The Philippines Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (Q4 2024)

The Construction in the Philippines - Key Trends and Opportunities to 2028 (Q4 2024) report provides detailed market analysis, information and insights into the Philippine construction industry, including:

The Philippine 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 the Philippine construction industry
Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline

The Philippine construction industry is estimated to expand by 10.7% in real terms in 2024, supported by investment in infrastructure and energy development. According to the Philippine Statistics Authority (PSA), the construction industry’s value-add rose by 9% year on year (YoY) in Q3 2024, following YoY growths of 16.1% in Q2 and 7% in Q1 2024. According to the Bangko Sentral ng Pilipinas (BSP), the average value of the Philippine banking system’s loans outstanding for construction by 13.4% YoY during the first eight months of 2024, preceded by an annual growth of 8.9% in 2023. In October 2024, the government reported that five projects with a combined value of PHP28 billion ($505.8 million) are expected to be awarded by the end of 2024 or early 2025, which includes upgradation of New Bohol International Airport in Panglao, and the construction of a 300-bed cancer hospital in Manila among others. However, high construction material prices, rising debt, falling Foreign Direct Investment (FDI), coupled with a cancellation of major projects can pose a downside risk to the construction industry over the short term. According to the Board of Investments (BOI), the total FDI received in the country fell by 1.8% YoY in the first three quarters of 2024, falling from PHP494.8 billion ($8.9 billion) in Q1-Q3 2023 to PHP485.9 billion ($8.8 billion) in Q1-Q3 2024.

The analyst expects the construction industry in the Philippines to register an annual average growth rate of 7.1% between 2025 and 2028, supported by investment in housing, infrastructure, and energy projects. The government plans to increase the share of renewable energy in its total power mix from 24% in 2020 to 35% by 2030 and 50% by 2040. The Board of Investments of the Philippines reported that through the 'green lane certificate', under which projects receive faster permits approval; it has endorsed 128 energy projects worth PHP3.9 trillion ($70.6 billion) as of September 2024

Scope

This report provides a comprehensive analysis of the construction industry in the Philippines. It provides:

Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in the Philippines 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

Reasons to Buy

Identify and evaluate market opportunities using our 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 business strategies using the analyst's critical and actionable insight
Assess business risks, including cost, regulatory and competitive pressures
Evaluate competitive risk and success factors

1 Executive Summary2 Construction Industry: At-a-Glance

3 Context

3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 Risk Profile

4 Construction Outlook

4.1 All Construction

Outlook
Latest news and developments
Construction Projects Momentum Index

4.2 Commercial Construction

Outlook
Project analytics
Latest news and developments

4.3 Industrial Construction

Outlook
Project analytics
Latest news and developments

4.4 Infrastructure Construction

Outlook
Project analytics
Latest news and developments

4.5 Energy and Utilities Construction

Outlook
Project analytics
Latest news and developments

4.6 Institutional Construction

Outlook
Project analytics
Latest news and developments

4.7 Residential Construction

Outlook
Project analytics
Latest news and developments

5 Key Industry Participants

5.1 Contractors
5.2 Consultants

6 Construction Market Data

7 Appendix

7.1 What is this Report About?
7.2 Definitions
7.3 CRI Methodology
About the Analyst

Contact the Publisher

List of Tables

Table 1: Construction Industry Key Data
Table 2: The Philippines, Key Economic Indicators
Table 3: The Philippines, Commercial Construction Output by Project Type (Real % Change), 2019-28
Table 4: The Philippines, Top Commercial Construction Projects by Value
Table 5: The Philippines, Industrial Construction Output by Project Type (Real % Change), 2019-28
Table 6: The Philippines, Top Industrial Construction Projects by Value
Table 7: The Philippines, Infrastructure Construction Output by Project Type (Real % Change), 2019-28
Table 8: The Philippines, Top Infrastructure Construction Projects by Value
Table 9: The Philippines, Energy and Utilities Construction Output by Project Type (Real % Change), 2019-28
Table 10: The Philippines, Top Energy and Utilities Construction Projects by Value
Table 11: The Philippines, Institutional Construction Output by Project Type (Real % Change), 2019-28
Table 12: The Philippines, Top Institutional Construction Projects by Value
Table 13: The Philippines, Residential Construction Output by Project Type (Real % Change), 2019-28
Table 14: The Philippines, Top Residential Construction Projects by Value
Table 15: The Philippines, Key Contractors
Table 16: The Philippines, Key Consultants
Table 17: The Philippines, Construction Output Value (Real, $ Million)
Table 18: The Philippines, Construction Output Value (Nominal, PHP Billion)
Table 19: the analyst Construction Market Definitions
Table 20: Risk Dimensions
Table 21: Ratings, Scores and Definitions

List of Figures

Figure 1: South-East Asia, Construction Output (Real % Change), 2022-28
Figure 2: The Philippines, Construction Output by Sector (Real % Change), 2022-24 and 2025-28
Figure 3: The Philippines, Risk Summary
Figure 4: The Philippines, Risk Regional Comparison
Figure 5: The Philippines, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2019-28
Figure 6: The Philippines, Construction Output Value, by Sector (Real, $ Million), 2019-28
Figure 7: The Philippines, Construction Value-Add (PHP Billion, 2018 Constant Prices)
Figure 8: The Philippines, Gross Fixed Capital Formation in Construction (PHP Billion, 2018 Constant Prices)
Figure 9: The Philippines, Construction Materials Retail Price Index in the National Capital Region (2012=100)
Figure 10: The Philippines, Loans Outstanding for Construction (PHP Billion)
Figure 11: The Philippines, Construction Projects Momentum Index
Figure 12: South-East Asia, Construction Projects Momentum Index
Figure 13: The Philippines, Commercial Construction Output by Project Type (Real, $ Million), 2019-28
Figure 14: The Philippines, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
Figure 15: The Philippines, Accommodation and Food Service Activities Value-Add (PHP Billion, 2018 Constant Prices)
Figure 16: The Philippines, Loans Outstanding for Accommodation and Food Service Activities (PHP Billion)
Figure 17: The Philippines, Wholesale and Retail Trade Value-Add, at 2018 Constant Prices, % Change YoY
Figure 18: The Philippines, Industrial Construction Output by Project Type (Real, $ Million), 2019-28
Figure 19: The Philippines, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
Figure 20: The Philippines, Mining and Quarrying Value-Add (PHP Billion, 2018 Constant Prices)
Figure 21: The Philippines, Manufacturing Value-Add (PHP Billion, 2018 Constant Prices)
Figure 22: The Philippines, Loans Outstanding for Manufacturing (PHP Billion)
Figure 23: The Philippines, Total Exports ($ Billion)
Figure 24: The Philippines, Infrastructure Construction Output by Project Type (Real, $ Million), 2019-28
Figure 25: The Philippines, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
Figure 26: The Philippines, Transportation and Storage Value-Add (PHP Billion, 2018 Constant Prices)
Figure 27: The Philippines, Loans Outstanding for Transportation and Storage (PHP Billion)
Figure 28: The Philippines, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2019-28
Figure 29: The Philippines, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
Figure 30: The Philippines, Electricity Generation, Steam, Water, and Waste Management Value-Add (PHP Billion, 2018 Constant Prices)
Figure 31: The Philippines, Information and Communication Value-Add (PHP Billion, 2018 Constant Prices)
Figure 32: The Philippines, Loans Outstanding for Electricity, Gas, Steam and Air-Conditioning Supply (PHP Billion)
Figure 33: The Philippines, Institutional Construction Output by Project Type (Real, $ Million), 2019-28
Figure 34: The Philippines, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
Figure 35: The Philippines, Education Value-Add (PHP Billion, 2018 Constant Prices)
Figure 36: The Philippines, Human Health and Social Work Activities Value-Add (PHP Billion, 2018 Constant Prices)
Figure 37: The Philippines, Loans Outstanding for Education (PHP Billion)
Figure 38: The Philippines, Loans Outstanding for Human Health and Social Work Activities (PHP Billion)
Figure 39: The Philippines, Residential Construction Output by Project Type (Real, $ Million), 2019-28
Figure 40: The Philippines, Residential Construction Projects Pipeline, Value by Stage ($ Million)
Figure 41: The Philippines, Real estate and Ownership of Dwellings Value-Add (PHP Billion, 2018 Constant Prices)
Figure 42: The Philippines, Loans Outstanding for Real Estate Activities (PHP Billion)
Figure 43: The Philippines, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 44: The Philippines, Headquarters of Key Consultants (% of Total Project Pipeline)

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Scope

This report provides a comprehensive analysis of the construction industry in the Philippines. It provides:

Reasons to Buy

Table of Contents

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