Construction works' gross value up 1.9% in Q1

Public sector works surged 17.4%.

The total gross value of construction works (GVCW) performed by main contractors in the first quarter of 2025 increased by 1.9% year-on-year in nominal terms to $70.5b, according to provisional data released by the Census and Statistics Department.

However, after adjusting for inflation, the GVCW fell by 0.9% in real terms.

Construction activity in the public sector saw strong growth, with the GVCW rising by 17.4% in nominal terms to $30.5b and by 13.8% in real terms.

In contrast, the private sector recorded a significant decline, with the GVCW dropping by 10.7% in nominal terms to $19.4b and by 12.7% in real terms.

Construction works carried out at locations other than traditional construction sites—including repair, maintenance, decoration, and electrical installation—totaled $20.6b, representing a decrease of 3.9% in nominal terms and 5.7% in real terms compared to the same period last year.

By project type, residential building works at construction sites increased by 5.0% in nominal terms year-on-year to $20.9b. Meanwhile, transport-related construction dropped sharply by 19.4% to $8.8b in nominal terms.

On a seasonally adjusted quarter-to-quarter basis, the total GVCW edged up by 0.1% in nominal terms compared to the fourth quarter of 2024 but declined by 1.0% in real terms.

The figures reflect only construction works where the reporting contractors acted as main contractors and exclude those where they served solely as subcontractors. However, the value of subcontracted works is included under the main contractors' totals.