There’s a saying, “If you want to know how well the country economy is doing, look at the number of constructions happening”. To certain extend, the construction industry plays an important role in the economic growth in addition to its contribution to the country’s GDP.
Government stimulates the economy to achieve economic growth. In order to support the increased economic activity, there’s a need for corresponding increase in the provision of roads, buildings, housing and other infrastructure. Firms depend on the performance of built infrastructure to remain competitive; investors consider the quality of built infrastructure to consider location decisions; our workforce availability and productivity depends on the efficiency of our built infrastructure. In another words, through its impact on the national socio-economic development, construction plays a crucial role to promote sustainable growth and development.
In January this year, Building and Construction Authority of Singapore (BCA) released its review for construction demand for 2015 onwards. 2014 has been the record-breaking year with contracts for the MRT lines and Changi Airport development. BCA forecast that construction demand is expected to stay between S$27 billion to S$36 billion in 2016 to 2017*—with 60% generating from building projects and 40% from civil engineering projects. These are great news for construction industry.
In order to sustain the growth, it is also important that companies invest in the right talent to ensure the construction sector continues to positively serve the nation. The nation’s growth is in the hands of people—skilled labours who build the foundation of the built infrastructure to professional engineers making crucial decisions.
Buildings, around the world, emit one of the highest percentage of Carbon Dioxide (CO2). BCA’s Green Mark scheme has urge for a greener building that optimise energy performance and is healthy for its residents—all for a sustainable future.
The construction industry plays many important roles—economic growth, sustainable environment, health of the nation, and employment. Will 2016 be a year where construction industry starts to evolve?
*Source: Building and Construction Authority of Singapore, 2015; Public Sector projects to sustain construction demand in 2015