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Philippines construction market: 10% CAGR growth witnessed between 2008-12

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PR-Inside.com: 2014-04-17 10:07:02
The Philippines construction market grew at a review-period (2008−2012) CAGR of 10.27% and was largely unaffected by the financial crisis. Construction output recorded respective annual growth rates of 6.4% in 2009 and 20.9% in 2010, though the country´s construction output declined marginally by 2.2% in 2011.

Review-period growth was supported by the growing business process outsourcing (BPO) industry, infrastructure development projects and a rise in income levels. The construction industry is expected to post a forecast-period (2013−2017) CAGR of 7.66% with growth originating largely from the government´s development plan for 2011–2016 to improve infrastructure, healthcare and competitiveness.

The construction industry recorded a period of robust growth backed by a rise in employment and income levels. The number of new building construction projects with approved permits increased from 24,610 in the fourth quarter of 2011 to 27,931 in the fourth quarter of 2012, a year-on-year increase of 13.5%.

In order to increase the nation´s investment attractiveness, enhance competitiveness and promote socio-economic development, the government unveiled the Philippine Development Plan (PDP) 2011–2016. The plan involves substantial investments in physical infrastructure, which it deems as roads, railways and energy; social infrastructure which it defines as education, healthcare and housing; and technology which it outlines as research and development.

The BPO industry is a key driver of office space development and the industry´s robust outlook is expected to benefit the expansion of office buildings. There has been a rise in purchasing power among the domestic population, owing to solid growth in the BPO industry and rise in remittances from overseas Filipinos. This, coupled with favorable economic conditions and a rising urban population, is expected to support a surge in retail activity.

The industrial construction market was the fastest-growing construction market in the Philippines during the review period, driven by a rebound in the nation´s manufacturing activity since 2010. The performance of the manufacturing sector is expected to improve over 2013–2014 with a surge in exports backed by an anticipated recovery in global economic conditions. Growth will also be supported by governmental efforts to ease procedures for establishing new businesses and reduce operational costs by initiating expansion measures.

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