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The total gross value of construction works performed by main contractors in the third quarter of 2008 increased by 5.6% in nominal terms over a year earlier to $24.0 billion, according to the provisional results of the Quarterly Survey of Construction Output released today (December 12) by the Census and Statistics Department (C&SD).
After discounting the effect of price changes, the total gross value of construction works performed by main contractors decreased by 3.2% in real terms over the same period.
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 2000.
Analysed by type of construction works, the gross value of construction works performed at private sector sites totalled $7.3 billion in the third quarter of 2008, up by 10.4% in nominal terms over a year earlier. In real terms, it decreased by 1.3%.
The gross value of construction works performed at public sector sites in the third quarter of 2008 increased by 24.4% in nominal terms over a year earlier to $3.9 billion. In real terms, it increased by 10.7%.
On the other hand, the gross value of construction works performed by main contractors at locations other than construction sites amounted to $12.9 billion in the third quarter of 2008, down by 1.2% in nominal terms over a year earlier. In real terms, it decreased by 7.6%. Construction works at locations other than construction sites include minor new construction activities and renovation works at erected buildings and structures; and electrical and mechanical fitting works at locations other than construction sites.
Analysed by end-use group, residential building projects accounted for the largest share in the gross value of construction works performed at construction sites. The gross value of construction works performed for these projects amounted to $4.5 billion in the third quarter of 2008, up by 17.9% in nominal terms over a year earlier.
Commercial building projects constituted the second largest group of construction site works. The gross value of construction works performed for these projects totalled $2.4 billion in the third quarter of 2008, up by 8.8% in nominal terms over a year earlier.
On a seasonally adjusted quarter-to-quarter basis, the gross value of construction works performed by main contractors decreased by 3.7% in nominal terms in the third quarter of 2008 as compared with the second quarter of 2008, and decreased by 6.5% in real terms.
Starting from the next press release to be announced on 12 March 2009, seasonal adjustment of the gross value of construction works will be performed using the X-12 ARIMA method to replace the current X-11 ARIMA method. X-12 ARIMA method is an update to the X-11 ARIMA method with enhanced modeling and diagnostic capabilities. The X-12 ARIMA has now been a standard method used by statistical offices for performing seasonal adjustment of statistical series in many countries/territories.
Table 1 shows the gross value of construction works performed by main contractors in the third quarter of 2008 and Table 2 shows the revised figures for the second quarter of 2008.
Owing to the widespread sub-contracting practices in the construction industry, a construction establishment can be a main contractor for one contract and a sub-contractor for another contract at the same time. The gross value of construction works performed by main contractors covers only those projects in which the construction establishment takes the role of a main contractor, but not projects in which it takes only the role of a sub-contractor. Nevertheless, sub-contractors' contribution to projects should have been included in the gross value of construction works performed by main contractors for whom they worked.
More detailed statistics are given in the "Report on the Quarterly Survey of Construction Output, 3rd Quarter 2008". Users can download this publication free of charge at the website of the Census and Statistics Department (C&SD) (www.censtatd.gov.hk/products_and_services/products/publications/index.jsp).
Print version of this publication is available for sale at HK$25 per issue. Purchase can be done in person at the Publications Unit of the C&SD (Address: 19/F Wanchai Tower, 12 Harbour Road, Wan Chai; Tel.: 2582 3025) or through mail order by returning a completed order form which can be downloaded from the C&SD¡¦s website (www.censtatd.gov.hk/products_and_services/other_services/provision_of_stat/mail_ordering_of_publications/index.jsp). Print version of this publication is also available for sale online at the Government Bookstore of the Information Services Department (www.bookstore.gov.hk).
For enquiries about the survey results, please contact the Construction and Miscellaneous Services Statistics Section of the C&SD at telephone no. 2805 6426 or email address (building@censtatd.gov.hk).
Ends/Friday, December 12, 2008
Issued at HKT 16:30
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