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HONG KONG, May 18, 2021 /PRNewswire/ -- Arcadis, the leading global Design & Consultancy organization for natural and built assets, today announced the release of its annual Arcadis International Construction Cost Index (ICC). Manila ranked at 81 Out of 100 cities, dropping two spots from last year's index due to the slowdown in construction activities associated with the community restrictions enforced to stem the coronavirus transmission in the country.
Gross Domestic Product (GDP) in the Philippines contracted by 9.5% in 2020 as household spending declined and business activities halted because of COVID-19. The construction industry also felt the impact of the pandemic with numerous new projects put on hold and those in procurement significantly delayed.
"Experts are optimistic that the Philippine economy will rebound this year and improvements will be seen by the second half of 2021. However, despite various sectors re-opening and the programs started by the government to speed up recovery, there are still obvious challenges and uncertainties affecting consumers' confidence on how the economy would move along towards the end this year." said Darneil Perez, Arcadis' Market Head in the Philippines.
"Sustainability and decarbonization are also key trends emerging in the Philippines, with initiatives such as policy guidelines for the adoption of energy-conserving building design, as part of the Philippine Green Building Code, promoting the demand for energy-efficient materials and technologies across the country."
The 2021 Arcadis ICC Index covers 100 of the world's large cities across six continents. The cost comparison was developed covering twenty building functions, based on a survey of construction costs, review of market conditions and the professional judgement from its global team of experts. The calculations are based in USD and indexed against the price range for each building type relative to Amsterdam.
In addition to providing a comparative index of global construction costs, this report also looks at construction around the world and the noteworthy changes and initiatives of the past year in numerous global markets amid the COVID-19 pandemic. As some governments prepare to launch various initiatives to boost their economies which includes investment spending on infrastructure, Arcadis highlights the opportunity to create long term value from the right investments especially around sustainability. A five-point plan is presented in the report to help guide clients and their project teams to define and deliver their project requirements in the context of a broader assessment of value.
Download the report here
ABOUT ARCADIS
Arcadis is the leading global design & consultancy organization for natural and built assets. We maximize impact for our clients and the communities they serve by providing effective solutions through sustainable outcomes, focus and scale, and digitalization. We are over 27,000 people, active in more than 70 countries that generate EUR3.3 billion in revenues. We support UN-Habitat with knowledge and expertise to improve the quality of life in rapidly growing cities around the world. www.arcadis.com
