Myanmar, also known as Burma, is a member of ASEAN. Buoyed up by the thriving construction industry,
Myanmar is now becoming one of the world’s most sought-after countries by foreign investors.
The construction industry is set to become a major growth driver of Myanmar’s economy, as investors look to capitalise on economic liberalisation and a major public infrastructure programme.
According to Construction Intelligence Centre (CIC), Myanmar’s construction industry is forecast to record rapid growth in the next five years, at an annual average rate of 10.37%. Residential construction was the largest market in Myanmar’s construction industry in the last five years, accounting for 49.9% of the industry value in 2015. Infrastructure construction was the second-largest market in the construction industry during the review period, accounting for 19.4% of the industry’s total value in 2015.
In real terms, the industry’s value stood at USD$8.2 billion in 2015, and is anticipated to value USD$13.5 billion in 2020, which would infer a value of
USD$500 million in 2020
for professional consultancy services based on the forecast.
The positive outlook is due to the increasing expenditure by government on improving Myanmar’s public infrastructure. Moreover, different kinds of new buildings are mushrooming and booming in Myanmar from city centre to the suburban areas.
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