The construction sector grew by 5.9% YoY in the fourth quarter of 2024, driven by an uptick in public sector construction activity. Singapore's construction sector delivered impressive growth in 2024, with most companies reporting double-digit YoY increases due to robust demand and a healthy pipeline of projects, according to UOB Kay Hian. The Ministry of Trade and Industry reported a 5.9% YoY growth in the sector for the fourth quarter of 2024, driven primarily by an uptick in public sector construction activity. The Building and Construction Authority (BCA) revealed that construction demand for 2024 exceeded expectations, reaching $44.2b—surpassing the forecast of $35b to $41b, which was fueled by the launch of new public institutional projects, an increase in private residential construction, and higher-than-expected contract costs. Looking ahead, UOB’s outlook for 2025 remains highly optimistic. Major projects, such as the expansion of Changi Airport Terminal 5 and the Marina Bay Sands integrated resort, are set to drive growth. https://sbr.com.sg/economy/news/construction-sector-sees-strong-growth-in-2024-optimistic-2025-analyst (ICE SINGAPORE)

Fonte notizia: Singapore Business Review, 19 March 2025