The industry greets the upcoming year with hope and promise for the construction agency. In fact, it is projected to grow and expand by 9.6% over the 2022-2025 forecast period. Given that, the growth rate of the construction industry is 15.9% and a GDP share of 6.8 percent, it is only reasonable for us to expect more improvements, especially for 2022.
Here are other things we can look forward to eventually during 2022:
Over the forecast period, we can expect the residential construction market to stay at the leading position, taking up 30% of the total industrial value this year. Basically, the market is expected to meet the growing housing demands, as it is driven by both public and private sector investment.
A top concept of the government, the Build, Build, Build Program, plans to invest up to 8.1 trillion for developing structures for the improved mobility of Filipinos.
The government has also devised a new 6-year plan for National Tourism Development, to invest 1.1 trillion for tourism infrastructure this year, aiming to boost the tourism sector revenue by 90% and create more job opportunities under the said sector.
Moreover, the PDP 2017-2022, or the Philippine Development Plan, was ultimately developed as a foundation for resilience, trust, and inclusive growth in the society, and may usher in future development plans.
Together, let's build better businesses.
Source:
https://www.researchandmarkets.com/reports/4518674/construction-in-the-philippines-key-trends-and
https://www.statista.com/statistics/1094197/philippines-annual-growth-rate-construction-industry-real-estate/
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