Healthy flow of jobs

However, the delay in the rollout of mega projects could slow the sector’s growth and would provide less opportunities for contractors this year.

In its recent report, the brokerage voiced concern over ongoing inflation, which it said could continue to put pressure on the sector’s earnings growth, although the easing of labour shortage could help improve the sector’s productivity level this year. Nevertheless, in the second half of 2023, the prices might ease gradually and this would help boost margins ahead, given the supply recovery and China’s carbon neutrality agenda, as reflected by the downtrend in China’s steel prices, UOBKH Research said.

UOBKH Research said it believed this was mainly driven by higher productivity as labour shortage started to ease.

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