THE PHILIPPINE construction industry is expected to grow in the next four years, reaching $47.0 billion in 2020 through funds driven largely by the residential and the infrastructure markets, a report by Timetric’s Construction Intelligence Center (CIC) said yesterday.
“...Timetric’s CIC forecast the Philippine construction industry to rise from $30.2 billion in 2015 to $47.0 billion in 2020, at a compound annual growth rate (CAGR) of 9.22%,” read the 74-paged report, titled Construction in the Philippines- Key Trends and Opportunities to 2020, which was released in March 2016.
The CIC report, which provides data and analysis on the global construction industry, said that the growth would root from infrastructure improvement, “favorable” public-private partnerships, as well as a prolonged expansion of residential and commercial buildings.
The residential market is expected to account for as much as 33.9% of the industry’s total value in 2020 -- the largest contributor to the Philippine construction industry in the succeeding years, riding on the back of an expanding middle-class population, urbanization of underprivileged areas, as well as housing projects for low-and middle-income groups.
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