Construction work gross value up 7% to $28bln

Residential projects have largest share with $6.4bln in second quarter but down 3.8% in nominal terms.

The total gross value of construction work main contractors performed in the second quarter grew 7.3% in nominal terms over a year earlier, to $28 billion, the Census & Statistics Department said in its report.

After discounting the effect of price changes, the total gross value of these construction works increased 4.6% in real terms over the same period.

The gross value of construction work performed at private sector sites totalled $9.2 billion in the second quarter, up 1.5% in nominal terms over a year earlier. In real terms, it grew 2.2%. In general, the increase was mainly contributed by private commercial building projects.

The gross value of construction work performed at public sector sites rose 43.7% in nominal terms to $6.7 billion in the second quarter. In real terms it grew 37.3%.

The gross value of construction work main contractors performed at locations other than construction sites amounted to $12.2 billion, down 2.1% in nominal terms over a year earlier. In real terms it dipped 5.5%.

Residential building projects accounted for the largest share - $6.4 billion of the total gross value of construction work at construction sites in the second quarter. This was down 3.8% in nominal terms over a year earlier.