Hong Kong Construction: Review 2023 and Forecast 2024

OVERVIEW 2023
In 2023, Hong Kong’s construction sector started the year with vitality, registering a total construction output of HK$27 billion in January. This surge was primarily underpinned by building projects, which contributed HK$16 billion, while civil engineering works accounted for the remaining HK$11 billion. This robust commencement set a promising tone for the year ahead.

Despite the auspicious start, the industry encountered challenges during the mid-year months. Both April and June witnessed a dip in construction activity, with April recording the lowest output in the first 10 months of HK$7.5 billion. However, the sector showcased resilience and adaptability, rebounding swiftly in the subsequent months.

The pinnacle of construction activity for the year occurred in August, with an impressive total output of HK$54 billion. This surge was predominantly driven by civil engineering works. This feat exemplifies the industry’s capacity to adjust effectively to evolving circumstances.

FORECAST 2024
The construction industry is set for a dynamic and promising year in 2024, as indicated by the forthcoming construction forecast. The data for the year shows both opportunities and challenges, with substantial growth anticipated in various segments of the sector.

Sources: BCI Central Research and Economics; The Chief Executive’s 2023 Policy Address. All information is accurate as of October 2023.

This is an excerpt. The original article is published in
Construction+ Q4 2023 Issue: The Power of Construction Engineering.
Get the print magazine or subscribe to the digital edition to read the complete article.