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The Forecast for the Construction & Building Industry in Myanmar
The Myanmar construction industry increased in value at a compound annual growth rate (CAGR) of 11.48% during the review period (2007–2011). This growth was supported by the country’s improving political stability, increasing number of investment opportunities in energy and public infrastructure projects, and rapid inflow of foreign direct investment (FDI) from Vietnam, Thailand, China, Singapore and Malaysia.
The construction industry growth is expected to remain strong over the forecast period, driven by the government’s increasing expenditure on improving Myanmar’s public infrastructure, and the rising interest of domestic and foreign real estate developers on constructing residential units to meet the population’s huge housing demand. The infrastructure and residential construction markets together generated 77.3% of the total Myanmar construction industry value in 2011, and the contribution of these two markets to the overall Myanmar construction industry growth will be significant over the forecast period. It is anticipated that the construction industry will increase in value at a CAGR of 7.84% over the forecast period.
According to the report “Construction in Myanmar – Key Trends and Opportunities to 2016” by Timetric, the commercial construction market recorded a CAGR of 8.09% during the review period. This growth was mainly driven by the leisure and hospitality and office buildings categories, which together accounted for 67.2% of the commercial construction market value in 2011. Furthermore, since the 2013 Southeast Asian Games (SEA Games) and 2014 Asian Summit will be held in Myanmar, the demand for hotel and land has started rising in cities such as Yangon in preparation for the anticipated influx of foreign investors and tourists to the country. Timetric expects the commercial construction market will register a CAGR of 8.01% over the forecast period. The contribution from tourism will be significant to the Myanmar commercial construction activity over the forecast period.