Skip to main content

Singapore’s transportation investment includes road network development

The construction industry in Singapore is expected to expand over the forecast period (2015–2019), supported by government investments in transport infrastructure, finds a report by Timetric’s Construction Intelligence Center (CIC). While addressing the housing needs for the middle class population and focusing on developing renewable energy sources, the government also aims to improve transport and tourism infrastructure through projects such as the MRT Masterplan–Cross Island Line, the MRT Masterplan–
January 11, 2016 Read time: 2 mins
The construction industry in Singapore is expected to expand over the forecast period (2015–2019), supported by government investments in transport infrastructure, finds a report by Timetric’s Construction Intelligence Center (CIC).
 
While addressing the housing needs for the middle class population and focusing on developing renewable energy sources, the government also aims to improve transport and tourism infrastructure through projects such as the MRT Masterplan–Cross Island Line, the MRT Masterplan–Downtown Line and the Tuas West Extension. Accordingly, the government plans to issue contracts worth US$20.5 to US$29.2 billion annually for infrastructure development projects until 2019.
 
In real terms, the industry’s output value rose at a compound annual growth rate (CAGR) of 6.39% during the review period (2010–2014). The pace of growth is expected to decelerate, however, to 2.48% over the next five years due to weakening economic growth. Timetric anticipates the industry’s output value to increase slightly in real terms, going from US$27.8 billion in 2014 to US$31.4 billion in 2019, measured at constant 2010 US dollar exchange rates.
 
Residential construction was the largest market in Singapore’s construction industry during the review period, accounting for 38.5% of the industry’s total value in 2014, and the market is expected to maintain its position over the forecast period. According to the United Nations Department of Economics and Social Affairs (UNDESA), the country’s population is expected to increase from 5.5 million in 2013 to 6.3 million by 2025, resulting in an increased demand for residential houses - a trend which will aid the market.

Related Content

  • February 2, 2023
    WiM market to reach $1.8bn by 2027: report
    Research and Markets predicts CAGR of 10% in sector over the next five years
  • October 10, 2016
    Parking management market worth US$5 billion by 2021, say researchers
    According to a new market research report by MarketsandMarkets, the parking management market is estimated to grow from US$3.03 billion in 2016 to US$5.00 billion by 2021, at a compound annual growth rate (CAGR) of 10.6 per cent. According to the report, Parking Management Market by Software and Professional Services, by Solution (Access Control, Security & Surveillance, Fee & Revenue Management, Enforcement & Permit Management) - Global Forecast to 2021, the major forces driving the parking management m
  • January 11, 2016
    Road safety market driven by rising road fatality rate
    The road safety market size is expected to grow from US$2.35 billion in 2015 to US$3.63 billion by 2020, at a compound annual growth rate (CAGR) of 9.1 per cent, according to the latest report from online market research company ReportsnReports. Major factors contributing to this growth are increasing road accident/fatality rates and growing government regulations and standards for road safety across the globe. The red light enforcement solution is estimated to contribute the largest market share during
  • December 21, 2015
    ITS market size ‘to reach US$38.68 billion by 2020’
    The global ITS market is expected to reach US$38.68 billion by 2020, according to a new study by Grand View Research. Increasing demand for alleviating traffic congestion and growing need for enhancing existing transportation networks is expected to drive demand over the forecast period. Growing urban population and increased fund allotment by various governments across the globe is driving need for advanced transportation network. This is estimated to be fulfilled by proper use of wireless communication