The construction business in 2023-2024 tends to grow, as investments in this industry are expected to grow by an average of 4.5-5.5% per year. The main driving factor will be investments in large government projects. In particular:
- Projects related to the Eastern Economic Corridor (EEC, which includes the provinces of Chachengsao, Chonburi, Rayong) are likely to accelerate to achieve the goals of the Action Plan for Transport Infrastructure in the EEC region, Phase 2 (2022-2026).
- High-speed railway project connecting three airports (Don Muang-Suwannaphum-Utapao) with the start of construction of the first stage in Suwanaphum-Utapao.
- Phase 3 of the Lem Chabang Port Development Project (2022-2026), aimed at making Thailand a center of trade, investment, transport and logistics in the region.
131 state projects with a total investment of 386,565,000,000 baht have been designated for this year. The largest volume of investments is directed to railway and public transport systems, which is 43% of the total investment amount.
It is expected that the opening of new housing projects will continue to increase by an average of 10.0% per year, or about 70 thousand units per year. During 2022-2024, developers tend to increase the share of low-rise housing, especially in suburban areas. This was also facilitated by the expansion of the public transport network, projects to extend the tracks of high-speed railways, and an expressway connecting the suburbs with the city.