Residential and transport projects dominate construction output in Q1

They accounted for $17.9b and $12.8b respectively.

As developers continue to ramp up building in an effort to cater to heated housing demand, residential projects rose 16.2% YoY to $17.9b of total construction works in Q1, according to the Census and Statistics Department. 

Also read: Residential projects dominate construction works in 2017

Transport projects also made their contributions known after rising 5.1% YoY to $12.8b over the same period as a fresh wave of high-value road, rail and airport projects are expected to begin following the completion of the Hong Kong-Macau-Zhuhai Bridge and Hong Kong-Shenzen Express Rail Link.

Also read: High demand for engineers amidst key infra projects and Smart City transition

“Highway expansions, new urban transit lines and a third runway and terminal at Hong Kong International Airport are all project proposals that will generate investment and construction opportunities in the city over the coming years,” said BMI Research in a report.

The overall gross value of construction works performed by main contractors rose 12.1% YoY to $65.9b in Q1. Construction works performed at public sector sites hit $23.4b in Q1 which outnumbered work done at private sector sites which totaled $19.8b over the same period.