Almost overnight, the construction sector, which is typically a sector with thin margins, plunged 38.4% in 2020, before recovering 20.1% in 2021 with the gradual reopening of borders and the resumption of building activity. In 2022, the sector expanded a further 6.7%, becoming the sixth-highest sectoral contributor to Singapore’s overall GDP growth for the year.
Mixed picture for construction stocks as builders grapple with delays, manpower shortages and more costly materials while material suppliers have strong order books to cheer about.
The construction industry in Singapore is restarting its engines after the sector was forced to a standstill during the pandemic as borders shut and the flow of workers and materials was disrupted amid overall economic uncertainty.
