BANGKOK, 25 June 2014 – The construction sector has forecasted that its performance in the latter half of the year would pick up the pace after the private sector has regained confidence, resulting in more investment projects on the horizon.
The statement was made by Mr. Chakporn Oonjit, Director of the Construction Institute of Thailand, at a seminar on the direction of the construction sector in 2014.
He said that construction businesses had slowed down during the first two quarters of 2014, adding however the situation would take a better turn during the remaining quarters as the nation’s economy had started to recover. Mr. Chakporn speculated that the private sector’s investments would play vital roles in the construction sector’s recovery.
According to him, investment in the construction industry would contract only by 0.8% in the last two quarters given the aforementioned factors. He said however the industry had a possibility of growing by 1.3% if the government sector devised stimulation measures, and moved to stabilize prices of construction materials, address the labor shortages, and restore investment confidence in the private sector.
Mr. Chakporn also stated that construction entrepreneurs are deploying various technological innovations to address the labor shortage problem which has intensified during the past 3-4 years.