HK construction output for the 4th quarter & the whole year 2014 [12 Mar 2015]

Analysis, Slider 13 Mar 2015
HK construction output for the 4th quarter & the whole year 2014 [12 Mar 2015]

Construction output for the fourth quarter and the whole year of 2014

The total gross value of construction works performed by main contractors in the fourth quarter of 2014 increased by 9.7% in nominal terms over a year earlier to $53.2 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 4.6% 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 8.1% in nominal terms in the fourth quarter of 2014 over a year earlier, while that at public sector sites increased by 6.1%. The gross value of construction works at locations other than construction sites increased by 14.3% 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 edged down by 0.1% in the fourth quarter of 2014 from a year earlier. For public sector sites, an increase of 1.0% was recorded. The gross value of construction works at locations other than construction sites increased by 12.3%.

On a seasonally adjusted quarter-to-quarter basis, the total gross value of construction works performed by main contractors increased by 0.6% in nominal terms but decreased by 0.8% in real terms in the fourth quarter of 2014 compared with the third quarter of 2014.

For 2014 as a whole, the total gross value of construction works performed by main contractors increased by 12.5% in nominal terms compared with 2013 to $198.6 billion.

After discounting the effect of price changes, the total gross value of construction works performed by main contractors increased by 5.9% in real terms in 2014.

Analysed by type of construction works, the gross value of construction works performed at private sector sites totalled $53.6 billion in 2014, up by 8.3% in nominal terms as compared with 2013. In real terms, it decreased by 0.8%.

The gross value of construction works performed at public sector sites amounted to $67.9 billion in 2014, up by 9.0% in nominal terms. In real terms, it increased by 4.1%.

The gross value of construction works performed by main contractors at locations other than construction sites amounted to $77.1 billion in 2014, up by 19.0% in nominal terms over 2013. In real terms, it increased by 13.3%.

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 2014. The gross value of construction works performed in respect of these projects amounted to $45.1 billion, up by 18.0% in nominal terms as compared with 2013.

Transport projects constituted the second largest group of construction site works. The gross value of construction works performed in respect of these projects totalled $44.4 billion in 2014, up by 7.0% in nominal terms as compared with 2013.

Tables 1 and 2 show the gross value of construction works performed by main contractors in the fourth quarter and the whole year of 2014 respectively. Table 3 shows the revised figures for the third quarter of 2014.

Table 1

Gross value of construction works performed
by main contractors in Q4 2014 #

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Table 2

Gross value of construction work performed
by main contractors in 2014 #

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Table 3

Gross value of construction work performed
by main contractors in Q3 2014 *

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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.

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