The construction sector’s gross domestic product (GDP) grew by 2.77 per cent for the nine months ending September 2019, compared with the corresponding period in 2018.
Construction activity continues to be propelled by the private sector, with a 54.35 per cent share of contracts awarded (SGD13.48 billion), as compared to the public sector, with a 45.65 per cent share (SGD11.32 billion).
The construction sector is projected to see sustained growth in the coming year, based on the recovery in contracts awarded since the second half of 2017, according to the Ministry of Trade and Industry.
Public sector industrial projects, including the Punggol Digital District, PUB’s Tuas Water Reclamation Plant for the Deep Tunnel Sewerage System Phase 2, as well as civil engineering projects, such as the North South Corridor, should boost outturns. Private sector construction is also expected to pick up, spurred by the redevelopment of en-bloc residential sites and industrial building activities.