Construction Demand and Output 2023
At the BCA-REDAS Built Environment and Property Prospects Seminar, Minister for National Development, Mr Desmond Lee noted that construction demand would be stable for 2023 and continue to remain steady in the medium term.
The total construction demand in 2023 is projected to be between S$27 billion - S$32 billion.
Public: S$16 billion – S$19 billion
Private: S$11 billion – S$13 billion
Construction output is forecasted to be between S$30 billion – S$33 billion.
For 2022, the preliminary total construction demand reached $29.8 billion, within BCA’s earlier forecast of S$27 billion to S$32 billion. This was largely supported by a continued demand for residential and infrastructure projects in both public and private sectors.
Read more about the 2023 construction demand forecast
here.
