Outlook for construction projects in Asia (Pacific region) for the next decade and international competitiveness of Singapore construction industry

Abstract

The outlook for construction projects in the Asia Pacific region was reviewed. There are four key driving forces that will spur demand for construction services. They are the need to cater to the population growth, industrial growth, tourism and recreation needs and environmental protection. The region is a very high growth area and will continue to lead other parts of the world in economic growth for the next decade. This further strengthens the driving forces that create the opportunities for construction works. The types of construction projects are varied among the countries in the region. It is determined by the priorities accorded to the needs of the driving forces as the number of projects are limited by the availability of project finance. The private sector will play an increasing role to provide the finance urgently needed for the projects in order for the region to cope with the high economic growth.