COMMENTARY ECONOMICS FORECAST

Malaysia Construction: Review 2023 and Forecast 2024

Image by Tom Fisk/Pexels

OVERVIEW 2023
Continuing the growth momentum from 2022, the Malaysian construction industry has experienced significant positive shifts in 2023, with a total value of RM54.71 billion worth of projects realised from January to October.

The private sector made a significant comeback following the pandemic-induced lockdowns. It emerged as the primary contributor to construction growth. Key private sector projects that fuelled this resurgence included high-rise residential development incorporating mixed-use concepts, fast-tracked industrial projects driven by supply chain optimisation, and data centre developments.

While the civil sector represented the largest share of government-initiated projects, it experienced a gradual slowdown, primarily attributed to government scrutiny and cautious spending practices. Despite this, the government has taken significant steps towards enhancing public transportation and boosting economic growth in the region with various national infrastructure projects, including the 5G network rollout, which will meet the increasing demand for data centres in the Asia Pacific region; and Mass Rapid Transit (MRT) extension, which is expected to create many jobs during its construction phase. The advent of public transportation projects has ignited a pipeline of transit-oriented developments in Klang Valley and along the intercity rail links, serving as catalysts for real estate revitalisation in the surrounding areas.

FORECAST 2024
The industry is expected to see a brighter prospect in 2024. Some of the factors are poised to drive growth and development. The New Industrial Master Plan 2030 launched by the Malaysian government will transform the country’s manufacturing sector into a high-value, technology-driven and globally competitive industry by 2030. The plan calls for the development of new industrial parks as well as the construction and upgrading of infrastructure to support the growth of the manufacturing sector.

Sources: BCI Central Research and Economics; Prime Minister’s Office of Malaysia; Digital Nasional Berhad. All information is accurate as of October 2023.


This is an excerpt. The original article is published in
Construction+ Q4 2023 Issue: The Power of Construction Engineering.
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