A report by London-based Timetric’s Construction Intelligence Center (CIC) stated that the country’s residential market is expected to remain the largest in the Philippines construction industry over the next four years as it would account for 33.9% of the industry’s total value in 2020. The infrastructure market is the second fastest frowing sector in the industry after the residential market. This is driven by governmenet plans to develop high-speed rail links, highways, and seaports through public-private partnership (PPP).
With the focus on infrastructure improvement and the continuous expansion of residential and commercial buildings, construction industry of The Philippines is forecasted to grow on an average annual growth rate of 9.8% from USD$34 billion in 2016 to USD$54.3 billion by 2021.
