Boston, MA -- (ReleaseWire) -- 02/11/2013 -- BMI View: Real growth for the construction industry significantly exceeded government estimates in H112, due to a surge in residential and non-residential building activity. As such, we have revised up our construction real growth forecasts to 8.6% in 2012 (previously 5.1%). Looking at 2013, we expect construction activity to slowdown, but to a reasonably robust level, due to the large pipeline of infrastructure projects, and the launch of another round of quantitative easing in the US. Real growth for the construction sector in 2013 is now forecast to reach 4.9%, compared to a previous forecast of 3.5%.
The key drivers affecting construction growth are:
- In August 2012, the Singapore Transport Authority finalised the design for the SGD18bn (US$14.6bn) Thomson railway project. The 30km Thomson line is expected to start the land acquisition process in 2012 and be fully completed by 2021.
- In September 2012, Singapore's only electricity utility, SP Power, announced that it has awarded the construction contracts for the SGD2bn (US$1.6bn) Transmission Cable Tunnel Project. The project is expected to start end-2012 and be completed by 2018.
- In September 2012, Singapore's only airport operator, Changi Airport Group, closed its budget terminal. This is expected to pave the way for the construction of a fourth terminal in 2013. The new terminal is expected to be completed by 2017.
- In October 2012, Singapore's only port operator PSA Singapore Terminals revealed plans to invest SGD3.5bn (US$2.85bn) for the development of phases 3 and 4 of its Pasir Panjang Terminal. The phases will involve the construction of several new terminals and they will be fully completed over the decade.
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