Singapore construction industry down by SG$10 billion (US$7.3bn) in 2020
Singapore’s Building and Construction Authority (BCA) has revised their expectations for construction spending in 2020 by around SG$10 billion as Singapore feels the affect of the Covid-19 pandemic.
The BCA says that construction in 2020 is now estimated in the region of SG$18 billion to SG$23 billion, falling from their January forecasts of SG$28 billion to SG$33 billion.
The adjustments come after construction in Singapore reduced by 97% in the first quarter of this year. The contraction in revenue has so far lead to around 13,600 job cuts in the sector in Singapore. Only Singapore’s food and beverage sector has been hot worse than construction.
However, Singapore’s construction still has light on the horizon as projects like the Jurong Lake District and the Cross Island MRT subway line look set to keep contractors busy in 2021.