Fast Market Research recommends "Construction in the Philippines - Key Trends and Opportunities to 2017" from Timetric, now available
Boston, MA -- (SBWIRE) -- 09/18/2013 -- The construction industry in the Philippines grew at a review-period (2008-2012) CAGR of 10.27% and was largely unaffected by the financial crisis. Construction output recorded respective annual growth rates of 6.4% in 2009 and 20.9% in 2010, though the country's construction output declined marginally by 2.2% in 2011. Review-period growth was supported by the growing business process outsourcing (BPO) industry, infrastructure development projects and a rise in income levels. The construction industry is expected to post a forecast-period (2013-2017) CAGR of 7.66% with growth originating largely from the government's development plan for 2011-2016 to improve infrastructure, healthcare and competitiveness.
View Full Report Details and Table of Contents
- The domestic economy expanded by 6.6% in real terms in 2012, up from 3.9% in 2011 and was above the government's official target range of 5-6.0%. This expansion was mainly brought about by government spending and investment growth, which accelerated from 1.0% and 0.1% in 2011 to 11.8% and 8.7% respectively in 2012.
- Economic prospects are positive with an average growth rate of 5.5% anticipated over the forecast period
- The construction industry recorded a period of robust growth backed by a rise in employment and income levels. The number of new building construction projects with approved permits increased from 24,610 in the fourth quarter of 2011 to 27,931 in the fourth quarter of 2012, a year-on-year increase of 13.5%. In order to increase the nation's investment attractiveness, enhance competitiveness and promote socio-economic development, the government unveiled the Philippine Development Plan (PDP) 2011-2016. The plan involves substantial investments in physical infrastructure, which it deems as roads, railways and energy; social infrastructure which it defines as education, healthcare and housing; and technology which it outlines as research and development.
- The BPO industry is a key driver of office space development and the industry's robust outlook is expected to benefit the expansion of office buildings. There has been a rise in purchasing power among the domestic population, owing to solid growth in the BPO industry and rise in remittances from overseas Filipinos. This, coupled with favorable economic conditions and a rising urban population, is expected to support a surge in retail activity.
- The industrial construction market was the fastest-growing construction market in the Philippines during the review period, driven by a rebound in the nation's manufacturing activity since 2010. The performance of the manufacturing sector is expected to improve over 2013-2014 with a surge in exports backed by an anticipated recovery in global economic conditions. Growth will also be supported by governmental efforts to ease procedures for establishing new businesses and reduce operational costs by initiating expansion measures.
Companies Mentioned in this Report: Ayala Land Inc., EEI Corporation, Highlands Prime Inc., SuperCity Realty Development Corporation, CMC (ASIA) Inc.
About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff will help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Construction research reports at Fast Market Research
You may also be interested in these related reports:
- Construction in Colombia - Key Trends and Opportunities to 2017
- Construction in South Korea - Key Trends and Opportunities to 2017
- Construction in Mexico - Key Trends and Opportunities to 2017
- Construction in Western Europe - Key Trends and Opportunities to 2017
- Construction in the Czech Republic - Key Trends and Opportunities to 2017
- Global Construction Aggregates Market - Key Trends and Opportunities to 2017
- Construction in Lithuania - Key Trends and Opportunities to 2017
- Construction in Russia - Key Trends and Opportunities to 2017
- Construction in Denmark - Key Trends and Opportunities to 2017
- Construction in Ireland - Key Trends and Opportunities to 2017