Construction output, as measured by certified progress payments, rose to S$34.9bn in 2023, up 15 percent from 2022. This improvement indicates that previously delayed projects are now progressing. With stable construction demand anticipated for 2024, and across the next three years, total construction output is expected to rise further this year, signaling steady growth and stability in the sector.

The preliminary progress payments certified up to May 2024 was S$14.8bn, echoing the strong construction demand.

Success for the sector requires appropriate planning by key stakeholders to engage the supply chain, while remaining watchful with respect to market response to upcoming mega project launches. This preparation includes evaluating supply chain alternatives, the impact of changed government legislation on talent availability and project-mapping with strategic partners.