At the launch of International Construction Week (ICW) and BuildXpo 2024 in MITEC, Kuala Lumpur, on 23 October 2024, YB Dato Sri Alexander Nanta Linggi, Minister of Works of Malaysia, in honour of the Prime Minister, YAB Dato’ Seri Anwar Ibrahim, remarked the momentous achievement of the construction industry with the first double-digit growth since 2014. Also present at the official opening ceremony is the Deputy Minister of Works, Datuk Seri Ahmad Maslan; the Ministry of Works Secretary General, Datuk Seri Azmam Ibrahim; CIDB Chairman, Ir. Yusuf Abd. Wahab, CIDB Chief Executive, Dato’ Sr. Mohd Zaid Zakaria, and Qube Integrated Malaysia Executive Chairman, Richard Teo.
The construction industry has hit a remarkable milestone of 17.3% GDP growth at the end of September 2024.Â
The annual premier international event for the construction industry, ICW and BuildXpo 2024, is hosted by the Ministry of Works, organised by the Construction Industry Development Board (CIDB) Malaysia, and managed by Qube Integrated Malaysia Sdn Bhd, taking place from 22 to 24 October.
This significant jolt of growth is worth noting, especially as the construction industry plummeted during the COVID-19 pandemic, with lingering impacts to this day.Â
Further highlighting the impressive growth of Malaysia’s construction sector, Minister Nanta Linggi shared, according to CIDB, the construction industry has shown resilience and a strong rebound. From a significant contraction of -19.3% in 2020 and -5.1% in 2021, the sector began recovering with a 5.0% growth in 2022 and 6.1% in 2023. By 2024, the total value of construction projects stood at RM150.2 billion across 11,980 projects, surpassing 2023 figures.
The minister expressed his delight at this impressive achievement, which reflects the industry’s capacity to overcome adversity and emerge stronger than ever.
