Abstract: The value of construction starts in Southeast Asia and Hong Kong slipped 3% for the year despite rebounding 5% in the last quarter of 2009.
The value of project starts in the major construction markets of Southeast Asia and Hong Kong slipped 3% from USD125.3 billion for 2008 to USD120.9 billion for 2009, despite a 5% rebound in the 4th quarter. The total value of project starts reported by BCI Asia in the combined region of Hong Kong, Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam climbed to USD27.6 billion in the 4th quarter 2009 up from USD26.2 billion in the 3rd quarter.
In terms of the value of building starts for the year, the education and research category was up 33%; health was up 24%; community and legal was up 33%; office was up 2% and large residential category climbed 2%. The retail and exhibition category was down 31%, transport was down 51% and the hotel category fell 8%. Click here for a regional-overview of construction starts.
Vietnam recorded the greatest growth in value of construction starts, climbing 36% in 2009 with a surge in infrastructure, utilities and large residential projects. Infrastructure and utilities also bolstered Hong Kong'sgrowth, despite a 5% decline in the value of large residential starts. In other markets the economic downturn had a major impact on construction activity, particularly in Singapore where the value of construction starts fell 37%. Other markets that experienced declines include Malaysia (down 23%), Philippines (down 11%), Indonesia (down 9%) and Thailand (down 6%).
