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Media Release on Projected Construction Demand for 2020 Revised to $18 - $23 Billion, but Expected to Recover to Some Extent from 2021

Thursday, 17 September 2020

          BCA has revised its projected construction demand for 2020 from the earlier forecast of $28 billion - $33 billion released in January 2020 to $18 billion - $23 billion. This comes after BCA’s mid-year review of construction contracts awarded in 1H2020, and upcoming public and private sector projects expected for the rest of the year.

2         The downward revision is due to a drop in private sector construction demand, and postponements in the award of some public sector projects from 2020 to 2021, as contractors and suppliers have asked for more time to assess the impact of COVID-19 on resource management and project implementation timelines.

Year

Construction demand
(Value of contracts awarded, in S$billion)

Public Private Total
2019 19.03  14.5  33.52
2020 (forecast)
11 - 14
7 - 9
18 - 23

3         Construction demand is expected to recover to some extent from 2021. This will be supported by public residential developments and upgrading works, developments at the Jurong Lake District, construction of new healthcare facilities and various infrastructure projects such as the construction of the Cross Island MRT Line. It is important that the construction industry remains vigilant to prevent a resurgence of COVID-19 cases, which could bring the sector to a halt again. BCA will provide an update on the projected construction demand for 2021 and 2022 in early 2021.

4         BCA will continue to lean forward to provide assistance to the construction industry in various ways, including financial assistance to help our firms tide through this very challenging period brought about by COVID-19.


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