Hong Kong Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2030 (H2 2026)

Summary

Following a decline of 4.5% in real terms in 2025, Hong Kong’s construction industry is expected to remain subdued and expand, albeit marginally, by 0.5% in 2026, supported by an increase in the value of building construction works done and investment in transport infrastructure. According to the Census and Statistics Department (C&SD), the gross value of construction works completed by main contractors in Hong Kong grew by 1% YoY in real terms in Q1 2026, following declines of 7.3% in Q4 and 5.7% in Q3 2025. On an annual basis, it recorded a contraction of 4.2% in 2025.Hong Kong’s Financial Secretary, Paul Chan Mo-po, unveiled the FY2026-27 Budget on 25 February 2026. Total government expenditure for FY2026-27 will increase by 6.9%, from HKD789.2 billion ($101.2 billion) in the revised estimate (RE) of FY2025-26 to HKD843.4 billion ($108.2 billion).

xOver the remainder of the forecast period, the analyst expects the Hong Kong construction industry to register an annual average growth of 3.8% from 2027 to 2030, driven by government investment to upgrade the country’s transport infrastructure, coupled with investment in industrial and housing projects. Growth will also be driven by Hong Kong's climate goals, including achieving carbon neutrality before 2050, reducing electricity consumption in commercial buildings by 30-40% and in residential buildings by 20-30% from 2015 levels by 2050, and achieving half of these targets by 2035

The analyst’s Construction in Hong Kong - Key Trends and Opportunities to 2030 (H2 2026) report provides detailed market analysis, information, and insights into the Hong Kong's construction industry, including:

Hong Kong's 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 (2021-2025) and forecast (2026-2030) 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 our 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 business strategies using the analyst's critical and actionable insight
Assess business risks, including cost, regulatory and competitive pressures
Evaluate competitive risk and success factors

1 Executive Summary2 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

Outlook
Latest news and developments
Construction Projects Momentum Index

4.2 Commercial Construction

Outlook
Project analytics
Latest news and developments

4.3 Industrial Construction

Outlook
Project analytics
Latest news and developments

4.4 Infrastructure Construction

Outlook
Project analytics
Latest news and developments

4.5 Energy and Utilities Construction

Outlook
Project analytics
Latest news and developments

4.6 Institutional Construction

Outlook
Project analytics
Latest news and developments

4.7 Residential Construction

Outlook
Project analytics
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

About the Analyst
Contact Us

List of Tables

Table 1: Construction Industry Key Data
Table 2: Hong Kong, Key Economic Indicators
Table 3: Hong Kong, costs of materials used in public sector construction projects (April 2021 = 100)
Table 4: Hong Kong, Commercial Construction Output by Project Type (Real % Change), 2021-30
Table 5: Hong Kong, Top Commercial Construction Projects by Value
Table 6: Hong Kong, Industrial Construction Output by Project Type (Real % Change), 2021-30
Table 7: Hong Kong, Top Industrial Construction Projects by Value
Table 8: Hong Kong, Infrastructure Construction Output by Project Type (Real % Change), 2021-30
Table 9: Hong Kong, Top Infrastructure Construction Projects by Value
Table 10: Hong Kong, Energy and Utilities Construction Output by Project Type (Real % Change), 2021-30
Table 11: Hong Kong, Top Energy and Utilities Construction Projects by Value
Table 12: Hong Kong, Institutional Construction Output by Project Type (Real % Change), 2021-30
Table 13: Hong Kong, Top Institutional Construction Projects by Value
Table 14: Hong Kong, Residential Construction Output by Project Type (Real % Change), 2021-30
Table 15: Hong Kong, Top Residential Construction Projects by Value
Table 16: Hong Kong, Key Contractors
Table 17: Hong Kong, Key Consultants
Table 18: Hong Kong Construction Output Value (Real, $ Million)
Table 19: Hong Kong Construction Output Value (Nominal, HKD Million)
Table 20: GlobalData Construction Market Definitions
Table 21: GlobalData Construction Market Definitions
Table 22: Ratings, Scores and Definitions

List of Figures

Figure 1: North-East Asia, Construction Output (Real % Change), 2024-30
Figure 2: Hong Kong, Construction Output by Sector (Real % Change), 2024-26 and 2027-30
Figure 3: Hong Kong, Risk Summary
Figure 4: Hong Kong, Risk Regional Comparison
Figure 5: Hong Kong, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2021-30
Figure 6: Hong Kong, Construction Output Value, by Sector (Real, $ Million), 2021-30
Figure 7: Hong Kong, Construction Value-Add (HKD Million, 2022 Constant Prices)
Figure 8: Hong Kong, Gross Domestic Fixed Capital Formation in Buildings and Construction (HKD Million, 2022 Constant Prices)
Figure 9: Hong Kong, Total Number of Sales and Purchase Agreement of Residential and Non-Residential Building
Figure 10: Hong Kong, Monthly Unemployment in Metropolitan Lima in Thousand (Three-Month Moving Average)
Figure 11: Hong Kong, Gross Value of Building Construction Works Performed by Main Contractors, (2000 Constant Prices, HKD Million)
Figure 12: Hong Kong, Costs of Labor Index (April 2021 = 100)
Figure 13: Hong Kong, Number of Persons Employed in Construction Industry (In thousands)
Figure 14: Hong Kong, Consent to Commence Construction Work Issued
Figure 15: Hong Kong, New Building plan permit Issued
Figure 16: Hong Kong, Construction Projects Momentum Index
Figure 17: North-East Asia, Construction Projects Momentum Index
Figure 18: Hong Kong, Commercial Construction Output by Project Type (Real, $ Million), 2021-30
Figure 19: Hong Kong, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
Figure 20: Hong Kong, Gross Value of Commercial Construction Works Performed by Main Contractors, (2000 Constant Prices, HKD Million)
Figure 21: Hong Kong, Total Tourist Arrivals (in Thousands)
Figure 22: Hong Kong, Retail Sales (HKD Billion)
Figure 23: Hong Kong, Accommodation and Food Services Value-Add (HKD Million, 2022 Chained Prices)
Figure 24: Hong Kong, Industrial Construction Output by Project Type (Real, $ Million), 2021-30
Figure 25: Hong Kong, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
Figure 26: Hong Kong, Manufacturing Production Index (2022=100)
Figure 27: Hong Kong, Gross Value of Industrial Construction Works Performed by Main Contractors, (2000 Constant Prices, HKD Million)
Figure 28: Hong Kong, Total Merchandise Export (HKD Million)
Figure 29: Hong Kong, Infrastructure Construction Output by Project Type (Real, $ Million), 2021-30
Figure 30: Hong Kong, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
Figure 31: Hong Kong, Gross Value of Transport Construction Works Performed by Main Contractors, (2000 Constant Prices, HKD Million)
Figure 32: Hong Kong, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2021-30
Figure 33: Hong Kong, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
Figure 34: Hong Kong, Domestic Electricity Demand (In Terajoule)
Figure 35: Hong Kong, Institutional Construction Output by Project Type (Real, $ Million), 2021-30
Figure 36: Hong Kong, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
Figure 37: Hong Kong, Residential Construction Output by Project Type (Real, $ Million), 2021-30
Figure 38: Hong Kong, Residential Construction Projects Pipeline, Value by Stage ($ Million)
Figure 39: Hong Kong, Real Estate Value-Add (HKD Million, 2022 Chained Prices)
Figure 40: Hong Kong, Gross Value of Transport Construction Works Performed by Main Contractors, (2000 Constant Prices, HKD Million)
Figure 41: Hong Kong, Residential Developments in the Pre-Sale Consents Issued
Figure 42: Hong Kong, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 43: Hong Kong, Headquarters of Key Consultants (% of Total Project Pipeline)

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