Hong Kong Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2028

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Hong Kong Construction Market Report Overview

The Hong Kong construction market size was $31.5 billion in 2023. The market is projected to achieve an AAGR of more than 2% during 2025-2028. The growth is attributed to the government’s investment in the transport, electricity, housing, and industrial sectors.

Hong Kong Construction Market Outlook, 2023-2028 ($ Billion)

Hong Kong Construction Market Outlook, 2023-2028 ($ Billion)

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The Hong Kong construction market research report offers a comprehensive understanding of project types and construction activities in the country. It analyzes the mega-project pipeline, focusing on development stages, participants, and listings of major projects in the pipeline. The market report further discusses the key sectors in the construction market and their growth drivers. Along with reviewing the details of the construction projects, our analysts have elaborated on emerging trends and assessed key risks and opportunities that will influence the Hong Kong construction market growth in the coming years.

Market Size (2023) $31.5 billion
AAGR (2025-2028) >2%
Forecast Period 2023-2028
Historical Period 2019-2023
Key Sectors ·        Commercial Construction

·        Industrial Construction

·        Infrastructure Construction

·        Energy and Utilities Construction

·        Institutional Construction

·        Residential Construction

Key Contractors ·        China Communications Construction Group Ltd

·        Wai Kee Holdings Ltd

·        China State Construction Engineering Corp Ltd

·        New World Development Co Ltd

·        Gammon Construction Ltd

Key Consultants ·        AECOM

·        Arup Group Ltd

·        Arcadis NV

·        WSP Global Inc

·        Mott MacDonald Group Ltd

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Hong Kong Construction Market Segmentation by Sectors

Residential construction was the leading sector in the Hong Kong construction market in 2023

The key sectors in the Hong Kong construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction. In 2023, the residential construction sector was followed by commercial construction.

Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. The government investment in transport infrastructure during the forecast period will support the sector’s growth.

Residential construction: The project types in this sector include single-family housing and multi-family housing. The residential construction industry will recover over the forecast period owing to the government’s focus on developing affordable houses in the country.

Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. Investment to increase the share of renewable energy in the total energy mix to 10% by 2035 and reduce carbon emissions by 50% by 2035 will drive the sector growth between 2025 and 2028.

Commercial construction: The project types in this sector include leisure and hospitality buildings, office buildings, outdoor leisure facilities, retail buildings, and other commercial construction. Factors such as the recovery in the tourism sector and office and data center developments will drive the commercial sector’s growth over the forecast period.

Industrial construction: The project types in this sector include chemical and pharmaceutical plants, manufacturing plants, metal and material production and processing plants, and waste processing plants. An improvement in external demand and investment in the semiconductor industry will drive the sector’s growth during the forecast period.

Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. Investment in education and research center construction projects will fuel the growth of this sector in the coming years.

Hong Kong Construction Market Analysis by Sectors, 2023 (%)

Hong Kong Construction Market Analysis by Sectors, 2023 (%)

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Hong Kong Construction Market - Competitive Landscape

China Communications Construction Group Ltd emerged as the leading contractor and AECOM as the leading consultant in the Hong Kong construction market in 2023

A few of the leading contractors in the Hong Kong construction market are:

  • China Communications Construction Group Ltd
  • Wai Kee Holdings Ltd
  • China State Construction Engineering Corp Ltd
  • New World Development Co Ltd
  • Gammon Construction Ltd

Foreign contractors account for most of the project pipeline in the Hong Kong construction market. Among the foreign contractors, the China-based firms dominate the market.

Hong Kong Construction Market Analysis by Contractors, 2023 (%)

Hong Kong Construction Market Analysis by Contractors, 2023 (%)

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A few of the leading consultants in the Hong Kong construction market are:

  • AECOM
  • Arup Group Ltd
  • Arcadis NV
  • WSP Global Inc
  • Mott MacDonald Group Ltd

Consultants with headquarters outside Hong Kong are involved in most of the project pipeline by value.

Hong Kong Construction Market Analysis by Consultants, 2023 (%)

Hong Kong Construction Market Analysis by Consultants, 2023 (%)

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Hong Kong Construction Market - Latest Developments

  • In October 2021, the government of Hong Kong invested a significant amount to fund the development of infrastructure works between 2022 and 2026. The plan involves the expansion of the northern economic belt and the construction of a 30,000-ha holistic metropolis.
  • In October 2023, the government reported that around 30 foreign and mainland Chinese companies are planning to invest to build a global center for innovation and technology in Hong Kong by 2030.

Segments Covered in the Report

Hong Kong Construction Sectors Outlook (Value, $ Billion, 2018-2028)

  • Commercial Construction
  • Industrial Construction
  • Infrastructure Construction
  • Energy and Utilities Construction
  • Institutional Construction
  • Residential Construction

Scope

This report provides:

  • A comprehensive analysis of the construction industry in Hong Kong.
  • Historical and forecast valuations of the construction industry in Hong Kong, featuring details of key growth drivers.
  • Segmentation by sector 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 GlobalData’s 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 GlobalData’s 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. Risk Profile

  • 4. Construction Outlook

    • 4.1. All Construction

      • 4.1.1. Outlook
      • 4.1.2. Latest news and developments
      • 4.1.3. Construction Projects Momentum Index

    • 4.2. Commercial Construction

      • 4.2.1. Outlook
      • 4.2.2. Project analytics
      • 4.2.3. Latest news and developments

    • 4.3. Industrial Construction

      • 4.3.1. Outlook
      • 4.3.2. Project analytics
      • 4.3.3. Latest news and developments

    • 4.4. Infrastructure Construction

      • 4.4.1. Outlook
      • 4.4.2. Project analytics
      • 4.4.3. Latest news and developments

    • 4.5. Energy and Utilities Construction

      • 4.5.1. Outlook
      • 4.5.2. Project analytics
      • 4.5.3. Latest news and developments

    • 4.6. Institutional Construction

      • 4.6.1. Outlook
      • 4.6.2. Project analytics
      • 4.6.3. Latest news and developments

    • 4.7. Residential Construction

      • 4.7.1. Outlook
      • 4.7.2. Project analytics
      • 4.7.3. 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

  • 8. About GlobalData
  • 9. Contact Us

Table

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), 2019–28

Table 4: Hong Kong, Top Commercial Construction Projects by Value

Table 5: Hong Kong, Industrial Construction Output by Project Type (Real % Change), 2019–28

Table 6: Hong Kong, Top Industrial Construction Projects by Value

Table 7: Hong Kong, Infrastructure Construction Output by Project Type (Real % Change), 2019–28

Table 8: Hong Kong, Top Infrastructure Construction Projects by Value

Table 9: Hong Kong, Energy and Utilities Construction Output by Project Type (Real % Change), 2019–28

Table 10: Hong Kong, Top Energy and Utilities Construction Projects by Value

Table 11: Hong Kong, Institutional Construction Output by Project Type (Real % Change), 2019–28

Table 12: Hong Kong, Top Institutional Construction Projects by Value

Table 13: Hong Kong, Residential Construction Output by Project Type (Real % Change), 2019–28

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, $ 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

Figures

Figure 1: North-East Asia, Construction Output (Real % Change), 2022–28

Figure 2: Hong Kong, Construction Output by Sector (Real % Change), 2022–24 and 2025–28

Figure 3: Hong Kong, Risk Summary

Figure 4: Hong Kong, Risk Regional Comparison

Figure 5: Hong Kong, Construction Output Value (Real, $ Million, 2017 Prices and Exchange Rate), 2019–28

Figure 6: Hong Kong, Construction Output Value, by Sector (Real, $ Million), 2019–28

Figure 7: Hong Kong, Construction Value Add (HKD Million, 2021 Chained Prices)

Figure 8: Hong Kong, Gross Domestic Fixed Capital Formation in Building and Construction, (HKD Million, at 2021 Chained Prices)

Figure 9: Hong Kong, Gross Value of Building Construction Works Performed by Main Contractors, HKD Million

Figure 10: Hong Kong, Total Number of Sales and Purchase Agreement of Residential and Non-Residential Building

Figure 11: Hong Kong, Unemployment in Construction Industry

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, $ Million), 2019–28

Figure 15: Hong Kong, Commercial Construction Projects Pipeline, Value by Stage ($ Million)

Figure 16: Hong Kong, Total Tourist Arrivals (in Thousands)

Figure 17: Hong Kong, Retail Sales (HKD Billion)

Figure 18: Hong Kong, Accommodation and Food Services Value Add (HKD Million, 2021 Chained Prices)

Figure 19: Hong Kong, Industrial Construction Output by Project Type (Real, $ Million), 2019–28

Figure 20: Hong Kong, Industrial Construction Projects Pipeline, Value by Stage ($ Million)

Figure 21: Hong Kong, Manufacturing Production Index (2015=100)

Figure 22: Hong Kong, Total Merchandise Export (HKD Million)

Figure 23: Hong Kong, Infrastructure Construction Output by Project Type (Real, $ Million), 2019–28

Figure 24: Hong Kong, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)

Figure 25: Hong Kong, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2019–28

Figure 26: Hong Kong, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)

Figure 27: Hong Kong, Domestic Electricity Demand (In Terajoule)

Figure 28: Hong Kong, Institutional Construction Output by Project Type (Real, $ Million), 2019–28

Figure 29: Hong Kong, Institutional Construction Projects Pipeline, Value by Stage ($ Million)

Figure 30: Hong Kong, Residential Construction Output by Project Type (Real, $ Million), 2019–28

Figure 31: Hong Kong, Residential Construction Projects Pipeline, Value by Stage ($ Million)

Figure 32: Hong Kong, Real Estate Value Add (HKD Million, 2021 Chained Prices)

Figure 33: Hong Kong, Gross Value of Building Construction Works Performed by Main Contractors, HKD Million

Figure 34: Hong Kong, Residential Developments in the Pre-Sale Consents Issued

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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