Industry experts predict a surge in construction activities, presenting significant opportunities for investors and stakeholders.
The Philippines construction market is poised for robust growth in the coming years, according to the latest report by GlobalData Plc, a leading data and analytics company. The report highlights several factors contributing to this positive outlook, indicating a promising future for the construction industry in the Philippines.
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Philippines Construction Industry Dynamics
The construction sector in the Philippines has experienced steady growth in recent years, supported by the government’s infrastructure development initiatives and the rise in private sector investments. GlobalData’s report projects that the construction market will expand at an annual average growth of over 7% between 2024 and 2027. This growth is supported by a surge in investments by the Philippine government in the Build, Better, and More program. The construction sector in the country is also expected to witness a gradual recovery of the hospitality and tourism sectors. Under this program, significant investments are being made in roads, bridges, airports, and mass transit systems. This initiative not only improves connectivity within the country but also attracts foreign investors looking for lucrative opportunities in the Philippine construction market.
In addition to government-led projects, the private sector’s contribution to the construction industry is substantial. The report highlights a rise in residential and commercial construction projects driven by growing urbanization, a rising middle class, and increasing foreign direct investment. These factors have created a demand for housing, office spaces, and retail outlets, propelling the construction sector forward.
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Philippines Construction Market Scope
Philippines Construction Sectors Outlook (Value, USD Billion, 2018-2027)
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Leading Players in the Philippines Construction Market
Key Contractors: Yuchengco Group of Companies, Citicore Holdings Investment Inc, Ayala Corp, Quanta Services Inc, San Miguel Corp, POSCO, Bouygues SA, F.F Cruz Co Inc, PIA Development Consortium, and Shimizu Corp. are some of the leading contractors in the Phillippines construction market.
Key Consultants: Japan International Cooperation Agency, Ramboll Group AS, Hamburg Port Consulting GmbH, Katahira & Engineers International, Oriental Consultants Holdings Company Limited, Tonichi Engineering Consultants Inc, Pacific Consultants Co Ltd, Engineering and Development Corporation of the Philippines, DCCD Engineering Corp, and Schema Konsult Inc are some of the leading consultants in the Phillippines construction market.
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About GlobalData Plc
GlobalData’s report also emphasizes the importance of sustainable construction practices in the Philippine construction market. With increasing concerns about climate change and environmental impact, there is a growing focus on green building and sustainable infrastructure projects. The government has introduced policies to encourage the adoption of sustainable practices, providing an additional avenue for growth and innovation in the construction sector.
GlobalData Plc is a leading provider of data, analysis, and insights across various industries, including construction. With their comprehensive market research and expertise, they provide valuable information to businesses and stakeholders, helping them make informed decisions and seize opportunities in emerging markets.