Construction boom

2014/10/28

From：Macau Business Daily

Inflation isn’t just for consumers. The cost of construction projects in Macau has doubled in one year, official statistics reveal. Overall, the cost of private construction projects increased 101.6 percent.

The value of overall private construction projects increased by 101.6 percent to MOP37.9 billion over that of the previous year. Of these, the value of construction of hotels and gaming facilities totalled MOP24 billion, up 105.5 percent. The value of construction of private residential buildings posted a notable 135.1 percent increase to MOP11.8 billion in 2013. These figures were released by the Statistics and Census Service (DSEC) yesterday.
While the value of private construction work increased two-fold, that of public construction decreased by 37.8 percent to MOP7.3 billion. This, according to the survey, is primarily due to a ‘notable decline of 71.4 percent in public housing (MOP2.17 billion) as the construction of major public housing complexes neared completion.’ The value of construction of public infrastructure has increased year-on-year by 46.5 percent to MOP3.7 billion. The Light Rapid Transit (LRT) and roads accounted for MOP1.9 billion of the total, up 70.4 percent over that of a year earlier, while that of piers increased by 149.7 percent to MOP1.35 billion.
Official data shows that 2,769 establishments were engaged in the construction sector, employing a total of 34,007 workers. The overall value of construction and other receipts amounted to MOP48.5 billion at the end of last year. Of these, MOP10.4 billion was gross value added that contributes directly to the economy here.
Some 1,261 construction projects were carried out in 2013, 118 more than the year before, while the value of these increased 48.1 percent to MOP45.2 billion.
The majority of these construction works were carried out in the Peninsula alone, where the value for construction decreased 12.7 percent year-on-year to MOP5.7 billion. Of the 959 projects built, the Parish of Se accounted for 370 of all construction projects, with its value declining 21.5 percent to MOP2.5 billion. The reason for the decline, according to the survey, was the ‘completion of the expansion project of Centro Hospitalar Conde S. Januario, and a decrease in hotel renovation works.’

Copyright@Macau Business Daily