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Kenya Construction Industry Analysis
The construction industry in Kenya has been growing in recent years, driven by an increase in infrastructure development, real estate development and the Government's initiatives to support the industry. However, the industry has been facing some challenges such as limited financing, lack of skilled labor, and high costs.
In 2020, the industry was impacted by the COVID-19 pandemic, which led to a decline in economic activity and a decrease in demand for new construction projects. The pandemic has also led to a decrease in foreign investment, which has affected the industry negatively.
Despite these challenges, the outlook for the construction industry in Kenya is positive in the long term. The government has announced several large-scale infrastructure projects such as the construction of new airports, ports, and highways, which will require significant investment in the coming years. Additionally, the government has also announced several initiatives to improve the quality of housing, which has led to an increase in the construction of new homes.
The residential sector is also expected to continue growing in the coming years, driven by the country's growing population and the need for more affordable housing. The government's affordable housing initiative, which aims to construct 500,000 affordable houses by 2022, is expected to boost the construction industry.
The industry is also facing the challenge of improving its sustainability, this includes the use of green building techniques and the incorporation of renewable energy sources in new projects. This is becoming a crucial factor for the industry to maintain a competitive advantage in the international market.
Overall, the construction industry in Kenya is expected to continue to grow in the coming years, driven by the government's infrastructure projects and initiatives to improve the quality of housing.
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