2021 Budget & Digitalisation
What does the 2021 budget mean for the built environment?
The 2021 Budget is a very promising prospect for the built environment sector with the introduction of the Government Transformation Scheme (GTS). The collective effort from Singapore’s government agencies, private and public sector developers, contractors, and consultants will propel the adoption of technology across the industry, where we foresee a significant increase in productivity, less reliance on manual labour and more demand for talent with the relevant capabilities.
Although we are seeing an increasing demand for talent in both BIM and DfMA, there is a shortage of these skillsets in the current market. The positive support from the government will provide the much needed boost and in time will help bridge the gap in demand vs talent.
Technology adoption is key for long term survival
Larger international organisations are being awarded large projects as they are typically far more advanced in meeting the operational needs with significant investment in the digitisation of their business operation. To remain competitive and relevant, local contractors should prioritise upskilling employees and shift their mindset on the importance of technology. This change is critical to the long-term survival and competitiveness of any operation and one that should be embraced. Being left behind will create significant damage which risks long term implications for businesses who shy away from adapting.
With the government now intervening and driving digitalisation through GTS, we expect to see more companies participating and investing in this new future for the built sector.