Market Research Report
Construction in Singapore - Key Trends and Opportunities to 2024
|Published by||GlobalData||Product code||260050|
|Published||Content info||50 Pages
Delivery time: 1-2 business days
|Construction in Singapore - Key Trends and Opportunities to 2024|
|Published: March 2, 2020||Content info: 50 Pages||
Having suffered a decline in 2016-2018, Singapore's construction industry recovered in 2019, as industry output grew by 2.9% in real terms that year, following an average annual contraction of 5.4% during 2016-2018. This recovery can be attributed to the improvement in construction contracts awarded and investments on key infrastructure projects such as the Changi Airport Terminal 5 project, the MRT expansion and the Tuas Mega Port project. The residential sector remained weak in 2019, however, due to rising concerns over the growing stock of unsold buildings in the country. The weak performance during the 2016-2018 period can be attributed to weakness in public and private sector construction works, the rescheduling of major public sector infrastructure projects, a weak housing market due to oversupply of housing units and rising interest rates.
Recovery in the country's construction industry is expected to continue over the forecast period (2020-2024), driven by the government's focus on the development of the country's road, rail and other transport infrastructure. In May 2019, the government launched the Land Transport Master Plan (LTMP), with an aim to improve the connectivity of the country's land transport network by 2040. It includes the expansion of the rail network by constructing new stations and railway lines. The government's focus on the development of the country's education and healthcare sectors and investments in renewable energy and housing infrastructure are also expected to support growth.
The industry's output value in real terms is expected to rise at a compound annual growth rate (CAGR) of 3.11% over the forecast period (2020-2024).
However, there are potential risks reflecting the uncertain outlook for the economy and investor confidence owing to the outbreak of the ongoing Coronavirus, which could have an adverse impact on construction spending, particularly in the commercial sector.
GlobalData's Construction in Singapore - Key Trends and Opportunities to 2024 report provides detailed market analysis, information and insights into Singapore's construction industry, including -
This report provides a comprehensive analysis of the construction industry in Singapore. It provides -