Dublin, July 17, 2024 (GLOBE NEWSWIRE) -- The "Macau Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2024-2028" report has been added to ResearchAndMarkets.com's offering.
The construction industry in Macau is expected to expand by 8.8% in real terms in 2024, supported by an increase in tourist arrivals in the country and public and private investments in the leisure and hospitality sector.
According to the Statistics and Census Service (DSEC), the total number of tourist arrivals in Macau rose by 394.9% YoY in 2023, preceded by annual decline of 26% in 2022.According to government estimates, the gross gaming revenue (GGR) reached MOP180 billion ($22.6 billion) in 2023, accounting for 62% of 2019 pre-pandemic levels.
According to the latest budget, passed in March 2024, the government of Macau, announced a budget surplus of MOP1.17 billion ($147 million), marking the first surplus in three years, owing to the COVID-19 pandemic and economic constraints. The budget is anticipated to generate revenue of MOP107.11 billion ($13.1 billion) in 2024, with a significant portion coming from GGR.
The construction industry is expected to record an annual average growth of 4.5% in real terms from 2025 to 2028, supported by investment in the leisure and hospitality and industrial construction sectors, in line with the government's focus on increasing economic diversification. The State Council of Macau approved a comprehensive development plan for the construction of new industries in Guangdong province and Macau in December 2023, aimed at increasing collaboration between Guangdong province and Macau, to enhance economic diversification in Macau.
In February 2024, Galaxy Entertainment Group (GEG), a Macau-based company operating hotels and casinos, signed an agreement worth MOP12.7 billion ($1.6 billion) for the fourth phase of construction of its Galaxy Macau casino on Cotai Island. The fourth phase is expected to add 2,000 hotel rooms by 2027.
Over the remainder of the forecast period, growth in the construction industry will also be supported by the Five-Year Economic diversification Plan (2024-28), approved by government in November 2023. The plan will support construction of leisure and hospitality buildings, healthcare facilities, and aims to develop the Macao Peninsula South Coastal Green Corridor Project, spread across an area of 54,000m2 to improve the tourism and leisure industry.
Scope
- Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Macau, 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 the analyst's 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 strategy using the analyst's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Latest news and developments
4 Project analytics
5 Construction Market Data
6 Risk Profile
7 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/7x396i
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