Asia-Pacific Construction Market: Supply Bottleneck Amid Strong Demand

结构性问题掩盖了需求繁荣

亚太地区正成为全球建筑市场增长的核心引擎，但这一轮扩张不同于以往——它不再单纯由需求拉动，而是越来越受到供给端约束的形塑。爱尔兰工程咨询公司Linesight最新发布的《建筑市场洞察报告》显示，尽管该地区多个国家的建筑产出在2026年有望实现4%至6.5%的同比增长，但劳动力短缺、供应链断裂、能源瓶颈以及地缘政治风险正显著抬升项目交付的不确定性。

各国市场分化与共性

新加坡：高端需求与资源紧绷

新加坡建筑产出预计在2026年实际增长4.5%，中期年均增速约4%至2030年。樟宜机场5号航站楼、滨海湾金沙扩建、新医院和铁路延伸等大型基础设施项目持续拉动投资，同时制造业设施、数据中心及生物医药厂房的强劲需求也在支撑市场。政府通过数字化建造、机器人技术和可持续发展激励措施试图提升生产率，但现实约束十分突出：熟练劳动力长期短缺、分包商产能吃紧推高了承包商的定价风险和交付压力。油价、运费和大宗商品价格上涨进一步抬高建设成本，而高度依赖进口材料的特性使新加坡极易受全球供应链扰动影响。此外，数据中心更严格的可持续发展要求以及模块化建造的规模化难题，增加了项目执行的复杂度。

马来西亚：数据中心热潮下的成本压力

马来西亚建筑市场受益于制造业、数据中心和大型交通基础设施的强劲增长，特别是柔佛州因承接新加坡外溢需求而成为超大规模运营商的投资热土。赛城、吉隆坡和森美兰州也涌现出新的增长中心，得益于较低的土地成本、可靠的电网接入和较低的缺水风险。槟城和居林的半导体投资则拉动了工业及高科技建筑需求。这些因素共同推动2026年建筑产出增长6.5%，为亚太区最高。然而，建设成本攀升压力同样不容忽视：2026年建筑通胀率预计在5%至6%之间，原因是油价上涨、运费上升以及地缘紧张局势导致的大宗商品价格波动。国内因素如政府补贴削减提案、劳动力短缺以及强劲的建筑需求，进一步加剧了成本压力。劳动力短缺依然是重大挑战，迫使市场依赖国内外承包商，而数据中心的激烈竞争则在挤压利润率并影响项目交付策略。

泰国：复苏中的多元化驱动Thailand's construction industry is steadily recovering, with output expected to grow by 3.7% in 2026, driven mainly by increased investment in renewable energy, transportation infrastructure, tourism-related development, and industrial projects. Data centers, clean energy projects, and smart industrial parks will become key growth drivers in the future. Thailand is emerging as a strategic data center hub in Southeast Asia, with approximately $29 billion in projects under construction. The Board of Investment is accelerating investment implementation by approving new data centers, clean energy, and infrastructure projects, as well as through the FastPass program, while also addressing bottlenecks in electricity access, land approval, and visa processes. From 2027 to 2030, Thailand's construction industry is expected to grow at an average annual rate of 4.3%. However, challenges are equally evident: construction inflation is projected at 3.5% to 4.5% in 2026, driven by rising oil prices, freight costs, and commodity prices due to geopolitical tensions. Labor shortages remain a significant issue, with particularly fierce competition for data center expertise. Rising wages and limited local talent are forcing contractors to rely more heavily on foreign workers, while work permit approval lags behind market demand. Additionally, frequent weather-related disruptions affect project schedules, requiring contractors to build more buffers into planning and delivery.Japan's construction industry is expected to grow by 1.5% in 2026, supported by investments in data centers, semiconductors, renewable energy, and industrial projects. The government's Green Transformation (GX) plan, large-scale subsidies for AI and semiconductor development, and growing demand for data center capacity are jointly driving construction activity. The expansion of semiconductor clusters in Kumamoto and Hiroshima, as well as the development of new data center sites in Osaka, Kyushu, and Hokkaido, are generating sustained demand for specialized building and electromechanical-intensive facilities. From 2027 to 2030, Japan's construction industry is expected to grow at an average annual rate of 1.2%. However, labor shortages remain severe, with many contractors reporting limited capacity to take on new large-scale projects. Construction inflation in 2026 is projected at 5% to 6%, driven by upward trends in oil prices, freight costs, and commodity prices, the depreciation of the yen, and Japan's heavy reliance on imported energy. Power availability has become a major bottleneck, with grid connection waiting times in some regions lasting 5 to 10 years, impacting data center and semiconductor projects. Land constraints in Tokyo and increasingly stringent energy efficiency requirements for data centers further add to the complexity of project delivery.

External Forces Reshaping the Market Landscape

The Asia-Pacific region remains one of the strongest growth areas in the global construction market, but the clearest trend is that even with high activity levels, delivery risks are rising significantly. The industry is being shaped by execution constraints rather than demand. Labor supply, supply chain resilience, power and utility capacity, and geopolitical developments have become key factors influencing market direction. In many markets, limited pools of skilled workers, specialized contractors, and technical experts are putting pressure on project delivery, cost certainty, and scheduling. As investments in data centers, semiconductors, energy, and life sciences continue to grow, competition for specialized resources will only intensify.

Outlook: Adjusting Expectations, Strengthening Resilience

In the short term, the Asia-Pacific construction market will maintain a pattern of "high demand, high pressure." Investors and developers need to reassess project timelines and cost budgets, factoring labor shortages and supply chain delays into routine risk considerations. In the long term, governments and businesses across the region must collaborate on skills training, supply chain diversification, and energy infrastructure upgrades to unlock the full growth potential of the Asia-Pacific. In this process, the digital transformation of the construction industry and regional cooperation (such as resource flows within ASEAN) will play a key role.