The construction demand in Singapore is expected to stay strong (according to the Building Construction Authority of Singapore) over the medium-term, with the total construction demand anticipated to reach between S$25 billion and S$32 billion per year from 2023 to 2026. The public sector is expected to lead the demand and contribute S$14 billion to S$18 billion per year from 2023 to 2026. About half of the demand will come from building projects and the other half from civil engineering works.
Total civil construction starts is expected to ease in 2023 in anticipation of fewer contract awards. Nonetheless, the private sector construction demand is projected to remain steady over the medium-term, reaching about S$11 billion to S$14 billion per year from 2023 to 2026.
Sources: BCI Central Research and Economics, Ministry of Trade and Industry (MTI) and Building Construction Authority (BCA). All information is accurate as of Dec 2022.
