Construction output for the fourth quarter and the whole year of 2022
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After discounting the effect of price changes, the provisional results showed that the total GVCW performed by main contractors increased by 6.2% in real terms over the same period. GVCW 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 GVCW performed at private sector sites increased by 10.4% in nominal terms in the fourth quarter of 2022 over a year earlier, while that at public sector sites increased by 9.0%. The GVCW at locations other than construction sites decreased by 2.6% 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 GVCW performed at private sector sites increased by 10.9% in the fourth quarter of 2022 compared with the same period in 2021, while an increase of 8.5% was recorded for public sector sites. Meanwhile, the GVCW at locations other than construction sites slightly increased by 0.2% in the fourth quarter of 2022 over the same period.
On a seasonally adjusted quarter-to-quarter basis, the GVCW performed by main contractors slightly increased by 0.2% in nominal terms but slightly decreased by 0.5% in real terms in the fourth quarter of 2022 compared with the third quarter of 2022.
For 2022 as a whole, the provisional results showed that the total GVCW performed by main contractors increased by 5.7% in nominal terms compared with 2021 to $247.1 billion. After discounting the effect of price changes, the total GVCW performed by main contractors in 2022 increased by 3.8% in real terms over 2021.
Analysed by type of construction works, the GVCW performed at private sector sites totalled $66.7 billion in 2022, up by 7.2% in nominal terms compared with 2021. In real terms, it increased by 8.9%. The GVCW performed at public sector sites amounted to $90.6 billion in 2022, up by 21.6% in nominal terms compared with 2021. In real terms, it increased by 15.2%.
The GVCW performed by main contractors at locations other than construction sites amounted to $89.8 billion in 2022, down by 7.4% in nominal terms compared with 2021. In real terms, it decreased by 9.5%.
Analysed by major end-use group, residential buildings projects accounted for the largest share in the total GVCW performed at construction sites in 2022. The GVCW performed in respect of these projects amounted to $46.4 billion in 2022, down by 8.1% in nominal terms compared with 2021. Transport projects constituted the second largest group of construction site works in 2022. The GVCW performed in respect of these projects totalled $33.5 billion in 2022, down by 8.1% in nominal terms compared with 2021.
Tables 1 and 2 show the provisional figures on the GVCW performed by main contractors in the fourth quarter and the whole year of 2022 respectively. Table 3 shows the revised figures for the third quarter of 2022.
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 GVCW 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 GVCW performed by main contractors for whom they worked.
The classification of construction establishments follows the Hong Kong Standard Industrial Classification Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.
More detailed statistics are given in "Report on the Quarterly Survey of Construction Output". Users can download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1090002&scode=330).
For enquiries about the survey results, please contact the Construction and Miscellaneous Services Statistics Section of the C&SD (Tel: 3903 6965; email: building@censtatd.gov.hk).
Ends/Friday, March 10, 2023
Issued at HKT 16:30
Issued at HKT 16:30
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