DUBLIN--(BUSINESS WIRE)--The "Philippines Construction Industry Databook Series - Market Size & Forecast by Value and Volume (area and units) across 40+ Market Segments in Residential, Commercial, Industrial, Institutional, Infrastructure Construction and City Level Construction by Value , Q4 2022 Update" report has been added to ResearchAndMarkets.com's offering.
The construction industry in Philippines is expected to grow by 9.4% to reach PHP 14,54,564 million in 2022.
Despite near-term challenges in certain construction sectors, medium to long term growth story in Philippines remains intact. The construction industry in Philippines 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 7.7% during 2022-2026. The construction output in the country is expected to reach PHP 19,69,191.0 million by 2026.
The Philippines construction industry is expected to continue its growth recovery momentum over the next few quarters as the pandemic-related restrictions are eased. However, the rising fuel prices, which result in higher construction costs, are projected to remain the major challenge for construction firms in the Philippines. Notably, the rising construction costs will also boost property prices, which might disincentivize homebuyers.
Despite the lockdown and social distancing measures implemented by the Filipino government, the construction industry has maintained its momentum in delivery projects. With this trend expected to continue further along with government spending on infrastructure projects, the publisher expects the construction industry in the Philippines to record steady growth over the next three to four years.
Infrastructure spending is driving the growth recovery of the construction sector in the Philippines
Over the last few years, the Filipino government has been spending increasingly on infrastructure projects, which has also helped the country to recover from the pandemic-caused slump and drive economic growth. This trend has continued in 2022.
In 2021, the Department of Budget and Management stated that infrastructure spending reached a record high of PHP 1.12 trillion, which is equivalent to 5.8% of the gross domestic product. With the government spending increasingly on roads, railways, and airport projects, the publisher expects the sector to record strong growth over the next three to four years.
The labor shortage has become a major concern for the construction firms in the Philippines
Globally, construction firms are dealing with the scarcity of labor, and the trends are no different in the Philippines. Even as economic activities continue to pick up pace in the country, construction firms are struggling with the shortage of manpower.
However, to address the labor shortage issue in the Philippines, construction firms are implementing a number of different measures, such as forging alliances with the Technical Education and Skills Development Authority. These alliances are part of the strategy to train and upskill the local construction workforce in the country.
The Filipino construction firms lead the adoption of technology in the region
Over the last few years, innovative technologies have emerged in the construction industry, and firms are betting on these new technologies to drive their growth and the growth of the sector. In the Asia Pacific region, construction firms in the Philippines are leading the adoption of technology.
The publisher expects construction firms to further increase their investment and drive the adoption of technology over the next three to four years. This will lead to more innovation in the sector, thereby assisting the growth of the overall market from the short to medium-term perspective.
Reasons to buy
- In-depth Understanding of Construction Market Dynamics: Understand market opportunity, industry dynamics, key trends and drivers across 40+ market segments and sub-segments of building and infrastructure construction industry in Philippines.
- Top Ten Cities Construction Value Data
- Volume and Value Data: Get detailed understanding of the market both from value and volume (both by activity and units) perspective for historical as well as forecast period
- Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate your strategy; assess market specific key trends, drivers and risks in construction industry.
- City Level Insights: Get city level trend analyses by tier-1, tier-2, and tier-3 cities.
Key Topics Covered:
1. About this Report
2. Philippines Construction Industry Dynamics and Growth Prospects
3. Philippines Building Construction Analysis by Key Cities
4. Philippines Residential Construction Industry Market Size and Forecast
5. Analysis by Residential Construction Markets Outlook by Construction type
6. Analysis by Residential Construction Markets Outlook by Key Cities
7. Analysis by Residential Construction Markets Outlook by Price Point
8. Philippines Commercial Construction Industry Market Size and Forecast
9. Office Building Construction Outlook
10. Retail Building Construction Outlook
11. Hospitality Building Construction Outlook
12. Restaurant Building Construction Outlook
13. Sports Facility Building Construction Outlook
14. Other Commercial Building Construction Outlook
15. Philippines Institutional Construction Industry Market Size and Forecast
16. Outlook and Growth Dynamics by Institutional Building Construction Sectors
17. Philippines Industrial Construction Industry Market Size and Forecast
18. Outlook and Growth Dynamics by Industrial Building Construction Sectors
19. Infrastructure Construction Outlook
20. Philippines Marine and Inland Water Infrastructure Construction Industry Market Size and Forecast
21. Philippines Utility System Infrastructure Construction Industry Market Size and Forecast
22. Philippines Transport Infrastructure Construction Industry Market Size and Forecast
23. Further Reading
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Laura Wood, Senior Press Manager
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