Saudi: RICS Survey Reveals Surge in Construction Activity
The RICS Construction Activity Index reported the highest level of building activity in the Kingdom since its records began in Q3 of 2018.
Infrastructure, private residential, and private non-residential construction returned especially high results.
Despite the high level of activity, there remains a skills shortage, reflecting a trend in the global industry.
Out of those surveyed, 84 percent said that the skills shortage is holding back construction, while 78 percent said that the cost of materials presented an issue.
Notably, 75 percent said that there was a shortage of quantity surveyors in the industry.
Expectations for the 12 months ahead remain strong with infrastructure thought to lead the demand.
Major public projects are underway in the Kingdom including the megacity of NEOM, the Diriyah Gate Project in the capital Riyadh, and the Red Sea Project on the west coast.
Additionally, cities are expected to grow substantially in the coming years as the economy grows.
