026
|Taiwan Construction Market Size, Trends and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2022-2026|
Published: May 11, 2022
Content info: 26 Pages
Delivery time: 1-2 business days
The construction industry in Taiwan is expected to expand by 3.4% in real terms in 2022, following an annual growth of 8.5% in 2021. The enhanced financial assistance of TWD200 billion ($7.3 billion) in 2021 to households and the government's continuing spending on infrastructure and public works aided the construction industry's output in 2021. According to the Directorate General of Budget, Accounting and Statistics (DGBAS), the industry's value add grew by 8.7% year on year (YoY) in Q4 2021, following Y-o-Y growth of 7.1% in Q3 and 8.5% in Q2 2021. Moreover, in 2022, the industry's output will be supported by the development of infrastructure projects under the Forward-Looking Infrastructure Development Program (FLIDP), with TWD229.8 billion ($8.4 billion) allocated to transportation developments. In addition, an increase in construction permits issued in 2021 will drive the industry's output in the short term. According to the Ministry of Interior (MoI), the total floor area of construction permits issued in the country rose by 4.6% YoY in 2021, with residential construction permits growing by 7.2% during the same period.
GlobalData forecasts the construction industry to register an annual average growth of 3.2% from 2023 to 2026, supported by investments on manufacturing, transport, and renewable energy projects. In 2021, Taiwan Semiconductor Manufacturing Company (TSMC) announced a plan to invest TWD2.75 trillion ($100 billion) over the next three years to expand its chip fabrication capacity, with the company planning to spend between TWD1 trillion ($40 billion) and TWD1.2 trillion ($44 billion) in 2022, up from the TWD824.3 billion ($30 billion) spent in 2021. In March 2022, the National Development Council (NDC) announced that the country plans to spend nearly TWD900 billion ($32.8 billion) on renewable technologies, grid infrastructure and energy storage between 2022 and 2030.
Forecast-period growth will also be supported by investments as part of the Forward-Looking Infrastructure Development Program (FLIDP). The FLIDP covers a wide range of public infrastructure projects, including sectors such as transport, green energy, digital infrastructure, and water environments. Previously, in September 2020, the government set aside TWD510 billion ($18.6 billion) for the second phase of the FLIDP program (2021-24), which will focus primarily on green energy infrastructure, railway infrastructure, 5G infrastructure establishment and digital transformation.
The report provides detailed market analysis, information, and insights into Taiwan's construction industry, including -
This report provides a comprehensive analysis of the construction industry in Taiwan. It provides -