Construction works' gross value climbs 9% YoY in Q4 2024

By construction type, the GVCW of private sector sites totalled $22.4b.

The total gross value of construction works (GVCW) increased by 9.4% year-on-year to $77.8b during the fourth quarter of 2024, according to the Census and Statistics Department.

By construction type, the GVCW of private sector sites totalled $22.4b during the period, down by 3.6% YoY. Meanwhile, the public sector grew by 32.7% YoY to $32.5b.

Analysed by major end-use groups, the GVCW of residential building projects amounted to $23.3b, up by 13.9% YoY whilst transport projects increased by 4.1% YoY. 

For the whole of 2024, the total GVCW of main contractors increased by 7.2% YoY to $290.5b. 

The private sector sites totalled $85.9b during the year, up 0.5% YoY whilst public sector sites amounted to $117.3b, growing 26.7% YoY. 

Residential building projects accounted for the largest share of GVCW during the year, amounting to $85b. It is followed by transport projects which totalled $42.3b.