Singapore Industrial Construction Market to be Worth USD 5.16 Billion in 2016, Expects Timetric21 Feb 2013 • by Natalie Aster
Singapore’s construction industry valued SGD27.7 billion (US$22 billion) in 2011, and recorded a CAGR of 11.57% during the review period. The Industry is expected to grow at a CAGR of 4.88% over the forecast period. Infrastructure construction was the largest market, accounting for 32% of the total industry value and recorded a CAGR of 12.48% during the review period. The infrastructure construction market valued SGD8.9 billion (US$7.1 billion) in 2011.
Singapore’s government invested heavily in rail and road infrastructure and has a strong pipeline of various rail transit projects nationwide. It allocated SGD464.2 million in 2012 towards various long-term development plans. The commercial construction market recorded a CAGR of 13.09% during the review period and valued SGD3.9 billion (US$3.1 billion) in 2011. Owing to the country’s rising demand for retail spaces, commercial construction activities increased during the review period. The Singapore Tourism Board (STB) opened new tourist destinations to aid tourism inflows. To enhance the performance of the retail sector, the government introduced “Lemon Law” to protect customers against substandard products.
The residential construction market is expected to record a CAGR of 4.67% over the forecast period, to value SGD9.5 billion (US$7.6 billion) in 2016. Factors including strong household balance sheets, low unemployment rates, property tax rebates and a positive economic outlook indicate an inflated residential construction market over the forecast period. The new report "Construction in Singapore - Key Trends and Opportunities to 2016" by Timetric states that the industrial construction market output is forecast to record a CAGR of 4.27% over the forecast period and value SGD6.48 billion (US$5.16 billion) in 2016. Singapore invested heavily in industrial projects during the review period and is anticipated to continue to invest over the forecast period. Owing to the expansion of the pharmaceutical industry, the expansion of refinery buildings and a strong pipeline of various industrial construction projects, it is projected that industrial construction output will grow over the forecast period.
Construction in Singapore - Key Trends and Opportunities to 2016
Published: January, 2013
Price: US$ 1,950.00
Singapore’s GDP registered a growth rate of 5.42% in 2011 and valued SGD326.8 billion. The country recorded a relatively high increase in gross national savings compared with GDP growth. The total gross national savings, as a ratio of GDP, increased considerably during 2001?2010, and reached 46.5% in 2010. Singapore’s budget surplus stood at 0.7% of GDP in 2011, and unemployment levels declined to 1.9% in the third-quarter of 2012. In 2012, the benchmark interest rate was at an all-time low. Singapore’s government allocated SGD464.2 million towards various long-term development plans and increased its spending on the tourism sector, by announcing plans to allocate an additional SGD905 million for its development. As the proposed proactive measures take effect, increased public spending will boost the growth of all construction markets. The construction industry is a key employer in Singapore, accounting for 12.30% of the country’s workforce in 2011. In 2012, the construction industry registered a strong demand for manpower and consequently, employment increased by 46.3%, from 6,700 in the third-quarter of 2011 to 9,800 in the third-quarter of 2012.
More information can be found in the report “Construction in Singapore - Key Trends and Opportunities to 2016” by Timetric.
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