Philippines Construction Industry Report 2022: Growth Revised Down from

16.5% to 13.4%

The “Philippines Construction Market Size, Trends and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2022-2026” report has been added to ResearchAndMarkets.com’s offering.

Industry growth has revised down the estimated growth of the Philippine construction industry in 2022 - with the industry now expected to expand by 13.4% in real terms this year, down from the previous prior projection of a 16.5% growth.

This downward revision is primarily due to rising inflationary pressures and the tightening of monetary policy by the Bangko Sentral ng Pilipinas (BSP). Into 2023, the construction industry’s output will be supported by works on ongoing transport infrastructure and housing projects.

According to the Philippine Statistics Authority (PSA), the construction industry’s value added grew by 12.2% year on year (YoY) in Q3 2022, preceded by Y-o-Y growth of 19.5% in Q2 and 14.7% in Q1 2022.

The construction industry is expected to register an annual average growth of 7.3% from 2023 to 2026, supported by government investment in the transport, energy and residential sectors.

The construction of the NorthSouth Commuter Railway (NSCR) project, with a total investment of PHP744.6 billion ($14 billion) by 2028, is expected to substantially improve railway network access across the Philippines.

Further support will be provided by the PHP4 trillion ($75.3 billion) of infrastructure projects which are expected to complete by 2028, according to the National Economic and Development Authority (NEDA).

These projects include the PHP740 billion ($13.9 billion) New Manila International Airport, the PHP23.2 billion ($436.9 million) North Luzon Expressway and South Luzon Expressway connector road, the PHP8.8 billion ($165.7 million) Epifanio de Los Santos Avenue (EDSA) Greenways Project and the PHP1.9 billion ($35.8 million) Boracay Circumferential Road, among others.

Scope of the industry review includes historical (2017-2021) and forecast (2022-2026) valuations of the construction industry in the Philippine, featuring details of key growth drivers;

Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector;

Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline; and Listings of major projects, in addition to details of leading contractors and consultants.