Singapore Construction Market Report 2022: Market is Expected to Register an Annual Average Growth of 4.5% from 2023 to 2026 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Singapore Construction Market Size, Trends and Forecasts by Sector – Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2022-2026” report has been added to ResearchAndMarkets.com’s offering.

The construction industry in Singapore registered an annual growth of 20.1% in real terms in 2021 – up from a decline of 38.4% in 2020.

The industry’s growth in 2021 was supported by the low base in 2020, coupled with an improvement in global economic conditions and investment in infrastructure and housing construction projects. In January 2022, the Housing Development Board (HDB) of Singapore reported that it had delivered approximately 14,500 HDB flats in 2021, despite the disruption caused by the Coronavirus (COVID-19) pandemic.

The industry is expected to register an annual average growth of 4.5% from 2023 to 2026, supported by a rise in the total value of contracts awarded for construction, coupled with investments in transport, housing, renewable energy and manufacturing infrastructure projects. In January 2022, the Building and Construction Industry (BCA) reported that the total value of construction contracts to be awarded in 2022 is estimated to be between SGD27-32 ($20.3-24 billion).

The public sector is expected to contribute 60% of this value, supported by a strong pipeline of public housing projects as part of the Home Improvement Program. Additionally, healthcare development and transport infrastructure projects such as the Cross Island Line Phase one (CRL1) project are expected to further support the industry’s growth this year.

In January 2022, the Economic Development Board (EDB) reported that Singapore had attracted SGD11.8 billion ($8.8 billion) in fixed-asset investment in 2021. The projects secured last year are expected to create over 17,000 jobs over the next five years.

In another positive development, the government announced its financial year (FY) 2022 Budget in February this year. The budget includes a total expenditure of SGD102.4 billion ($76.8 billion), including a development expenditure of SGD17.3 billion ($13 billion). In line with the government’s plan to become carbon neutral by 2050, the government announced a plan to construct additional electric vehicle (EV) charging points.

It had also announced a plan to issue up to SGD35 billion ($26.3 billion) in green bonds by 2030, in order to fund public sector green infrastructure projects. In addition, long-term growth in the industry will also be supported by the government’s plan to invest SGD100 billion ($75.8 billion) on developing transport infrastructure over the next nine years, to 2030.

Scope

• Historical (2017-2021) and forecast (2022-2026) valuations of the construction industry in Singapore, featuring details of key growth drivers
• Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
• Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline
• Listings of major projects, in addition to details of leading contractors and consultants

Reasons to Buy

• Identify and evaluate market opportunities using the publisher’s standardized valuation and forecasting methodologies
• Assess market growth potential at a micro-level with over 600 time-series data forecasts
• Understand the latest industry and market trends
• Formulate and validate strategy using the publisher’s critical and actionable insight
• Assess business risks, including cost, regulatory and competitive pressures
• Evaluate competitive risk and success factors

Key Topics Covered:

1 Executive Summary

2 Construction Industry: At-a-Glance

3 Context

3.1 Economic Performance

3.2 Political Environment and Policy

3.3 Demographics

3.4 COVID-19 Status

3.5 Risk Profile

4 Construction Outlook

4.1 All Construction

• Outlook
• Latest news and developments
• Construction Projects Momentum Index

4.2 Commercial Construction

• Outlook
• Project analytics
• Latest news and developments

4.3 Industrial Construction

• Outlook
• Project analytics
• Latest news and developments

4.4 Infrastructure Construction

• Outlook
• Project analytics
• Latest news and developments

4.5 Energy and Utilities Construction

• Outlook
• Project analytics
• Latest news and developments

4.6 Institutional Construction

• Outlook
• Project analytics
• Latest news and developments

4.7 Residential Construction

• Outlook
• Project analytics
• Latest news and developments

5 Key Industry Participants

5.1 Contractors

5.2 Consultants

6 Construction Market Data

7 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/5gkqfr

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