Construction companies will continue to rebound and next year things are looking up for the sector and steady earnings growth is expected and labour shortages are expected to be overcome as operating conditions become more favourable.

In the near term, key events expected to unfold include the rollout of the Penang Light Rail Transit (LRT) project worth RM10 to RM12 billion and the Mass Rapid Transit 3 (MRT 3) having contracts worth RM30 to RM45 billion.

Flood mitigation projects total RM11.8 billion, the Pan Borneo Phase 1B is reckoned to be worth RM15.7 billion, the Sabah Sarawak Link Road has jobs worth RM7.4 billion and the Bayan Lepas LRT jobs another RM10 billion.

Another project in the pipeline that should give the construction industry a shot in the arm is the RM43 billion Melaka Gateway that has been revitalized following the approval of new guidelines and regulations.

Under Budget 2024, RM90 billion has been allocated as development expenditure to benefit the construction sector and it is anticipated to become the fastest growing sector in 2024 with a growth of 6.8 percent compared to 6.3 percent in 2023.

Sizeable private sector driven infrastructure project awards in the year 2024 will include the expansion of the Penang International Airport, the development of Westports 2.0, the Silicon Island common infra works and the Subang Airport Regeneration Plan as the others.

-THE MALAYSIA VOICE