From surging material and labour costs to battling a severe manpower crunch in recent years, there is finally light at the end of the tunnel for Singapore’s construction sector. According to the Building and Construction Authority (BCA), 2022 will see construction activity reach pre-pandemic levels, with contracts worth up to S$32 billion likely to be awarded this year. Projected demands also paint a rosy picture, with up to S$32 billion worth of projects per year between 2023 and 2028.
For the most part, these sentiments are echoed across the ASEAN region. For instance, Vietnam’s construction sector is projected to register a growth rate of more than 8.71 percent from 2022 to 2027. In Indonesia, it is expected that the sector will stabilise and grow 8.4 percent by 2022……
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Source: The Business Time
