In response to the industry's need of a construction expenditure forecast to facilitate better planning, the Construction Industry Council formed a Focus Group on Projected Construction Expenditure to provide projections of Hong Kong's construction expenditure in the coming 10 years. The focus group comprises 13 members from contractor associations, consultants, professional institutions and representatives from government.
The objective of the forecast is to provide industry stakeholders with a projection of construction expenditure in the public and private sectors over a 10-year period. Medium to long term construction expenditure forecasts will greatly assist industry stakeholders in forward planning and decision making. The forecast is released in the first quarter of each year with a half yearly review.
Three periods are covered in the construction expenditure forecast: |
| (i) |
update on the historical trend using statistics published by the Census and Statistics Department (C&SD) up to 2012/13; |
| (ii) |
mid-term forecast up to 2017/18; and |
| (iii) |
long-term forecast up to 2022/23. The public works expenditure forecast is provided by Development Bureau based on projects in progress and under planning. The mid-term forecast of the construction expenditure in the private sector is projected using research data on building floor area completion estimated by property surveying firms and other relevant statistics. |
To update the first construction expenditure forecast released by the CIC in March 2013, the following have been compiled and incorporated into the latest expenditure forecast: |
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Gross value of construction output published by the C&SD; |
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Public works expenditure including government funded projects and the projects from Housing Authority, Airport Authority and Mass Transit Railway Corporation; |
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Forecast of the gross floor areas to be completed and building costs in the private sector provided by the property surveying firm and Buildings Department; and |
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Price level updated from September 2012 to September 2013. For the statistical data of the past 10 years, the construction expenditure is presented by rectangular bar chart. For the next ten-year projection, the construction expenditure forecast is presented by irregular bar chart with the indication of lower and upper bound levels. |
To view the Construction Expenditure Forecast 2013/14 <click here> |
