Based on the data provided, the construction sector's contribution to Singapore's GDP stood at 5.25% in 2023. The sector showed a steady rise from 4.83% in 2013 to 5.23% in 2022, with a consistent increase noted in subsequent forecasted years up to 2028 reaching 5.35%. The last year-on-year variation for 2022 to 2023 was 0.38%, and for 2023 to 2024, it is projected at 0.38%. The 5-year compound annual growth rate (CAGR) from 2024 to 2028 is forecasted at 0.3%, representing a total 5-year growth rate of 1.52%.
Future trends to watch for include:
- Infrastructure projects driven by government investments.
- The adoption of green building technologies due to stringent environmental regulations.
- Increased digitalization and automation within the construction sector to improve efficiency.
