,Hong Kong

Value of construction works down 3% to $58.4b in Q3

Value of work at public sector sites fell to $15.5b.

The total gross value of construction works performed by main contractors decreased by 3% YoY to $58.4 billion in Q3 compared to a year earlier, according to the provisional results of the Quarterly Survey of Construction Output by the Census and Statistics Department (C&SD).

Analysed by type of project, the gross value of construction works performed at private sector sites totalled $17.1b in Q3, down 1.2% YoY.

Meanwhile, the value of construction works at public sector sites also dropped by 8.3% YoY to $15.5 billion in Q3. In real terms, it decreased by 13.2% YoY.

Also read: Value of construction work down 8% to $57b in Q2

The value of construction works performed by main contractors at locations other than construction sites also recorded a decline, dipping 0.8% YoY to $25.8b. 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 gross value of construction works related to residential buildings projects amounted to $15b in Q3, down by 1.5% YoY; whilst the value of construction works related to transport projects slipped 12.9% YoY to $7.5b over the same period.

Discounting the effect of price changes, the total gross value of construction works performed by main contractors fell by 5% YoY in real terms over the same period of comparison.

Gross value of construction works 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. 

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