Dublin, Dec. 28, 2023 (GLOBE NEWSWIRE) -- The "Kenya Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
Kenya's construction industry is forecast to grow by 4.5% in real terms in 2023, driven by improvements in infrastructure and energy development, along with projects to be implemented under the 2023-24 Fiscal year (FY) Budget.
In June 2023, the government announced its 2023-24 Budget, which amounts to KES3.7 trillion ($28.7 billion). This includes the allocation of KES244.9 billion ($1.9 billion) for road infrastructure, KES141.2 billion ($1.1 billion) for healthcare, KES62.3 billion ($482.7 million) for energy, KES42.6 billion ($330.1 million) for railway infrastructure, KES35.3 billion ($275.6 million) for housing construction and redevelopment, KES26.9 billion ($208.4 million) for the manufacturing sector and KES15.1 billion ($117 million) for infrastructure and digital economy development. Infrastructure investments will also play a significant role in driving the growth of Kenya's construction industry. The Central Bank of Kenya released a KES50 billion ($389.4 million) infrastructure bond in October 2023, which will be utilized to fund projects outlined in the 2023-24 Budget.
Over the remainder of the forecast period, the construction industry is expected to grow at an average annual growth rate of 5.9% between 2024 and 2027, supported by investment in tourism and transport infrastructure development, as well as improvements in energy, housing, and industrial facilities. In early November 2023, Kenya's Tourism Board announced the five-year strategic 2023-28 tourism plan. Under this, the government is aiming to attract 5.5 million internationals tourists' arrival by 2028, which will boost leisure and hospitality development. In August 2023, The Ministry of Lands launched a tender for the construction of 25,000 government personnel houses and 7,000 residential houses.
The report provides detailed market analysis, information and insights into the Kenya's construction industry, including -
- Kenya's construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in Kenya's construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
This report provides a comprehensive analysis of the construction industry in Kenya. It provides -
- Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in Kenya, 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
Key Report Benefits
- Identify and evaluate market opportunities using the publisher'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 publisher's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
Key Topics Covered:
- Executive Summary
- Construction Industry: At-a-Glance
- Latest news and developments
- Project analytics
- Construction Market Data
- Risk Profile
For more information about this report visit https://www.researchandmarkets.com/r/1dmbu5
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