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In 2013, Singapore’s economy grew by 3.9% as construction demand hit SGD$ 32 billion worth of projects. Going towards the end of 2014, the economy is expected to grow at a more modest pace although construction activities already surpass that of the previous year. Much focus has been placed on the struggles of the local construction industry, having missed the government’s productivity targets in recent years. Measures incentivizing the industry to adopt new technologies to reduce the need for manpower and speed up construction will also come with initial challenges for firms to transform their operations. Weaker construction activities can be expected amidst this sea of change in the coming year. This report looks at the performance of the various construction sectors in the context of this push towards productivity and an uncertain global economic environment. Additionally, our market sentiment survey looks at how industry professionals view the current state of the market as well as their outlook for the year ahead. We hope this report provides relevant insights to aid you in your business planning as the industry tries to find its new footing in the next 12 months. (Kenneth Tan)
Published: November 2014
Format: Soft Copy PDF
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