Boston, MA -- (SBWIRE) -- 07/31/2012 -- The construction industry in the Philippines continued growing at a double-digit rate throughout the global economic crisis in 2008 and 2009. Furthermore, while the global economic situation was recovering across economies in the US, Europe and even more dominantly in Asia, the Philippines construction industry grew faster in 2010, when compared to 2009. Infrastructure and residential construction were the two main markets which supported double-digit growth during the global economic recession.
The rising Filipino population has created a surge in demand for housing, especially multi-family housing, which has led to a housing backlog of six million in the country. With rapid urbanization, the housing dynamics in the country are gradually changing. In larger cities such as Manila, an increase in the demand for multi-family housing is being observed, as it is a cheaper option, compared with single-family housing.
The infrastructure construction market was the industry's key growth driver during the review period and was the largest market in the industry. This growth was generated by the huge investment from SONA Projects. Industrial construction is the smallest contributor to construction industry value in the Philippines, and accounted for 3% of the industry market share in 2010. Although the investments coming from foreign countries were affected by the global economic slowdown, strong government funding drove growth during the review period.
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- During the review period, commercial construction was the third-largest market and was influenced by the supporting growth of the retail buildings and office buildings categories.
- Industrial construction was the smallest contributor to construction industry value in the Philippines during the review period. The fastest-growing categories were storage tanks and chemical and pharmaceutical plants.
- Infrastructure construction was the largest market in the construction industry in 2010. During the review period, the fastest-growing category in infrastructure construction was water infrastructure construction.
- Institutional construction was the fourth-largest market in the industry. Market growth was largely driven by investments to develop educational institutions and healthcare facilities.
- Residential construction was the second-largest market in the industry during the review period. Within the Philippines residential construction market, single-family housing construction was the largest category in 2010.
- This report provides a comprehensive analysis of the construction industry in the Philippines:
- Historical values for the construction industry for 2006-10 and forecast figures for 2010-15
- Supporting text on individual markets and values for categories for 2006-10 and forecasts until 2015
- Profiles of the top construction companies in the Philippines
Companies Mentioned in this Report: Manila Electric Company, First Philippine Holdings Corporation, Ayala Land Inc, EEl Corporation, San Miguel Properties Inc
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