Construction output for the fourth quarter and the whole year of 2015

Construction output for the fourth quarter and the whole year of 2015

The total gross value of construction works performed by main contractors in the fourth quarter of 2015 increased by 7.5% in nominal terms over a year earlier to $58.3 billion, according to the provisional results of the Quarterly Survey of Construction Output released today (March 11) by the Census and Statistics Department (C&SD).

After discounting the effect of price changes, the provisional results showed that the total gross value of construction works performed by main contractors increased by 2.3% 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 7.6% in nominal terms in the fourth quarter of 2015 over a year earlier, while that at public sector sites increased by 13.3%. The gross value of construction works at locations other than construction sites increased by 1.9% 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 1.2% in the fourth quarter of 2015 from a year earlier. For public sector sites, an increase of 8.1% was recorded. The gross value of construction works at locations other than construction sites decreased by 2.7%.

On a seasonally adjusted quarter-to-quarter basis, the gross value of construction works performed by main contractors decreased by 2.0% in nominal terms and 3.1% in real terms in the fourth quarter of 2015 compared with the third quarter of 2015.

For 2015 as a whole, the total gross value of construction works performed by main contractors increased by 10.9% in nominal terms compared with 2014 to $221.5 billion.

After discounting the effect of price changes, the total gross value of construction works performed by main contractors increased by 5.2% in real terms in 2015.

Analysed by type of construction works, the gross value of construction works performed at private sector sites totalled $66.1 billion in 2015, up by 22.5% in nominal terms as compared with 2014. In real terms, it increased by 15.1%.

The gross value of construction works performed at public sector sites amounted to $77.1 billion in 2015, up by 12.0% in nominal terms as compared with 2014. In real terms, it increased by 5.4%.

The gross value of construction works performed by main contractors at locations other than construction sites amounted to $78.3 billion in 2015, up by 1.7% in nominal terms over 2014. In real terms, it decreased by 2.0%.

Analysed by end-use group, residential buildings projects accounted for the largest share in the total gross value of construction works performed at construction sites in 2015. The gross value of construction works performed in respect of these projects amounted to $56.6 billion, up by 24.4% in nominal terms as compared with 2014.

Transport projects constituted the second largest group of construction site works. The gross value of construction works performed in respect of these projects totalled $48.1 billion in 2015, up by 7.9% in nominal terms as compared with 2014.

Tables 1 and 2 show the provisional figures on the gross value of construction works performed by main contractors in the fourth quarter and the whole year of 2015 respectively. Table 3 shows the revised figures for the third quarter of 2015.

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.

Construction output for the fourth quarter and the whole year of 2015

 

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