Construction in Hong Kong - Key Trends and Opportunities to 2025 (H2 2021)

Construction in Hong Kong - Key Trends and Opportunities to 2025 (H2 2021)

Summary

The downturn in Hong Kongs construction industry in 2020 followed three years of successive contractions of real output, with political uncertainty and widespread social unrest hampering activity in the sector. In 2020, disruption due to the Coronavirus (COVID-19) pandemic, as well as subsequent lockdown measures and tensions as a result of continued political intervention from China, further exacerbated the challenges faced by the industry. According to the Census and Statistics Department (C&SD), the value-add of the construction industry declined in the first quarter of 2021, falling by 3% year on year (YoY) - its 10th consecutive quarterly decline on a Y-o-Y basis since the fourth quarter of 2018.

The construction industry is forecast to record growth of 3.3% in real terms in 2021, owing to the global economic recovery and the governments investment in infrastructure projects to stimulate economic growth. The commitment of government initiatives and new strategies to the travel and tourism sector will support commercial construction output over the forecast period. The governments HKD1.1 billion (US$146.8 million) of short- and medium-to-long-term initiatives will help to soften the impact of the sharp decrease in travel and tourism. In the 2021-2022 Budget, the government increased its expenditure on infrastructure by 8.9%, with spending rising from HKD77.3 billion (US$10 billion) in 2020-2021 to HKD84.1 billion (US$10.8 billion).

The construction industry is projected to record an average annual growth rate of 2% in real terms between 2022 and 2025, supported by the governments attempts to stimulate economic growth, as well as public and private sector investments in industrial, institutional and energy and utility building projects. Growth will be further supported by the government-established HKD5 billion (US$644.9 million) funding scheme to promote the construction of transitional housing, in an attempt to improve affordability in what is the most unaffordable city globally.
Key risks associated with Hong Kongs construction industry outlook include a worsening political crisis, following Chinas decision to implement new national security laws for Hong Kong, and the subsequent decision by the US to remove Hong Kongs special status. The US governments trade war with China and the removal of Hong Kongs special status is expected to decrease investment in the construction industry.

GlobalDatas Construction in Hong Kong - Key Trends and Opportunities to 2025 (H2 2021) report provides detailed market analysis, information and insights into Hong Kongs construction industry, including -
- Hong Kongs construction industrys growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in Hong Kongs construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Scope

This report provides a comprehensive analysis of the construction industry in Hong Kong. It provides -
- Historical (2016-2020) and forecast (2021-2025) valuations of the construction industry in Hong Kong, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants

Reasons to Buy

- Identify and evaluate market opportunities using GlobalDatas standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using GlobalDatas critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
Table of Contents
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 COVID-19 Status
3.5 Risk Profile
4 Construction Outlook
4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
5 Key Industry Participants
5.1 Contractors
5.2 Consultants
6 Construction Market Data
7 Appendix
7.1 What is this Report About?
7.2 Definitions
7.3 CRI Methodology
7.4 GlobalData Construction
Contact Us

List Of Tables

List of Tables
Table 1: Construction Industry Key Data
Table 2: Hong Kong, Key Economic Indicators
Table 3: Hong Kong, Commercial Construction Output by Project Type (Real % Change), 2016-2025
Table 4: Hong Kong, Top Commercial Construction Projects by Value
Table 5: Hong Kong, Industrial Construction Output by Project Type (Real % Change), 2016-2025
Table 6: Hong Kong, Top Industrial Construction Projects by Value
Table 7: Hong Kong, Infrastructure Construction Output by Project Type (Real % Change), 2016-2025
Table 8: Hong Kong, Top Infrastructure Construction Projects by Value
Table 9: Hong Kong, Energy and Utilities Construction Output by Project Type (Real % Change), 2016-2025
Table 10: Hong Kong, Top Energy and Utilities Construction Projects by Value
Table 11: Hong Kong, Institutional Construction Output by Project Type (Real % Change), 2016-2025
Table 12: Hong Kong, Top Institutional Construction Projects by Value
Table 13: Hong Kong, Residential Construction Output by Project Type (Real % Change), 2016-2025
Table 14: Hong Kong, Top Residential Construction Projects by Value
Table 15: Hong Kong, Key Contractors
Table 16: Hong Kong, Key Consultants
Table 17: Hong Kong, Construction Output Value (Real, US$ Million)
Table 18: Hong Kong, Construction Output Value (Nominal, HKD Million)
Table 19: GlobalData Construction Market Definitions
Table 20: Risk Dimensions
Table 21: Ratings, Scores and Definitions

List Of Figures

List of Figures
Figure 1: North-East Asia, Construction Output (Real % Change), 2020 and 2021
Figure 2: Hong Kong, Construction Projects Pipeline by Sector (US$ Billion)
Figure 3: Hong Kong, COVID-19 Confirmed Cases
Figure 4: Hong Kong, Risk Summary
Figure 5: Hong Kong, Risk Regional Comparison
Figure 6: Hong Kong, Construction Output Value (Real, US$ Billion, 2017 Prices and Exchange Rate), 2016-2025
Figure 7: Hong Kong, Construction Output Value, by Sector (Real, US$ Million), 2016-2025
Figure 8: Hong Kong, Construction Value Add (HKD Million, 2019 Chained Prices)
Figure 9: Hong Kong, Gross Domestic Fixed Capital Formation in Building and Construction, (HKD Million, at 2019 Chained Prices)
Figure 10: Hong Kong, Unemployment in Construction Industry
Figure 11: Hong Kong, Total Number of Sales and Purchase Agreement of Residential and Non-Residential Building
Figure 12: Hong Kong, Construction Projects Momentum Index
Figure 13: North-East Asia, Construction Projects Momentum Index
Figure 14: Hong Kong, Commercial Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 15: Hong Kong, Commercial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 16: Hong Kong, Total Tourist Arrivals (in Thousands), % Change YoY
Figure 17: Hong Kong, Retail Sales (HKD Billion), % Change YoY
Figure 18: Hong Kong, Accommodation and Food Services Value Add (HKD Million, 2019 Chained Prices)
Figure 19: Hong Kong, Industrial Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 20: Hong Kong, Industrial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 21: Hong Kong, Manufacturing Production Index (2015=100), % Change YoY
Figure 22: Hong Kong, Manufacturing Value Add (HKD Million, 2019 Chained Prices), % Change YoY
Figure 23: Hong Kong, Total Merchandise Export (HKD Million), % Change YoY
Figure 24: Hong Kong, Infrastructure Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 25: Hong Kong, Infrastructure Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 26: Hong Kong, Energy and Utilities Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 27: Hong Kong, Energy and Utilities Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 28: Hong Kong, Domestic Electricity Demand (In Terajoule)
Figure 29: Hong Kong, Institutional Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 30: Hong Kong, Institutional Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 31: Hong Kong, Residential Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 32: Hong Kong, Residential Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 33: Hong Kong, Real Estate Value Add (HKD Million, 2019 Chained Prices), % Change YoY
Figure 34: Hong Kong, Gross Value of Building Construction Works Performed by Main Contractors (2000 Constant Prices, HKD Million)
Figure 35: Hong Kong, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 36: Hong Kong, Headquarters of Key Consultants (% of Total Project Pipeline)

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