Architect upbeat over envisaged 5% growth in construction industry

• Work, Lifestyle & Trade Exhibition on February 22-25
• Relaxing import restrictions gives  industry better choice
• Building material  production and exports up

The construction industry is picking up with a clear upwards curve and over 5% growth could be envisaged by the year end, Sri Lanka Institute of Architects (SLIA) President Archt. Rohana Bandara Herath told Daily News Business at the press launch of the Architects’ Work, Lifestyle & Trade Exhibition scheduled to be held on February 22- 25, 2024 at BMICH Colombo.

“This year we can see an upturn curve which is a positive indication and gradually the construction industry is picking up and a sign of that is evident and this year we are expecting a growth.”

He said that due to declaring bankruptcy there was a huge discouragement for foreign investment as well as the increase of bank rates had a negative effect on the industry. Herath said due to the increase of VAT there will be an increase in the prices of building material and with the repercussions of the economic downturn automatically the people’s cost of living standards also has gone up. Due to that reason the rates of skilled and unskilled labour have also gone up.

“If we look at the holistic picture the whole construction cost has increased and with that we experienced the downturn in the construction industry. Now we are recovering as a nation. There are a few areas that the government has given their support and also the private sector with the help of other countries contributed towards this. And especially in our building material production sector there was a substantial increase and they have earned a lot of foreign income by exporting them to other countries and that was one of the good sides of the import ban taken by the government. Now with the import restrictions being relaxed the construction industry has a better choice which is encouraging. As professionals we are very positive of the developments,” he added.Meanwhile the 42nd annual session and Architect 2024 will take place at the BMICH from February 22-25. The event will kick off with a grand inauguration ceremony and the National Conference will be held on February 22, 2024 followed by Architects’ Work, Lifestyle & Trade Exhibition.

The presentation of SLIA Design Awards, Colour Awards, Research Awards and product awards for 2024 is also lined up. Keynote speaker at the conference will be Professor Jimmy Lim from Malaysia. Other international speakers of the event are Archt. Bayejid M. Khondoker from Bangladesh, Archt. Saumitro Ghosh and Archt. Nisha Mathew from India with eminent local speakers. Archt. Saifuddin Ahmad – President of the Architects Regional Council Asia (ARCASIA), will be the Chief Guest  of the annual sessions.

( Source : Daily News)