For 2024, the Building & Construction Authority (BCA) estimates that the total construction demand will be between $32 billion and $38 billion in nominal terms, above 2023's figure of $33.8 billion.
The full-year preliminary figure of $33.8 billion exceeded BCA's projection of $27 billion to $32 billion in January 2023. BCA attributes the preliminary increase in construction demand in 2023 partly to higher tender prices, expedited construction awards for several private residential projects and ramping up of HDB's public housing projects.
