Dublin, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The "Macau Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2023-2027" report has been added to ResearchAndMarkets.com's offering.
The construction industry in Macau is forecast to have expanded by 13.6% in real terms in 2023, following an annual decline of 24.9% in 2022, supported by government investment in the industrial, energy and utilities and infrastructure sectors. According to the Statistics and Census Service (DSEC), gross fixed capital formation (GFCF) in the construction industry grew by 70.4% year on year (YoY) in Q2 2023, preceded by a marginal Y-o-Y growth of 0.1% in Q1 2023 and a decline of 15.9% in Q4 2022.
During the first three quarters of 2023, the construction industry's output was supported by an improvement in the leisure and hospitality and infrastructure sectors. The tourism industry has also showed signs of improvement, supported by an increase in international tourist arrivals to the country. According to the DSEC, the total number of tourist arrivals to Macau rose by 356.6% YoY in the first nine months of 2023, while the gross gaming revenue (GGR) grew by 301.3% YoY during the same period.
Over the remainder of the forecast period, the construction industry is projected to record an annual average growth of 3.9% from 2024 to 2026, supported by investment in the manufacturing, transport, renewable energy, and housing sectors, in line with the government's focus on increasing economic diversification. In early November 2023, the government released its Five-Year Economic diversification Plan (2024-28). The plan focuses on developing key industries of tourism and leisure, healthcare, new technology development, and culture and sports.
Forecast-period growth will also be supported by investment as part of the 2020-40 Urban Master Plan, which aims to meet the challenges of projected population growth, economic diversification, and greater integration with China. The plan will provide approximately 3km2 of reclaimed land from the sea to create new housing, commercial, tourism, and public spaces. As per the government's estimates outlined under the plan, Macau's population will rise from 680,000 inhabitants in 2021 to 808,000 inhabitants by 2040, while its land mass will rise from 33km2 to 36.8km2 over the same period.
The report provides detailed market analysis, information and insights into Macau's construction industry, including:
- Macau's construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in Macau's construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
This report provides a comprehensive analysis of the construction industry in Macau. It provides -
- Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in [Country Name], featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
Key Report Benefits
- Identify and evaluate market opportunities using the standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using the critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
For more information about this report visit https://www.researchandmarkets.com/r/fygku1
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