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Wed September 30 2020

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Contrasting results in latest HK stats

13 Sep 11 Public and private sector work fared very differently in the second quarter of the year, according to the latest statistics for Hong Kong.

Construction on public-sector sites increased 33% in nominal terms to HK$9.2bn - an increase in real terms of 29.9%. But in contrast, the value of construction on private-sector sites totalled HK$8.5bn, down 8.6% in nominal terms compared with a year earlier. In real terms, it fell 17.4%.

The gross value of construction work carried out by main contractors in Hong Kong in the second quarter was up 4% on the same period last year but this represented a fall of 1.9% in real terms.

The Census & Statistics Department announced that the value of work in the quarter was HK$29.4bn (£2.38bn). After discounting the effect of price changes, the total gross value of main contractors’ construction work fell 1.9% in real terms.

The gross value of construction work carried out by main contractors away from construction sites amounted to HK$11.7bn, down 3.1% in nominal terms compared with a year earlier. In real terms, it fell 7%. This category included work such as minor new construction activities, decoration, building repair and maintenance work.

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Residential building projects accounted for the largest share in the total gross value of construction works performed at construction sites in the second quarter. Their gross value amounted to HK$6.4bn, down 0.7% in nominal terms compared with a year earlier.

Transport projects constituted the second largest group of site works. Their gross value totalled HK$3.8bn, up 72.2% in nominal terms over a year earlier.

On a seasonally adjusted quarter-to-quarter basis, the gross value of construction works main contractors performed fell 6% in nominal terms and 4% in real terms in Q2 compared with Q1.

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