After the storm comes the calm, and the construction sector may soon be getting their day in the sun.
The past two years had been particularly tumultuous for the engineering and construction (E&C) industry, which is heavily reliant on labour workers. Lockdowns and border closures had stalled plenty of construction work, and many of these workers were forced to leave the industry due to income insecurity.
As the world adapts to the pandemic, the economy is starting to see signs of recovery. In Singapore, the Building and Construction Authority forecasted a bright future for the construction sector in 2022, as the value of construction contracts to be awarded are predicted to be between $27 billion and $32 billion. This comes on the back of strong support by the public sector, with master-planned projects across transport, residential, mixed-use and tourism, providing a strong project pipeline for the industry.
