Construction works' gross value up 2.3% in Q2

The private sector fell by 2.4%, whilst public sector rose by 22.6%.

The total gross value of construction works (GVCW) performed by main contractors in the second quarter of 2024 increased by 2.3% year-on-year to $68.3b, the Census and Statistics Department’s (C&SD) quarterly survey revealed.
 
Private sector GVCW fell by 2.4% to $21.4b, whilst public sector GVCW rose by 22.6% to $26.2b.

Construction works performed outside traditional sites, including minor construction, repair, and electrical maintenance, dropped by 11.9% to $20.7b.

Residential building projects saw a significant increase, with GVCW rising 18.4% to $20.5b, whilst transport projects grew 20.2% to $9.2b. However, on a seasonally adjusted basis, GVCW decreased 1.8% quarter-on-quarter. 

Due to common subcontracting in the construction industry, a firm may act as both a main contractor and subcontractor on different projects. The GVCW reflects only the value of work performed as a main contractor, though subcontractor contributions are included under the main contractor’s GVCW.