Construction Business Expectations for the Fourth Quarter of 2021

On 22 October 2021, the Census and Statistics Department (C&SD) released the results of the Quarterly Business Tendency Survey for the fourth quarter (Q4) of 2021.

The Quarterly Business Tendency Survey covers 10 major sectors in Hong Kong, including manufacturing; construction; transportation, storage and courier services; real estate; and professional and business services sectors.

Analysed by sector, in the construction; transportation, storage and courier services; and financing and insurance sectors, however, slightly more respondents expect their business situation to be worse, as compared to those expecting a better business situation.

Respondents in most of the surveyed sectors expect their employment to remain broadly unchanged or increase on balance in Q4 2021 as compared with Q3 2021.  In particular, more respondents in the construction sector expect their tender prices to go down in Q4 2021 over Q3 2021.

A government spokesman said that business sentiment among large enterprises turned more cautious as compared to three months ago, as the COVID-19 pandemic continued to cast uncertainties over the global economic outlook. Nevertheless, large enterprises in such sectors as retail, accommodation and food services, real estate, manufacturing as well as information and communications continued to expect further business expansion in the near term. Meanwhile, hiring sentiment held steady in overall terms.

The spokesman noted that while the threat of the pandemic and supply bottlenecks in many places have constrained the pace of global economic recovery, improving local employment and income conditions. The Government will monitor the situation closely.

Access the full report on C&SD website. — Construction+ Hong Kong