Market is Expected to Register an Annual Average Growth of 4.5% from 2023 to 2026
"The industry is expected to register an annual average growth of 4.5% from 2023 to 2026, supported by a rise in the total value of contracts awarded for construction, coupled with investments in transport, housing, renewable energy and manufacturing infrastructure projects. In January 2022, the Building and Construction Industry (BCA) reported that the total value of construction contracts to be awarded in 2022 is estimated to be between SGD27-32 ($20.3-24 billion)."
In January 2022, Singapore attracted more than SGD11.8 billion ($8.8 billion) in fixed-asset investment in 2021. These projects are expected to create 17,000 jobs over the next five years. In another positive development, the government announced its financial year 2022 Budget in February this year, which includes a development expenditure of SGD17.3 billion ($13 billion).
The government's green bond programme has also played a significant role in building up the green bond market, and underscored its commitment to reduce CO2 emissions and improve air quality. The government has announced a plan to issue up to SGD35 billion ($26.3 billion) in green bonds by 2030, in order to fund public sector green infrastructure projects.
What are some of the green infrastructure projects in the pipeline to look out for?
Adapted from ResearchAndMarkets.com & https://www.globaldata.com/store/report/singapore-construction-market-analysis/