Construction industry in Thailand - statistics & facts

The construction industry has proven to be a significant contributor to Thailand's economy, contributing approximately 439 billion Thai baht to the country’s GDP in 2021. Construction work in Thailand can be grouped into two categories: public and private. In general, infrastructure accounts for over 80 percent of public sector building activities. Aside from that, it is comprised of other public infrastructures and residences of government officials. The investment value of public sector construction declined in 2022 due to the delayed construction of mega-projects such as the railway connecting three airports and the Orange Line electric train projects. Medium and small contractors conducting the construction work are also facing financial liquidity issues and labor constraints, causing projects to fall behind schedule. As for private sector construction projects, more than half are residential, with the remainder industrial and commercial structures. Unlike the public sector, the private sector construction market grew by almost three percent during the same period.

Construction material market

Basic construction supplies such as cement and construction steel are essential in Thailand. In 2022, construction steel and cement combined held the largest share of the construction material market, accounting for 39 percent. Furthermore, as of May 2023, construction steel had the highest year-on-year growth in terms of domestic sales. While the COVID-19 epidemic gravely impacted the retail trade of construction materials in Thailand, the market began to recover as demand rebounded.

Leading construction contractors in Thailand

As of 2022, there were around 141.6 thousand construction businesses in Thailand, of which the majority were juristic persons. Thailand has three main types of legal construction entities: building, civil engineering, and job specific. Key construction industry players listed on the Stock Exchange of Thailand from each category include Unique Engineering and Construction PLC, Italian Thai Development PCL, and Wire & Wireless Co., Ltd., respectively. In terms of net profit, the construction industry experienced a YoY decrease of 15.6 percent, mainly due to skyrocketing construction material prices and labor shortages. As a result, many newly launched registered companies are still unable to generate profits.

Current situations and looking ahead

The increase in fuel and construction material prices has raised contractor expenses. Exacerbated by high inflation and household debt, lower domestic purchasing power could impede construction and real estate sector expansion. The revival of the two goes alongside the economic recovery of housing purchasing power. Since late 2022, the number of new project launches in the Bangkok Metropolitan Region has been on the rise. Although, construction progress may be hampered by labor shortages caused by the COVID outbreak. However, the Eastern Economic Corridor project is one of the new infrastructure projects the government aims to build. Bidding for major transportation projects, such as motorways, expressways, ports, airports, and several rail networks, is anticipated to start in 2023–2024. Nevertheless, the uncertainty surrounding the country's post-election leader as of July 2023 may cause the bidding process for government construction projects, including the distribution of the funds, to be delayed.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Dec 20, 2023

Key insights

GDP from construction in Thailand
439.1bn THB
Year with the highest number of permitted new construction units
2021
Year with the highest number of permitted construction units for alteration and expansion
2020
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