Singapore construction activities is booming, with both infrastructure and private residential projects seeing a surge.Singapore Business Review reports that private residential works have seen a significant uptick, with a positive balance of +8 among survey respondents. This uptrend is mirrored in infrastructure projects, which have seen an even more substantial increase, with a positive balance of +59.
Subcategories within the construction sector such as social projects , ICT, energy, water, waste, and transport have also witnessed promising growth. However, not all segments of the construction industry are experiencing growth. Agribusiness and private non-residential workloads have seen negative figures, standing at -17 and -4, respectively. Despite these setbacks, overall prospects for the sector remain positive.
Looking ahead, the construction sector is poised for further expansion, with optimistic expectations over the next 12 months. Private, non-private, and infrastructure expectations all remain firmly positive, with net balances of +12, +4, and +54, respectively. The cost of materials has seen a sharp increase, with a positive balance of +83. This surge in material costs is coupled with heightened competition and skills shortages .
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