In our blogpost dated 3 Feb 2022, we had hoped that COVID-19 would be defeated by the tiger. And so it was. We are delighted to welcome the rabbit, a symbol of longevity, peace, and prosperity.
The construction industry is slowly but surely getting back on its feet. The total construction demand for 2023 is predicted to range from $27 billion to $32 billion. 60% of which is expected to come from public sector projects. [See: BCA press release dated 12 Jan 2023 at this link]
On the adjudication front, the number of adjudication applications lodged in 2022 was around 240, which is about 100 less than the 340 applications in 2021. We expect the numbers to rise again in 2023 in tandem with the rise in construction demand.
Wishing everyone a healthy, happy and prosperous year of the Rabbit.
Tan Joo Seng
5 March 2023