Macau's construction industry revenue of MOP 52.71 billion rose 7.7% year on year in 2023

The Zhitong Finance App learned that according to data from the Macau Statistics and Census Bureau, the revenue of the Macau construction industry in 2023 increased 7.7% year on year to $52.71 billion (MOP, same below). Among them, construction revenue ($52.12 billion) increased 9.5%. The increase was mainly due to an increase in public works. Annual expenditure rose 10% to 48.59 billion yuan. As the increase in expenditure was larger than revenue, industry profit fell 13.7% to 4.12 billion yuan. The total value added reflecting the industry's contribution to the economy was 14.43 billion yuan, a slight increase of 0.4%.

In 2023, the number of construction sites in operation increased by 270 to 4,482 over the same period. Of these, 1,193 licensed projects were carried out as general contractors or first-floor subcontractors, and 3,289 were engaged in simple decoration projects. The total number of employees was 48,361, an increase of 1806 over the previous year.

Revenue from licensed construction sites ($48.26 billion) increased 7.4% year over year, accounting for 91.6% of construction industry revenue. Expenses increased 9.6% to $44.39 billion, and full-year profit decreased by 12.6% to $3.87 billion.

By project category, revenue from public works constructed on site increased by 18.5% year-on-year to $32.06 billion, of which newly built public housing ($12.66 billion) and offices ($1.46 billion) increased by 199.8% and 577.8% respectively; revenue from public infrastructure projects, including light rail and bridge construction, also increased 16.8% to $11.37 billion; and health ($2.25 billion) decreased by 77.9%. In terms of private projects, revenue from site construction projects fell 5.4% to 15.69 billion yuan. Among them, revenue from hotel and entertainment facility projects ($11.8 billion) and revenue from newly built private residential buildings ($1.47 billion) decreased by 3.1% and 9.5%, respectively.

Furthermore, according to the results of a survey of construction and engineering consultancy services conducted during the same period, there were 305 construction and engineering consultancy service sites in operation in 2023, a decrease of 6 compared with the same period, and a decrease of 99 to 2,534 employees. The annual revenue of the relevant sites increased by 2.1% year-on-year to $2.32 billion, of which revenue from providing architectural design and drafting services increased 27.6% to $840 million, while revenue from providing engineering management and inspection services decreased by 3.2% to $810 million; industry expenditure decreased by 1.2% to $1.82 billion. Annual profit increased 16.5% to $490 million, and total value added was $1.33 billion, up 1.5%.