Construction output weakens in Q3 as private sector activity falls

Private output dropped 18.1%, whilst public works rose 7.7%.

Construction output measured by the gross value of construction works performed by main contractors declined 5.5% in real terms in the third quarter, according to the Quarterly Survey of Construction Output released by the Census and Statistics Department (C&SD). In nominal terms, output fell 1.5% year on year (YoY) to $73.4b.

Private sector construction output declined 18.1% in nominal terms to $16.9b, or a 20.8% fall in real terms. Public sector construction output increased 7.7% in nominal terms to $34.1b, with real output rising 2%.

Construction works performed at locations other than construction sites amounted to $22.4b, up 0.7% in nominal terms but down 0.4% in real terms. Output for residential building projects at construction sites rose 0.9% in nominal terms to $21.3b, whilst construction output for transport projects fell 32.3% to $7.6b.

On a seasonally adjusted basis, construction output increased 1.8% quarter on quarter in nominal terms and 0.1% in real terms in the third quarter compared with the previous quarter, the department said.