Construction demand hit record last year, set for further growth this year: BCA

Construction demand hit an all-time high last year and could grow further this year.

Contracts for the built environment industry could reach between $31 billion and $38 billion this year, the Building and Construction Authority (BCA) said on Thursday.

This comes on the heels of the record $35.8 billion in deals last year, which trumped official estimates of up to $34 billion.

The bulk of the total construction demand will come from public sector projects, which will account for nearly 60 per cent or between $19 billion and $22 billion.

However, demand from the private sector is expected to fall to between $12 billion and $16 billion this year, down from $21 billion last year.

The BCA added that for 2015 and 2016, average construction demand is projected to be sustained at between $25 billion and $34 billion per year.