Construction output for first quarter of 2024
*********************************************
The total gross value of construction works (GVCW) performed by main contractors in the first quarter of 2024 increased by 8.7% in nominal terms over a year earlier to $68.7 billion, according to the provisional results of the Quarterly Survey of Construction Output released today (June 13) by the Census and Statistics Department (C&SD).
After discounting the effect of price changes, the provisional results showed that the total GVCW performed by main contractors increased by 8.4% in real terms over the same period. GVCW in real terms is derived by deflating the corresponding nominal value with an appropriate price index to the price level in the base period of 2000.
Analysed by type of construction works, the GVCW performed at private sector sites totalled $21.8 billion in the first quarter of 2024, up by 20.8% in nominal terms over a year earlier. In real terms, it increased by 18.3%. The GVCW performed at public sector sites increased by 9.5% in nominal terms over a year earlier to $25.5 billion in the first quarter of 2024. In real terms, it increased by 7.8%.
The GVCW performed by main contractors at locations other than construction sites amounted to $21.4 billion in the first quarter of 2024, down by 2.2% in nominal terms compared with a year earlier. In real terms, it decreased slightly by 0.8%. Construction works at locations other than construction sites included minor new construction activities and decoration, repair and maintenance for buildings; and electrical equipment installation and maintenance works at locations other than construction sites.
Analysed by major end-use group, the GVCW performed at construction sites in respect of residential buildings projects amounted to $20.1 billion in the first quarter of 2024, up by 48.4% in nominal terms over a year earlier. Over the same period, the GVCW performed at construction sites in respect of transport projects up by 10.4% in nominal terms to $11.0 billion in the first quarter of 2024.
On a seasonally adjusted quarter-to-quarter basis, the GVCW performed by main contractors increased by 9.2% in nominal terms and 9.1% in real terms in the first quarter of 2024 compared with the fourth quarter of 2023.
Table 1 shows the provisional figures on the GVCW performed by main contractors in the first quarter of 2024. Tables 2 and 3 show the revised figures for the whole year of 2023 and the fourth quarter of 2023 respectively.
Owing to the widespread sub-contracting practices in the construction industry, a construction establishment can be a main contractor for one contract and a sub-contractor for another contract at the same time. The GVCW performed by main contractors covers only those projects in which the construction establishment takes the role of a main contractor, but not projects in which it takes only the role of a sub-contractor. However, sub-contractors’ contribution to projects should have been included in the GVCW performed by main contractors for whom they worked.
The classification of construction establishments follows the Hong Kong Standard Industrial Classification Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.
More detailed statistics are given in the “Report on the Quarterly Survey of Construction Output”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1090002&scode=330).
For enquiries about the survey results, please contact the Construction and Miscellaneous Services Statistics Section of the C&SD (Tel: 3903 6965; email: building@censtatd.gov.hk).
