On 9 October 2020, the Construction Industry Council (CIC) released the latest “Ten-year Construction Expenditure Forecast” up to 2029/30.
The construction expenditure is forecasted ranging between HKD225 billion and HKD315 billion (in September 2020 price level) per annum. The forecast has taken into account the latest market situation trend and developments in both the public and private sectors.
“The forecast aims to provide projections of Hong Kong’s construction expenditure for better resource planning and allocation among various industry stakeholders. The forecast is projected based on the latest estimates of relevant factors, which might be subject to varying degrees of fluctuation due to the influence of local economic performance and progress of funding approval for public works,” said Ir Albert CHENG, Executive Director of the CIC.
Ir CHENG added, the COVID-19 poses a threat to the globe as well as to the Hong Kong construction industry. In the just-ended legislative session, a total of HKD170 billion had been approved by the Finance Committee of the Legislative Council of the HKSAR for the public works projects, which brings positive impacts to the construction industry. The CIC hopes that the Government could continue and expedite the implementation of public works projects for the sustainable development of the industry.
The CIC shall regularly review the construction expenditure forecast to provide reference for industry stakeholders, and take necessary actions to facilitate the industry’s sustainable development.
Click the hyperlink to find out more the details of the Construction Expenditure Forecast at the CIC website. — Construction+ Online