Cambodia’s Construction Sector Soars with Remarkable 500% Increase in Approved Projects

• 19 May 2023
• Local News
• 2858 Views

The construction landscape in Cambodia has experienced a phenomenal surge, as evidenced by an extraordinary 500% rise in approved construction permits during the first two months of 2023.

The recently released economic report by the World Bank on May 18 sheds light on this significant development, highlighting the unprecedented growth in construction permits despite a relatively sluggish export of construction materials.

During the initial two months of the year, construction permits skyrocketed to an impressive US$802 million, registering an astounding 484% surge, according to the report’s findings.

In tandem with this remarkable growth, the report also notes a noteworthy increase of 18.5% in steel imports and a substantial 38.3% surge in cement imports.

“While uncertainties persist, the reopening of China presents Cambodia’s construction sector with promising opportunities,” the report affirms, underscoring the positive prospects that lie ahead.

Looking ahead, the World Bank projects Cambodia’s economic growth for 2023 to reach a robust 5.5%. This anticipated progress is primarily driven by the expanding services sector and the steady growth in agriculture.

The thriving construction industry not only signifies the country’s resolute resilience but also sets the stage for Cambodia’s continued economic development. With the construction sector thriving, Cambodia embraces a future of innovation, urban expansion, and a testament to its evolving economic landscape.

• Projects Development
• Economy and Finance