DUBLIN--(BUSINESS WIRE)--The "Singapore Construction Industry Databook Series - Market Size & Forecast by Value and Volume (area and units) across 40+ Market Segments in Residential, Commercial, Industrial, Institutional and Infrastructure Construction, Q1 2022 Update, Opportunities" report has been added to ResearchAndMarkets.com's offering.
The construction industry in Singapore is expected to grow by 8.9% to reach SGD 37,298 million in 2022. Despite near-term challenges in certain construction sectors, medium to long term growth story in Singapore remains intact. The construction industry in Singapore is expected to grow steadily over the next four quarters.
The growth momentum is expected to continue over the forecast period, recording a CAGR of 8.2% during 2022-2026. The construction output in the country is expected to reach SGD 45,460.6 million by 2026.
Construction industry is facing mounting challenges amid the global pandemic in Singapore
The construction sector in the country has been experiencing a number of challenges in the midst of the global pandemic, which has been led by acute labor shortages and surging raw material costs. This has resulted in several construction firms ceasing their operations in Singapore.
The publisher expects the construction sector to remain under pressure over the next few quarters in Singapore. However, support from the government can help in the revival of the construction industry over the next four to eight quarters.
Infrastructure projects expected to support the recovery of the construction sector in Singapore
Singapore is one the most modern nations in the world, and the Government is continuously spending on the development of infrastructure projects in the country. The publisher expects spending on infrastructure projects to assist the recovery of the construction market in Singapore over the next four to eight quarters.
Some of the major infrastructure projects currently planned or underway in the country include the Marina Bay Sands Expansion, Capita Spring, Avenue South Residence, Changi East Project, and Greater Southern Waterfront, among others. Spending on all of these infrastructure projects is expected to support the construction sector recovery in 2022 in Singapore.
Low-interest rates are fueling the demand for housing units among Singaporeans
With the interest rates being at their historical lows, the housing demand has surged among Singaporeans over the last few quarters. As a result of this growing demand, property prices have surged significantly even as the country implemented stop-start pandemic-related restrictions for several months.
For cooling off the housing prices in the country, the government has introduced new residential property curbs. Moreover, the government is also expected to increase the supply of private and public housing in the country to counter the surge in housing prices. With the consumer expectation of prices increasing further as the economy recovers from the global pandemic, the publisher expects the housing demand to further increase in Singapore over the next four to eight quarters. This will subsequently support the recovery of the overall construction market from the short to medium-term perspective.
This report provides data and trend analyses on construction industry in Singapore, with over 100 KPIs. This is a data-centric report and it provides trend analyses with over 140+ charts and 110+ tables. It details market size & forecast, emerging trends, market opportunities, and investment risks in over 40 segments in residential, commercial, industrial, institutional, and infrastructure construction sectors.
This report provides market size and forecast across 40+ construction segments for a period of 10 years from 2016-2025 in Singapore. KPIs covered include the following:
- Market size by value
- Market size by volume of construction
- Number of units
For more information about this report visit https://www.researchandmarkets.com/r/ohveug
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