Construction output for first quarter of 2021 decreases by 0.6%

50

11th June 2021 – (Hong Kong)     The total gross value of construction works (GVCW) performed by main contractors in the first quarter of 2021 slightly decreased by 0.6% in nominal terms over a year earlier to HK$55.5 billion, according to the provisional results of the Quarterly Survey of Construction Output released today by the Census and Statistics Department (C&SD).

After discounting the effect of price changes, the provisional results showed that the total GVCW performed by main contractors slightly increased by 0.2% 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 totalled HK$15.2 billion in the first quarter of 2021, down by 2.9% in nominal terms over a year earlier. In real terms, it decreased by 1.1%. The GVCW performed at public sector sites increased by 10.9% in nominal terms over a year earlier to HK$17.8 billion in the first quarter of 2021. In real terms, it increased by 11.9%.

 The GVCW performed by main contractors at locations other than construction sites amounted to HK$22.5 billion in the first quarter of 2021, down by 6.8% in nominal terms compared with a year earlier. In real terms, it decreased by 7.3%.  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.

Analysed by major end-use group, the GVCW performed at construction sites in respect of residential buildings projects amounted to HK$12.8 billion in the first quarter of 2021, up by 4.6% in nominal terms over a year earlier. Over the same period, the GVCW performed at construction sites in respect of transport projects up by 22.7% in nominal terms to HK$9.1 billion in the first quarter of 2021.

On a seasonally adjusted quarter-to-quarter basis, the GVCW performed by main contractors decreased by 2.7% in nominal terms and decreased by 3.9% in real terms in the first quarter of 2021 compared with the fourth quarter of 2020. 

Comments