Construction Sector Thrives: Ministry Approves 3,207 Projects Worth US$5.4bn in 2023

• 17 April 2024
• Local News
• 1559 Views

In 2023, Cambodia’s construction landscape witnessed a remarkable surge, with the Ministry of Economy and Finance (MEF) greenlighting a total of 3,207 construction projects, collectively valued at US$5.4 billion. This data, unveiled in a ministry report, highlights a significant stride in the nation’s development trajectory.

The report indicates a notable shift in construction dynamics compared to the preceding year, with a decline of 1,068 projects granted permits in 2022. Despite this decrease in the number of projects, the total investment in construction soared by an impressive 84% year-on-year, reflecting a robust influx of capital into the sector.

The approved projects spanned a vast expanse, encompassing over 13.31 million square metres, marking an 80% increase from the previous year. Notably, the majority of sanctioned projects were in the residential domain, comprising 2,700 housing initiatives, including 2,606 borey projects and 94 condominium developments.

Moreover, the construction landscape witnessed diversification, with 190 industrial, 198 commercial, 55 tourism, 3 investment, and 61 public construction projects securing approval. This multifaceted approach underscores Cambodia’s efforts to foster a balanced and sustainable growth trajectory across various sectors.

The MEF attributed the sector’s robust performance to the positive impact of increased private investment, which catalysed growth, particularly in large-scale construction ventures. This upward trajectory not only augurs well for the construction industry but also bodes positively for Cambodia’s economic landscape, signifying a buoyant environment for investment and development.

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