The construction sector recorded an impressive 17.3% gross domestic product (GDP) growth as of September end, marking the first double-digit growth since 2014, says Prime Minister Datuk Seri Anwar Ibrahim.
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NewsTranscript
00:00Join us as we celebrate our achievements, share knowledge and envision the future of
00:12construction.
00:13I, on behalf of the Right Honourable Prime Minister, Dr Sri Anwar bin Ibrahim, would
00:20like to apologise for his inability to officiate this morning's event.
00:27He called me last night to inform that he has to attend to an important and urgent matter
00:34this morning, and therefore I am to read his speech.
00:41Today, I am proud to announce that for the first three quarters of 2024, the construction
00:47sector has soared, recording an impressive 17.3% GDP growth.
00:55This marks the first double-digit growth we have achieved since 2014.
01:06That's reflecting the industry's capacity to overcome adversity and emerge stronger.
01:13Undoubtedly, this remarkable growth has far-reaching benefits for Malaysia's economy.
01:21The surge in construction activity will lead to more job creation, bolster domestic and
01:29foreign investment, and drive infrastructure development across the country, propelling
01:35Malaysia as the leader in the region's construction industry.
01:40The construction industry is growing in tandem with the evolution of digital technology,
01:46including big data and artificial intelligence, which exponentially increases demand for data centres.
01:56Our nation's rise in the data centre cost index, surpassing Oslo, Berlin and Sydney,
02:06demonstrates our growing leadership in this sector.
02:11Industry giants like Microsoft, Amazon Web Services and Google have chosen Malaysia for
02:19their data centre expansions due to our strategic location, robust infrastructure and supportive
02:28government policies.
02:32This symbiotic relationship between the construction technology and data centres will be pivotal
02:39in driving Malaysia's leadership in both industries.
02:45But as this growth accelerates, so too does the need for energy and water, and data centres
02:54requiring vast amounts of both to function efficiently.
03:00Therefore, integrating green technologies and smart energy management into data centre
03:06construction will be critical in ensuring the growth aligns with Malaysia's commitment
03:14to the Sustainable Development Goals and our transition towards a low-carbon economy by
03:20the year 2050.
03:23The backbone of our industry remains its people, who recognise shortage of skilled labour and
03:30are committed to addressing this through robust training programmes and upskilling initiatives.
03:38And as of September 2024, over 1.12 million personnel have been registered with the CIDB,
03:47a testament to professionalising the workforce.
03:52With tender prices expected to rise, the Medani government are taking proactive steps to ensure
04:00our construction industry remains competitive and sustainable.
04:06And by enhancing public-private partnerships, we are driving major infrastructure projects,
04:14such as in the Sarawak-Sabah Link Road Phase 2, the Pembonio Highway upgrades and the data
04:21centre developments in Johor.
04:25These initiatives ensure that our sector stays resilient amid rising costs.
04:35The government is committed to continue investing heavily in green building practices and low-carbon
04:43infrastructure development, further aligning with our commitment to the SDGs.