The construction industry in Hong Kong witnessed a robust performance during the final quarter of 2024, with notable shifts between public and private sector contributions. The total Gross Value of Construction Works (GVCW) surged by 9.4% compared to the previous year, reaching $77.8 billion. This growth was primarily driven by public sector projects, which saw an impressive increase of 32.7%, totaling $32.5 billion. In contrast, the private sector experienced a slight decline, recording a GVCW of $22.4 billion.

A deeper analysis reveals that residential building projects dominated the market, contributing significantly to the overall GVCW. These projects amounted to $23.3 billion, reflecting a 13.9% increase from the previous year. Transport infrastructure also showed positive momentum, growing by 4.1%. When examining the entire year of 2024, the trend of public sector dominance continued, with its GVCW rising to $117.3 billion, marking a substantial 26.7% year-on-year growth. Meanwhile, the private sector's annual GVCW totaled $85.9 billion, showing a modest 0.5% increase.

These figures underscore the resilience and adaptability of Hong Kong's construction industry, particularly in leveraging public investments to stimulate economic activity. The emphasis on residential and transport projects highlights a strategic focus on enhancing urban living standards and connectivity. Such developments not only bolster economic stability but also contribute to long-term societal benefits by improving infrastructure and housing availability, paving the way for a more sustainable future.