The construction industry in Malta is one that has gathered a lot of attention recently. Being an economic driver for the country which brings about several opportunities for various professionals, investors and workers, many do closely monitor its developments since it impacts them both directly and indirectly. In this article, we shall be discussing the landscape that the construction industry finds itself in.
The construction industry has remained fairly consistent
Over the recent past, during both the phases of economic growth and turmoil, the construction industry remained fairly consistent in Malta. The industry maintained its pace and is one of the few that managed to resume as close to normal as possible, even throughout the dire months of the pandemic. As we are exiting most restrictions related to the pandemic, the industry still remains robust.
The current challenges cannot be taken lightly
In view of the inflationary pressures further accelerated by the war in Ukraine, access to raw materials has become more restricted and significantly expensive. If the situation maintains its current status of volatility or deteriorates, business and project continuity may be impacted. Considering that the industry has to contend with an uncertain global scenario, it is difficult to predict how it shall fare in the coming months. In view of the importance it plays for the local Maltese economy, such an unstable scenario can have long-term repercussions, in light of how many people are dependent on this industry.
Although the economic benefits brought about by the construction industry are undisputed, there are some concerns in connection to it. One of the main concerns is related to environmental sustainability. Critics of the industry state that excessive development is already harming health in view of the environmental detriment. The declining air quality is frequently associated with overdevelopment and there are those who argue that the current pace of construction cannot be maintained. Another concern is one related to aesthetics, although this remains a purely subjective argument. There are those who argue that development and construction are making a less aesthetically pleasing country which impacts the quality of life of residents and also hinders tourism. On the other hand, many state that there are several construction projects that have been closed off impeccably through quality design and finishes.
What are your thoughts about the construction industry in Malta? What do you think should be done? Let us know your views in the comments section below.