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In 2024, the construction industry's investment value for the public sector in Thailand amounted to around *** billion Thai baht. The total construction investment value amounted to nearly *** trillion Thai baht in the same year. Although the construction industry in the country has been severely interrupted by the COVID-19 pandemic in the past years, resulting in temporary shutdowns of construction sites, the industry still has great potential for growth in the future. 

The Thai economy and the construction industry

The construction sector plays a major role in the country’s economy, since it also serves as the basis of growth for other sectors. The GDP from the construction sector has increased throughout the years, signaling the sector’s rising importance. Since the number of permitted construction units has increased in recent years, this contributes to the expansion of both, commercial and residential construction and real estate markets in Thailand.

The development of the construction industry

The construction industry’s growth has been partly influenced by the demand for residential living units. Furthermore, there has been more construction for shopping malls and restaurants in the country to satisfy consumer needs. The higher demand for living units has also led to an increase in greater supply of condominiums, especially in Bangkok and its peripheral areas. Currently, the Thai government is aiming to shape some areas into special economic zones focused towards industrial growth. This policy is the potential driving force of a greater growth in construction in the country.