Construction in Hong Kong – Prospects, Outlook, Industry Status, Scope, Project analytics and Opportunities Forecast to 2023

The following research report is a compilation of high-end data that has been researched thoroughly to highlight the various trends prevailing across the Construction in Hong Kong market. This study is titled Construction in Hong Kong - Key Trends and Opportunities to 2023, which carefully examines several vital factors such as market share, market revenue, market dynamics and competitive scenario active in the target market for the period during Forecast 2023.
Construction in Hong Kong - Key Trends and Opportunities to 2023

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Summary

Hong Kongs construction industry suffered a downturn in 2017 and 2018 in real terms, in part due to reduced investments in transport infrastructure projects and the completion of major railway projects. However, the industrys overall performance during the review period (2014-2018) remained positive, supported by government and private sector investment across residential, energy and utilities, commercial and institutional construction projects.

The industrys output value is expected to pick up pace over the forecast period (2019-2023), with investments in public infrastructure, energy, commercial and industrial projects, and improvements in consumer and investor confidence. Programs such as the 10-year housing program, 10-year hospital development plan and new power development plan 2019-2023 - through which the government aims to develop the countrys residential, institutional and energy infrastructure - will support the industrys growth over the forecast period.

There are, however, risks associated with Hong Kongs construction industry outlook. The ongoing trade war between China and the US is expected to impact Hong Kongs economy, which could have an adverse impact on construction spending. The US governments imposition of a tax on Chinese goods is expected to impact Hong Kongs small and medium-sized enterprises, which in turn is expected to decrease investment in industrial construction. Furthermore, volatility in Hong Kongs stock market, a decline in wage growth and weakness in asset prices are expected to hamper the growth of the residential construction market over the forecast period.

The industrys output value in real terms recorded a review-period compound annual growth rate (CAGR) of 1.51%, and is expected to post a forecast-period CAGR of 2.49%.

GlobalDatas "Construction in Hong Kong - Key Trends and Opportunities to 2023", report provides detailed market analysis, information and insights into Hong Kongs construction industry, including -
- Hong Kongs 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 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.

Key Highlights

- GlobalData expects the infrastructure construction market to post a forecast-period CAGR of 1.84% in nominal terms, driven by the governments plan to develop the countrys railway infrastructure. Under the Railway Development Strategy (RDS), the government plans to provide easy access to the railway station to 70.0% of the population by 2021. Moreover, the government plans to increase the share of railways in the countrys total public transport from 40.0% in 2017 to 43.0% by 2021. Accordingly, the government plans to develop North Island Line and South Island Line (West) of the country with an investment of HKD110.0 billion (US$14.2 billion) by 2031.

- Forecast-period growth in the energy and utilities construction market will be driven by the governments plan to increase the countrys power generation capacity to meet rising electricity demand. In July 2018, the government launched a new power development plan for the period of 2019-2023. Under this, the government plans to build two new gas fired power plants and a new offshore liquefied natural gas terminal in the country by 2023; this will increase the countrys energy generation capacity by 2023.

- GlobalData expects the institutional construction market to grow over the forecast period, though at slower rate compared to the review period, driven by the governments focus on the education and healthcare sectors. Moreover, the governments plan to increase research and development activity in the country is expected to support the market output over the forecast period. In FY2018-2019, the government increased its total spending on education sector by 28.4%, going from HKD88.5 billion (US$11.4 billion) in FY2017-2018 to HKD113.7 billion (US$14.5 billion). Moreover, in February 2018, the government allocated HKD2.0 billion (US$255.2 million) for the countrys education sector.

- The residential construction markets forecast-period growth will be driven by the governments plan to bridge gap between the demand and supply of houses in the country. In order to tackle housing crisis in the country, in September 2018 the government announced plans to build a new artificial island in the country. Under this, the government plans to build 400,000 housing units to accommodate 1.1 million people with an expected investment of HKD3.9 trillion (US$500.0 billion) by 2032.

- The total construction project pipeline in Hong Kong - as tracked by GlobalData, and including all mega projects with a value above US$25 million - and stands at HKD1.5 trillion (US$198.4 billion). The pipeline, which includes all projects from pre-planning to execution, is relatively dominated by late stage projects, with 70.6% of the pipeline value being in the pre-execution and execution stages as of February 2019.

Scope

- This report provides a comprehensive analysis of the construction industry in Hong Kong.
- Historical (2014-2018) and forecast (2019-2023) 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.

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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
8. ABOUT GLOBALDATA
8.1. GlobalData at a Glance
8.2. GlobalData Construction
8.3. Disclaimer
8.4. Contact Us

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