Construction of residential homes on the rise

Construction of residential homes accounted for more than half of the total value of construction in Hong Kong during the second quarter.

The Census & Statistics Department said that by end-use group, residential building projects accounted for the largest share of total construction. Their gross value amounted to $10 billion in the second quarter this year, up 55% in nominal terms over a year earlier.

Transport projects were the second largest group of construction site works, with a gross value of $6.5 billion, up 71% in nominal terms year-on-year.

The total gross value of construction works in the second quarter of this year rose 25.8% in real terms year-on-year and 33.6% in nominal terms year-on-year.

Analysed by type of construction work, the gross value of works performed at private sector sites came to $13 billion in the second quarter, up 53.7% in nominal terms and up 46.9% in real terms over a year earlier.

The gross value of construction works at public sector sites rose 36% in nominal terms to $12.6 billion and increased 29.1% in real terms.

On a seasonally adjusted quarter-to-quarter basis, the gross value of construction works main contractors performed rose 0.3% in nominal terms but fell 2.1% in real terms in the second quarter compared with the first quarter.