Market Research Report
Construction in Singapore - Key Trends and Opportunities to 2023
|Published by||GlobalData||Product code||260050|
|Published||Content info||52 Pages
Delivery time: 1-2 business days
|Construction in Singapore - Key Trends and Opportunities to 2023|
|Published: January 30, 2019||Content info: 52 Pages||
Singapore's construction industry contracted by 8.4% and 3.5% in real terms in 2017 and 2018 respectively, following an average annual growth of 5.1% during the preceding three years. Consequently, the industry's output value - measured at constant 2017 US dollar exchange rates - decreased from US$22.0 billion in 2016 to US$19.5 billion in 2018. This contraction can be attributed to weak consumer and investor confidence and a reduction in public and private sector investment in construction projects.
The industry is expected to recover over the forecast period (2019-2023) and register positive growth, driven by a recovery in economic conditions and a revival in the manufacturing and service industry. According to Singapore's Department of Statistics (DOS), the country's GDP grew by 4.7% in the first three quarters of 2018 (the latest data available at the time of writing), compared to the same period of the previous year; this was preceded by annual increases of 2.4% and 4.5% in 2016 and 2017 respectively. The government's focus to develop the energy and transport infrastructure in the country is expected to drive the growth of the industry over the forecast period.
The industry's output value in real terms is expected to post a compound annual growth rate (CAGR) of 2.89% over the forecast period, compared to -1.17% during the review period (2014-2018). The industry is consequently expected to rise from a value of US$19.5 billion in 2018 to US$22.5 billion in 2023, measured at constant 2017 US dollar exchange rates.
Residential construction was the largest market in Singapore's construction industry during the review period, accounting for 26.0% of the industry's total value in 2018. The market will retain its spot as the largest segment, but its market share is expected to decrease, accounting for 24.4% of the industry's total value in 2023. Infrastructure construction accounted for 18.5% of the industry's total output in 2018, followed by industrial construction with 18.2%, institutional construction with 16.9%, commercial construction with 11.0% and energy and utilities construction with 9.5%.
The report "Construction in Singapore - Key Trends and Opportunities to 2023", report provides detailed market analysis, information and insights into Singapore's construction industry.
This report provides a comprehensive analysis of the construction industry in Singapore. It provides -