Forecast: Construction Value Added in Singapore

The construction value added in Singapore has shown fluctuations over the years but has generally trended upwards. In 2023, the value stood at 17.707 billion USD. Notable shifts include a dip from 2014 to 2015 by -5.19%, and subsequent mild declines and increases over the years, marked by a more stable growth pattern from 2017 onwards. The average year-on-year variation over the past five years is approximately 2.8%. The CAGR for the last five years ending in 2023 is 2.8%. The forecasted data from 2024 to 2028 show a continued but moderate growth rate with an estimated 5-year CAGR of 1.74% and forecasted cumulative growth of 9.03%.

Future trends to watch include:

• Technological advancements and their impact on construction efficiency
• Government policies and infrastructure spending
• Potential global economic fluctuations
• Environmental sustainability initiatives influencing construction practices