Singapore's reviving construction industry will need 50,000 more new foreign workers in the next few years, local media Channel NewsAsia reported on Thursday.

The building industry is anticipating 19 billion Singapore dollars (about 12.3 billion U.S. dollars) worth of contracts this year, the highest since 1997, the report said.

Construction demand of this year will be propelled by the launch of major developments such as the two casino resorts and the Business and Financial Center.

For most construction firms, this would mean hiring more foreign workers from the traditional markets, in order to fulfill the contracts, the report said.

There are currently 420,000 work permit holders here, excluding domestic workers. This number is expected to swell to over 470,000 in a few years, industry watchers said.

Source: Xinhua