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Construction in Hong Kong - Key Trends and Opportunities to 2022

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Date: 12-Mar-2018
No. of pages: 41
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Synopsis

Hong Kong’s construction industry registered minimal growth in 2017, owing to reduced investments in transport infrastructure projects, particularly during the third quarter of the year. However, the industry’s overall performance during the review period (2013–2017) remained positive, supported by government efforts to promote economic growth through investments in residential and transport infrastructure projects.

Following slow growth in 2017, the industry’s expansion is expected to gather momentum in 2018, with modest growth continuing through the latter part of the forecast period to 2022. Growth in the industry is expected to be supported by positive developments in global demand, business confidence and private consumption.

In addition, the ongoing implementation of government flagship programs, such as the Railway Development Strategy, Climate Action Plan 2030 and hospital development program are expected to add momentum to the industry’s expansion over the forecast period.

Nevertheless, the industry’s output value in real terms is expected to post a relatively slow forecast-period compound annual growth rate (CAGR) of 1.54%, down from 3.77% recorded during the review period.

Summary

Timetric’s Construction in Hong Kong – Key Trends and Opportunities to 2022 report provides detailed market analysis, information and insights into Hong Kong’s construction industry, including:


  • The construction industry's 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 Kong’s 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 (2013–2017) and forecast (2018–2022) 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 Timetric'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 Timetric's critical and actionable insight.

  • Assess business risks, including cost, regulatory and competitive pressures.

  • Evaluate competitive risk and success factors.


Key Highlights


  • Timetric expects the residential construction market to retain its leading position over the forecast period, with a share of 36.7% of the industry’s total value in 2022. In December 2017, the Hong Kong Housing Authority announced plans to construct 280,000 new housing units between 2018 and 2028 for the low- and middle-income population under the public housing construction program.

  • In a bid to transform the country into a world-class smart economy, the government launched the Smart City Blueprint in December 2017, with special emphasis on six major initiatives: mobility, living, environment, people, government and economy.

  • Timetric expects the infrastructure construction market output to record a forecast-period CAGR of 5.20% in nominal terms, driven by the government’s efforts to enhance regional connectivity, while reducing traffic congestion arising from the country’s population growth. Under the Railway Development Strategy launched in 2014, the government aims to expand the country’s rail network by 2031.

  • With an aim to address the growing demand for air transportation, in September 2017 the Airport Authority Hong Kong announced plans to develop a third runway at Chek Lap Kok International Airport.

  • The Construction Intelligence Center (CIC) is tracking large-scale construction projects in Hong Kong with a combined total value of HKD 1.6 trillion (US$ 205.2 billion), with around 75% of the pipeline value already in the execution stage as of March 2018.

Construction in Hong Kong - Key Trends and Opportunities to 2022

Table of Contents

1 Executive Summary

2 Construction Outlook: At-a-glance

3 Latest News and Indicators

4 Key Drivers and Risks
4.1 Economic Performance
4.2 Political Environment
4.3 Demographics
4.4 Risk Profile

5 Construction Outlook
5.1 All Construction
5.1.1 Outlook
5.1.2 Project analytics
5.2 Commercial Construction
5.2.1 Outlook
5.2.2 Project analytics
5.3 Industrial Construction
5.3.1 Outlook
5.3.2 Project analytics
5.4 Infrastructure Construction
5.4.1 Outlook
5.4.2 Project analytics
5.5 Energy and Utilities Construction
5.5.1 Outlook
5.5.2 Project analytics
5.6 Institutional Construction
5.6.1 Outlook
5.6.2 Project analytics
5.7 Residential Construction
5.7.1 Outlook
5.7.2 Project analytics

6 Key Industry Participants
6.1 Contractors
6.2 Consultants

7 Appendix
7.1 What is this Report About?
7.2 Definitions
7.3 About Timetric
7.4 About CIC
7.5 Disclaimer

List of Tables

Table 1: Hong Kong, Key Economic Indicators
Table 2: Hong Kong, Construction Output Value (nominal, HKD Million)
Table 3: Hong Kong, Construction Output Value (nominal, US$ Million)
Table 4: Hong Kong, Top Commercial Construction Projects by Value
Table 5: Hong Kong, Top Industrial Construction Projects by Value
Table 6: Hong Kong, Top Infrastructure Construction Projects by Value
Table 7: Hong Kong, Top Energy and Utilities Construction Projects by Value
Table 8: Hong Kong, Top Institutional Construction Projects by Value
Table 9: Hong Kong, Top Residential and Mixed-Use Construction Projects by Value
Table 10: Hong Kong, Key Contractors
Table 11: Hong Kong, Key Consultants
Table 12: Timetric Construction Market Definitions
Table 13: Construction Risk Index Ratings and Scores

List of Figures

Figure 1: Key Markets, Construction Output Growth and Risk Matrix
Figure 2: Hong Kong, Construction Projects Pipeline by Sector (HKD Billion)
Figure 3: Hong Kong, Gross value of construction works at constant 2000 prices (HKD Million)
Figure 4: Hong Kong, Value of loans disbursed for property development and purchase of private residential properties (HKD Billion)
Figure 5: Hong Kong, Risk Comparison, Q4 2017
Figure 6: Hong Kong, Risk Comparison Review
Figure 7: Hong Kong, Construction Output Value (Real, US$ billion, 2010 prices and exchange rate)
Figure 8: Hong Kong, Construction Output Value, Growth Matrix
Figure 9: Hong Kong, Construction Output Value, by Sector (HKD Million), 2013–2022
Figure 10: Hong Kong, Construction Projects Pipeline, Projected Annual Spending by Stage (HKD Million), 2017–2022
Figure 11: Hong Kong, Construction Projects Pipeline, Value by Stage (HKD Million)
Figure 12: Hong Kong, Commercial Construction Output by Project Type (HKD Million), 2013–2022
Figure 13: Hong Kong, Commercial Construction Projects Pipeline, Value by Stage (HKD Million)
Figure 14: Hong Kong, Commercial Construction Projects Pipeline, Projected Annual Spending by Stage (HKD Million)
Figure 15: Hong Kong, Industrial Construction Output by Project Type (HKD Million), 2013–2022
Figure 16: Hong Kong, Industrial Construction Projects Pipeline, Value by Stage (HKD Million)
Figure 17: Hong Kong, Industrial Construction Projects Pipeline, Projected Annual Spending by Stage (HKD Million)
Figure 18: Hong Kong, Infrastructure Construction Output by Project Type (HKD Million), 2013–2022
Figure 19: Hong Kong, Infrastructure Construction Projects Pipeline, Value by Stage (HKD Million)
Figure 20: Hong Kong, Infrastructure Construction Projects Pipeline, Projected Annual Spending by Stage (HKD Million)
Figure 21: Hong Kong, Energy and Utilities Construction Output by Project Type (HKD Million), 2013–2022
Figure 22: Hong Kong, Energy and Utilities Construction Projects Pipeline, Value by Stage (HKD Million)
Figure 23: Hong Kong, Energy and Utilities Construction Projects Pipeline, Projected Annual Spending by Stage (HKD Million)
Figure 24: Hong Kong, Institutional Construction Output by Project Type (HKD Million), 2013–2022
Figure 25: Hong Kong, Institutional Construction Projects Pipeline, Value by Stage (HKD Million)
Figure 26: Hong Kong, Institutional Construction Projects Pipeline, Projected Annual Spending by Stage (HKD Million)
Figure 27: Hong Kong, Residential Construction Output by Project Type (HKD Million), 2013–2022
Figure 28: Hong Kong, Residential Construction Projects Pipeline, Value by Stage (HKD Million)
Figure 29: Hong Kong, Residential Construction Projects Pipeline, Projected Annual Spending by Stage (HKD Million)
Figure 30: Hong Kong, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 31: Hong Kong, Headquarters of Foreign Contractors (% of Project Pipeline with Foreign Contractor)
Figure 32: Hong Kong, Headquarters of Key Consultants (% of Total Project Pipeline)
Figure 33: Hong Kong, Headquarters of Foreign Consultants (% of Project Pipeline with Foreign Consultants)

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