The specialised construction activities revenue in Malaysia has been on an overall growth trajectory from 2013 to 2023, with some fluctuations. In 2023, the sector stood at 15.42 billion Malaysian Ringgits. Despite a dip in 2020 due to the global pandemic, the market rebounded significantly by 22.64% in 2021, followed by a moderate increase of 2.75% in 2022, and a 5.02% rise in 2023. The Compound Annual Growth Rate (CAGR) over the last five years is 4.71%.
Future forecasts from 2024 to 2028 indicate a steady growth with a CAGR of 3.3%, resulting in an overall increase of 17.6% over this period. The sector is expected to benefit from continued infrastructure development and increased government spending.
Future trends to watch for:
- Technology integration, such as the use of AI and IoT in construction activities.
- Green and sustainable construction practices gaining more traction.
- Impact of regulatory changes and economic policies on the construction sector.
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