Effective financial management is crucial for success and sustainability in the construction industry, known for its complexity and ever-changing dynamics. Budgeting and forecasting are fundamental processes that help companies navigate uncertainties, ensure projects stay on time and within budget, and maintain financial control. Malaysia’s construction sector is projected to grow by 5.2% in 2024 and 5.0% in 2025, driven by public infrastructure projects like the Pan-Borneo Highway, ECRL, and LRT3. The National Energy Transition Roadmap (NETR) aims to boost renewable energy from 2% in 2019 to 31% by 2025, further fuelling construction activities.

Cost overruns remain a major challenge, with only 31% of projects staying within 10% of their budgets, according to KPMG. Accurate forecasting is vital, as 70% of projects experience cost overruns due to poor planning. It helps manage costs, mitigate risks, and strengthen stakeholder confidence. In Malaysia, fluctuating raw material costs, such as a 5% rise in steel prices in 2022, and the reliance on foreign labor, which forms 30% of the workforce, add complexity. Modern tools like Building Information Modelling (BIM) and data analytics are increasingly being adopted to enhance forecasting accuracy, improve cash flow management, and minimize risks, ensuring project success.

The budgeting and forecasting for construction summit by Trueventus provide valuable insights into the latest trends, tools, and strategies for effective financial planning, which is critical in a sector where cost overruns and delays can significantly impact profitability. With Malaysia’s construction industry projected to grow by 6.8% annually from 2023 to 2026, understanding market dynamics such as fluctuating material prices, labor costs, and government policies is crucial. The event also offers networking opportunities with experts, stakeholders, and policymakers, fostering collaborations and access to innovative solutions like AI-driven forecasting tools and risk management frameworks. Join us and enhance project efficiency, gain a competitive edge, and align with industry best practices for sustainable growth.