Experts expect Philippine Construction industry to grow over 50% by 2020

The Philippine construction industry is projected to remain strong as experts predict that it will sustain a 50% growth by 2020. According to a report published by the London-based Timetric’s Construction Intelligence Center (CIC), the country’s construction industry “is seen to grow to $47 billion by 2020 from $30.2 billion last year on a compound annual growth rate of 9.22 percent.” The report added that the current favorable government policies in expanding infrastructure both in the national and local level will further improve the industry’s growth.

As previous trends show, the residential property market will remain the largest sector of the Philippine construction industry. With 33.9 percent share of the industry’s total value, more and more residential construction projects are expected to be launched by both public and private groups. The Pag-Ibig Fund financing scheme or Home Development Mutual Fund also plans to increase funding and expenditure for the next few years. This too contributes to the development of more houses for the low- and middle-income families.

Aside from the residential market, the infrastructure sector also plays a big role within the industry. The government plans to develop more railways, highways, and sea ports.

Looking at this report, it is not difficult to see that small and medium-sized construction companies will continue to be in high demand. With many projects waiting to be awarded, how can you be sure that you are up for the challenge? Do you have the necessary equipment, tools, and machineries to meet the demands of your market and those you intend to expand into? All these need funding.

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