Construction materials & home improvement sector revenue reached US$ 5.7bn in 2024, with growth surging at a 19.2% CAGR over 2020-24.

Majority of the construction materials revenue comes from locally produced goods, while the home improvement sector largely depends on imports.

Due to a heavy reliance on imports, home improvement prices have risen – albeit with fluctuations driven by global factors. In contrast, construction material prices have climbed more steadily, with growth stabilizing since mid-2022.

Strong construction trends have driven high demand for construction materials and home improvement, with growth expected to continue amid high government capex, record-high construction permits, and solid real estate sales.