Construction expands 9.7% in huge turnaround
The construction sector served notice that it is finally out of the doldrums by turning in 9.7 per cent growth for the first quarter - its best performance in nine years.
The huge turnaround was across all segments - residential, commercial and industrial - and is expected keep up for the rest of the year.
It makes a pleasant change for a sector that has suffered continuous contractions - down 8.9 per cent in 2003 and 5.5 per cent in 2004 - and only middling growth in 2005 and the first half of 2006.
Large private commercial projects, such as those related to the two integrated resorts, are the main contributors of this growth.
The booming property market has also aided the industry, adding to the number of projects under construction.
With the private sector buzzing, activity in the public realm has been toned down.
Demand for government-commissioned projects, for example, registered a 19 per cent decline, reversing growth of 3.7 per cent in the last quarter.
Source : Straits Times - 22 May 2007
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