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ManufacturingFri, 30 Jul, 21

Demand for Lumber Shoots Up as Construction Activities Increase

Demand for Lumber Shoots Up as Construction Activities Increase

According to a 2019 report from the Ghana Statistical Service, there is significant potential in Ghana's real estate sector as the government implements initiatives aimed at increasing the affordable housing stock and establishing a robust mortgage market. In Ghana, the construction sector appears to be performing well and contributes substantially to gross domestic product (GDP) and employment.

The government of Ghana is working to provide sufficient investment in the construction sector so that it can respond adequately to the oil-fueled increase in demand for construction and infrastructure development. The high construction activities in the country will demand an increase in lumber to aid in construction.

Ghana's construction sector is fast-growing, led by the development of affordable housing and critical infrastructures such as roads, railways, ports, hospitals, and schools. There is significant potential in Ghana's real estate sector as the government implements initiatives aimed at increasing the affordable housing stock and establishing a robust mortgage market.

Construction as an industry depends greatly on lumber for building architectural design, structural construction, house aesthetics, and many more. Lumber usage touches every aspect of our modern lives which includes our homes, offices, transportation, manufacturing, transportation, etc.

how to build houses predates modern civilization, whilst living in caves, the ancient builder had mastered the power to dominate nature, Trees were a readily available resource that provided myriads of uses, the early cavemen discovered that they could warm themselves, cook their food, shape tools and fashion weapons to defend themselves against predators using lumber.

Wood products prices typically fluctuate more than most goods, because homebuilding can move up or down much faster than sawmill capacity can. Wood products have other uses that are more stable, such as non-residential construction, crates, and pallets, but new housing is the largest usage, followed by home repairs and remodeling, and both of those activities are highly cyclical.

The $8 billion Ghanaian construction sector, which accounted for 18.8 percent of the nation's annual GDP in 2018, is a central pillar of Ghana's National Development Plan. Provisional estimates released by Ghana Statistical Service indicate that the construction industry recorded a growth rate of 18.3 percent year-on-year for the third quarter of 2018.

The industry employs approximately 420,000 people and an estimated 2,500 active building and construction contractors currently operate in the Ghanaian market. Players range from indigenous micro-enterprises and individual contractors to foreign multinational civil engineering and construction giants.

 

Source: Nana Agyei Sikapa Ofosu-Manu(Real Estate Times Africa)

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