This report provides detailed market analysis, information and insights into Hong Kong construction industry including industry's growth prospects.
The construction companies of Hong Kong have earned a reputation for rapid construction of quality high-rises. By adopting specialized and advanced construction techniques, the Hong Kong construction industry has emerged as a regional leader. The industry performed well in 2013 with the overall value of the sector, with the performance of main contractors rising by 9% to USD 22.6 billion. The export markets for the sector’s services are in Asia, with the Chinese mainland playing a major role. The service exports mostly include project management, consulting and contracting services.
Of the 10 mega-infrastructure projects announced a few years ago, most have already been rolled out as scheduled or being completed. Furthermore, China’s 12th Five Year Plan, launched in 2011, also outlined the country’s intention of increasing investments in infrastructure and, thereby, providing Hong Kong contractors with more business opportunities.
This report, Construction in Hong Kong & Key Trends and Opportunities to 2018, provides detailed market analysis, information and insights into the Hong Kong construction industry, including the industry's growth prospects by market, project type and type of construction activity. Along with this, the report also provides critical insight into the impact of industry trends and issues, and the risks and opportunities they present to participants in the Hong Kong construction industry.
The gross value of construction work by main contractors in Hong Kong has been rising steadily since 2009 and the growth is expected to continue even in the coming years. Furthermore, a growth of 13.5% in the value of the public sector further fuelled the construction activities by 9% and generated revenues up to USD 22.6 billion in 2013.
This recent rise of public expenditure on infrastructure can be accredited to transportation projects, especially the Guangzhou-Shenzhen-Hong Kong Express Rail Link, the Hong Kong-Zhuhai-Macau Bridge, expansion of railway networks such as the West Island Line and the Shatin to Central Link and as well as construction of highways like Tuen Mun-Chek Lap Kok Link and Island Eastern Corridor Link. Furthermore, government planning for new town establishments and developments such as Tung Chung New Town Development Extension, North East New Territories New Development Areas, and Hung Shui Kiu New Development Area and airport’s North Commercial District is expected to see increased demand for construction services. Despite the growth prospects, increased investment on the mainland and in Macau, and investment in infrastructure in Hong Kong have resulted in growing shortage of skilled labor and professional talent in the industry.
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