Economic boost: Construction sector should evolve beyond domestic needs: Ahsan

Federal Planning Minister Ahsan Iqbal urged closer public-private collaboration on Wednesday, arguing that the construction industry should look beyond local demand and become a source of exports, investment and foreign currency inflows, according to Business Recorder. At the eighth National Economic Mission meeting under the Uraan Pakistan framework, he said continuity of policy and political stability were vital for growth. He added that the private sector must drive growth and that Pakistan already produces quality building materials, so projects able to earn foreign exchange should get priority.

Waqas Anwar, Member of the Planning Commission, presented a reform framework covering housing, construction and real estate. Targets put forward include 300,000 to 400,000 housing units annually through the House Ownership Plan for Everyone. Mortgage finance, now under 0.5 percent of GDP, is to reach 5 percent by 2035. Digital systems for land records, permits and property transfers are targeted for Financial Year 2029, alongside one-window construction approvals and escrow-based payment protection for property deals.

Meeting figures indicated built-up space grew between 2005 and 2022, with growth of 104 percent in Islamabad, 72 percent in Quetta, 59 percent in Lahore, 44 percent in Peshawar and 43 percent in Karachi. Demand is put at 700,000 units a year against 250,000 units of supply, leaving a shortfall of about 450,000 homes annually. According to the presentation, construction supports 72 allied industries and provides close to 9.5 percent of national jobs.