share_log

Civil Engineering Work Drives Sector Growth

Business Today ·  Aug 13 01:09

Malaysia's construction sector witnessed a significant boost in the second quarter of 2024, with the value of work done soaring by 20.2 per cent to RM38.9 billion. This remarkable growth was primarily driven by the strong performance of the civil engineering and residential buildings sub-sectors, according to the latest data.

The construction output, which measures the value of completed work, recorded a year-on-year surge of 20.2% in Q2 2024, compared to a 14.2% increase in the previous quarter. This marks the sharpest rise in seven quarters, underscoring the sector's robust recovery and growth trajectory.

Civil engineering, which constituted 39.0% of the total output, experienced a remarkable increase of 25.2% year-on-year, the fastest growth in four years. The residential buildings sub-sector also showed strong momentum, advancing by 19.7% year-on-year, approaching a decade-high performance. Additionally, non-residential construction work rose for the second consecutive quarter, up by 7.2% year-on-year.

Special trade activities within the sector registered an impressive growth of 44.9% year-on-year, the fastest in three years, reflecting a surge in demand for specialised construction services.

Private sector projects, which accounted for 60.8% of the total construction work, saw a 15.8% increase in work completed, marking the highest growth in a year. Government construction projects also recorded significant growth, with a 17.4% rise, the fastest in three years. Meanwhile, public corporations continued their streak of double-digit growth for the fourth consecutive quarter, with work done rising by 40.0% year-on-year.

Overall, construction output for the first half of 2024 rose by 17.2% year-on-year, significantly outpacing the 8.7% growth recorded in the same period last year.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
    Write a comment