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The total gross value of construction works performed by main contractors in the fourth quarter of 2012 increased by 23.9% in nominal terms over a year earlier to $45.4 billion, according to the provisional results of the Quarterly Survey of Construction Output released today (March 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 increased by 15.3% 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 the base period of 2000.
Analysed by type of construction works, the gross value of construction works performed at private sector sites increased by 24.4% in nominal terms in the fourth quarter of 2012 from a year earlier, while that at public sector sites increased by 32.5%. The gross value of construction works at locations other than construction sites increased by 16.3% in nominal terms over the same period. 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.
In real terms, the gross value of construction works performed at private sector sites increased by 16.0% in the fourth quarter of 2012 from a year earlier. For public sector sites, an increase of 30.5% was recorded. The gross value of construction works at locations other than construction sites increased by 1.9%.
On a seasonally adjusted quarter-to-quarter basis, the total gross value of construction works performed by main contractors increased by 13.1% in nominal terms or 11.5% in real terms in the fourth quarter of 2012 compared with the third quarter of 2012.
For 2012 as a whole, the total gross value of construction works performed by main contractors increased by 24.2% in nominal terms compared with 2011 to $159.6 billion.
After discounting the effect of price changes, the total gross value of construction works performed by main contractors increased by 15.6% in real terms in 2012.
Analysed by type of construction works, the gross value of construction works performed at private sector sites totalled $48.5 billion in 2012, up by 37.5% in nominal terms as compared with 2011, contributed mainly by private building projects. In real terms, it increased by 30.0%.
The gross value of construction works performed at public sector sites amounted to $53.4 billion in 2012, up by 26.9% in nominal terms as compared with 2011 amidst the intensification of public infrastructure projects. In real terms, it increased by 21.0%.
The gross value of construction works performed by main contractors at locations other than construction sites amounted to $57.7 billion in 2012, up by 12.8% in nominal terms over 2011. In real terms, it increased by 1.5%.
Analysed by end-use group, residential building projects accounted for the largest share in the total gross value of construction works performed at construction sites in 2012. The gross value of construction works performed in respect of these projects amounted to $36.8 billion, up by 40.9% in nominal terms as compared with 2011.
Transport projects constituted the second largest group of construction site works. The gross value of construction works performed in respect of these projects totalled $29.9 billion in 2012, up by 53.1% in nominal terms as compared with 2011.
Tables 1 and 2 show the gross value of construction works performed by main contractors in the fourth quarter and the whole year of 2012 respectively. Table 3 shows the revised figures for the third quarter of 2012.
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. However, sub-contractors' contribution to projects should have been included in the gross value of construction works performed by main contractors for whom they worked.
The classification of construction establishments follows the Hong Kong Standard Industrial Classification (HSIC) Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.
More detailed statistics are given in the "Report on the Quarterly Survey of Construction Output, 4th Quarter 2012". Users can download this publication free of charge at the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/sp330.jsp?productCode=B1090002).
For enquiries about the survey results, please contact the Construction and Miscellaneous Services Statistics Section of the C&SD (Telephone: 2805 6426 or email: building@censtatd.gov.hk).
Ends/Tuesday, March 12, 2013
Issued at HKT 16:30
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