DUBLIN–(BUSINESS WIRE)–The “Hong Kong Construction Market Size, Trends and Forecasts by Sector – Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2020-2025” report has been added to ResearchAndMarkets.com’s offering.
The Hong Kong construction industry is forecast to grow by 2.5% this year, up from an estimated growth of 2.1% in 2021, supported by the gradual recovery of construction activity and the execution of major transportation and housing infrastructure projects outlined in the 2021 Budget and Policy Address.
Hong Kong’s construction industry recorded growth in the third quarter of 2021, rising by 0.6% year on year (YoY) in real value-add terms, following year-on-year (Y-o-Y) declines of 0.5% in Q2 and 3.2% in Q1 2021, according to the Census and Statistics Department (C&SD).
In addition, the cumulative gross value of completed construction works increased by 2% YoY in the first nine months of 2021, rising from HKD94.1 billion ($12.1 billion) between January and September 2020, to reach HKD96 billion ($12.4 billion).
The industry to register an annual average growth of 2.2% between 2023 and 2026, owing to an expected global economic recovery and the government’s investment in infrastructure projects to stimulate economic growth.
The commitment of the government to enhance transport infrastructure by investing HKD100 billion ($12.9 billion) annually from 2022, as well as the completion of major projects worth more than HKD200 billion ($25.8 billion) over the forecast period, will bolster the industry’s output.
In the medium term, however, Hong Kong’s construction industry outlook is associated with key risks such as the threat of the Omicron variant, which may delay the reopening of the border with mainland China and lead to further tightening of restrictions, as well as a slowing of economic and industry growth.
Growth will be further supported by the government established HKD5 billion ($644.9 million) funding scheme to promote the construction of transitional housing, in an attempt to improve affordability in what is the most unaffordable city globally.
The government is attempting to increase the housing supply through the adoption of several initiatives, including the Green Form Subsidized Home Ownership Scheme (GSH) and Starter Homes (SH) pilot projects, lowering the selling prices of subsidized sale flats (SSFs) and the White Form Secondary Market Scheme.
In the short term, the government aims to supply 20,000 transitional housing units by 2024, while for its Long-Term Housing Strategy, it has identified 350 hectares of land on which to produce 330,000 public housing units over the next decade.
Scope
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-A-Glance
3 Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 Covid-19 Status
3.5 Risk Profile
4 Construction Outlook
4.1 All Construction
4.2 Commercial Construction
4.3 Industrial Construction
4.4 Infrastructure Construction
4.5 Energy and Utilities Construction
4.6 Institutional Construction
4.7 Residential Construction
5 Key Industry Participants
5.1 Contractors
5.2 Consultants
6 Construction Market Data
7 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/mrg3ba
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