Singapore Construction Market Size, Trends, and Forecasts by Sector – Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2029 (Q1 2025)
Summary
GlobalData expects the construction industry in Singapore to grow by 4.1% in real terms in 2025, driven by rising investments in commercial, housing, and transport infrastructure projects. According to the Department of Statistics (DOS), the total value of construction contracts issued grew by 29.5% year-on-year (YoY) in 2024, while the total value of progress payments issued for construction rising by 10% YoY during the same period. The Building and Construction Authority (BCA) estimates construction demand in 2025 to range between SGD47–53 billion ($34.5–$38.9 billion), with major projects such as the Changi Terminal 5 expansion, Marina Bay Sands expansion, and biomedical hub development, contributing to growth in 2025.
The construction industry is then forecasted to continue to grow between 2026 to 2029, increasing at an average annual rate of 4.1%. Growth will be supported by investments in transport, as well as renewable energy projects, including a government initiative to partner with US tech firm Microsoft and deploy at least 2GW-peak of solar energy by 2030. As a result, this will help Singapore reach its goal of carbon neutrality by 2050. Also, as part of this plan, in January 2025, Singapore’s Energy Market Authority (EMA) awarded, PacificLight Power, the Singapore based power generator and electricity retailer, a SGD1.4 billion ($1 billion) contract to construct a 600MW hydrogen-compatible natural gas power plant on Jurong Island. The project is set to be completed by 2029. Earlier, in late August 2024, the Australian government approved the SGD18.3 billion ($13.5 billion) cable project to ship energy from Australia to Singapore through a 4,300km undersea cable project by 2030.
GlobalData’s Construction in Singapore – Key Trends and Opportunities to 2029 (Q1 2025) report provides detailed market analysis, information and insights into Singapore's construction industry, including -
- Singapore's construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in Singapore's construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
This report provides a comprehensive analysis of the construction industry in Singapore. It provides -
- Historical (2020–2024) and forecast (2025–2029) valuations of the construction industry in Singapore, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
- Identify and evaluate market opportunities using our standardized valuation and forecasting methodologies
- Assess market growth potential at a micro-level with over 600 time-series data forecasts
- Understand the latest industry and market trends
- Formulate and validate business strategies using GlobalData's critical and actionable insight
- Assess business risks, including cost, regulatory and competitive pressures
- Evaluate competitive risk and success factors
- 1 Executive Summary
- 2 Construction Industry: At-a-Glance
- 3 Context
- 3.1 Economic Performance
- 3.2 Political Environment and Policy
- 3.3 Demographics
- 3.4 Risk Profile
- 4 Construction Outlook
- 4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
- 4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
- 5 Key Industry Participants
- 5.1 Contractors
- 5.2 Consultants
- 6 Construction Market Data
- 7 Appendix
- 7.1 What is this Report About?
- 7.2 Definitions
- 7.3 CRI Methodology
- 8 About GlobalData
- 9 Contact Us
- List of Tables
- Table 1: Construction Industry Key Data
- Table 2: Canada, Key Economic Indicators
- Table 3: Canada, Commercial Construction Output by Project Type (Real % Change), 2020–29
- Table 4: Canada, Top Commercial Construction Projects by Value
- Table 5: Canada, Industrial Construction Output by Project Type (Real % Change), 2020–29
- Table 6: Canada, Top Industrial Construction Projects by Value
- Table 7: Canada, Infrastructure Construction Output by Project Type (Real % Change), 2020-29
- Table 8: Canada, Top Infrastructure Construction Projects by Value
- Table 9: Canada, Energy and Utilities Construction Output by Project Type (Real % Change), 2020-29
- Table 10: Canada, Top Energy and Utilities Construction Projects by Value
- Table 11: Canada, Institutional Construction Output by Project Type (Real % Change), 2020-29
- Table 12: Canada, Top Institutional Construction Projects by Value
- Table 13: Canada, Residential Construction Output by Project Type (Real % Change), 2020-29
- Table 14: Canada, Top Residential Construction Projects by Value
- Table 15: Canada, Key Contractors
- Table 16: Canada, Key Consultants
- Table 17: Canada, Construction Output Value (Real, $ Million)
- Table 18: Canada, Construction Output Value (Nominal, CAD Million)
- Table 19: GlobalData Construction Market Definitions
- Table 20: Risk Dimensions
- Table 21: Ratings, Scores and Definitions
- List of Figures
- Figure 1: North America, Construction Output (Real % Change), 2023–29
- Figure 2: Canada, Construction Output by Sector (Real % Change), 2023–25 and 2026–29
- Figure 3: Canada, Risk Summary
- Figure 4: Canada, Risk Regional Comparison
- Figure 5: Canada, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2020–29
- Figure 6: Canada, Construction Output Value, by Sector (Real, $ Million), 2020–29
- Figure 7: Canada, Construction Value-Add (CAD Million, 2012 Constant Prices), Quarterly Average, Seasonally Adjusted at Annual Rates
- Figure 8: Canada, Investment in Building Construction (CAD Million, Seasonally Adjusted Constant Prices)
- Figure 9: Canada, Value of Building Permits Issued, in Seasonally Adjusted Constant Prices, % Change YoY
- Figure 10: Canada, Construction Employment, In Thousands, In Seasonally Adjusted Terms
- Figure 11: Canada, Building Construction Prices Indices, 2017=100, % Change (YoY)
- Figure 12: Canada, Construction Projects Momentum Index
- Figure 13: North America, Construction Projects Momentum Index
- Figure 14: Canada, Commercial Construction Output by Project Type (Real, $ Million), 2020–29
- Figure 15: Canada, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 16: Canada, Investment on Commercial Building Construction (CAD Million, Seasonally Adjusted Constant Prices)
- Figure 17: Canada, Value of Building Permits Issued for Commercial Buildings (CAD Million, Seasonally Adjusted Terms)
- Figure 18: Canada, Number of Non-Resident Visitors Entering the Country, In Thousands
- Figure 19: Canada, Retail Trade Sales (CAD Million)
- Figure 20: Canada, Industrial Construction Output by Project Type (Real, $ Million), 2020–29
- Figure 21: Canada, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 22: Canada, Manufacturing Value-add, Quarterly Average Seasonally Adjusted at Annual Rates (CAD Million, 2012 Constant Prices)
- Figure 23: Canada, Investment on Industrial Building Construction (CAD Million, Seasonally Adjusted Constant Prices)
- Figure 24: Canada, Value of Building Permits Issued for Industrial Buildings (CAD Million, Seasonally Adjusted Terms)
- Figure 25: Canada, Sales Value of Goods Manufactured and New Orders of Manufacturing (CAD Million)
- Figure 26: Canada, Merchandise Exports (CAD Million)
- Figure 27: Canada, Infrastructure Construction Output by Project Type (Real, $ Million), 2020-29
- Figure 28: Canada, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 29: Canada, Value-add of Civil Engineering and Other Construction Activities, Quarterly Average, Seasonally Adjusted at Annual Rates (CAD Million, 2012 Constant Prices)
- Figure 30: Canada, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2020-29
- Figure 31: Canada, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 32: Canada, Capital Expenditure in the Oil and Gas Extraction Industries (CAD Million, In Seasonally Adjusted Terms)
- Figure 33: Canada, Electric Power Generation, In GWh
- Figure 34: Canada, Production of Crude Oil and Other Equivalent Products, YoY % Change
- Figure 35: Canada, Institutional Construction Output by Project Type (Real, $ Million), 2020-29
- Figure 36: Canada, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 37: Canada, Investment on Institutional Building Construction (CAD Million, In Seasonally Adjusted Terms)
- Figure 38: Canada, Institutional Building Permits Issued (CAD Million, Seasonally Adjusted Terms)
- Figure 39: Canada, Residential Construction Output by Project Type (Real, $ Million), 2020-29
- Figure 40: Canada, Residential Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 41: Canada, Value-add of Residential Building, Quarterly Average, Seasonally Adjusted at Annual Rates (CAD Million, 2012 Constant Prices)
- Figure 42: Canada, Investment on Residential Building Construction (CAD Million, Seasonally Adjusted Terms)
- Figure 43: Canada, Residential Building Permits Issued (CAD Million, Seasonally Adjusted Terms)
- Figure 44: Canada, New Housing Price Index, 2016=100
- Figure 45: Canada, Housing Construction Started in Census Metropolitan Areas
- Figure 46: Canada, Headquarters of Key Contractors (% of Total Project Pipeline)
- Figure 47: Canada, Headquarters of Key Consultants (% of Total Project Pipeline)
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