Construction output jumps 12.6pc
Construction output in 1996 was $230.2 billion - an increase of 12.6 per cent over 1995, according to a government survey.
Construction activity accounted for 6.5 per cent of gross domestic product, a 0.4 per cent rise over 1995, according to the 1996 Annual Survey of Building, Construction and Real Estate Sectors, released by the Census and Statistics Department.
The results also showed some 18,500 construction companies operated in 1996.
About 39.8 per cent of them were engaged in decoration, repair and maintenance of erected buildings and structures.
They accounted for $27.9 billion, or 12.1 per cent, of the gross output, according to the report.
The remainder consisted mostly of special trade contractors specialising in electrical and mechanical fittings.
They made up 54.9 per cent of the establishments in the construction sector, accounting for $64.9 billion, or 28.2 per cent, of gross output.
Apart from construction establishments, the survey also assessed establishments engaged in real estate development, leasing, brokerage and maintenance management services, and architectural, surveying and project engineering services.
The report said gross output from firms engaged in real estate development, leasing, brokerage and maintenance management services was $116.3 billion in 1996, representing an increase of 15 per cent over 1995.
This comprised $54.9 billion for service and rental income, $59.6 billion for the gross margin of real estate development projects (excluding land price appreciation) and $1.8 billion for other income.
Among real estate development projects, the value accrued to private sector projects in 1996 was $95.6 billion, representing an increase of 17.7 per cent over the corresponding value in 1995.
A total of 8,298 establishments operated in the real estate development, leasing, brokerage and maintenance management services sector in 1996.
The survey was conducted from April 1997 to early 1998.