The total gross value of construction work performed by main contractors fell 6.7% in nominal terms last year, compared with 2002, to $98.9 billion.

After discounting price changes, the total gross value of construction work performed by main contractors fell 2.4% in real terms.

Gross value of construction work in real terms is derived by deflating the corresponding nominal value with an appropriate price index to the 2000 price level.

Analysed by type, the gross value of construction work performed at private sector sites totalled $35.1 billion, falling 17% in nominal terms. In real terms, it fell 10.4%. The fall was mainly due to completion of work at some large residential building sites.

The gross value of construction work performed at public sector sites was $32.4 billion, up 0.9% in nominal terms. In real terms, it rose 4.7%. The rise was mainly attributable to an intensification of work on some public service building projects.

The gross value of construction work performed by contractors at locations other than construction sites was $31.5 billion, down 0.6% in nominal terms. Yet, it rose 1% in real terms.

Construction work at locations other than construction sites includes minor new construction activities and renovation work at erected buildings and structures, and electrical and mechanical fitting work at locations other than construction sites.

Analysed by end-use category, residential building projects accounted for the largest share in the gross value of construction work performed at construction sites. The gross value of construction work performed for these projects was $28.5 billion, down 21.9% in nominal terms.

Transport projects up 4.9%

Transport projects constituted the second largest category of construction site work. The gross value of construction work performed for these projects was $14.1 billion, a rise of 4.9% in nominal terms.

Industrial, storage and service building projects represented the third largest category of construction site work. The gross value of construction work performed for these projects was $10.2 billion, up 35.6% in nominal terms.

Comparing the fourth quarters of 2003 and 2002, the gross value of construction work performed by main contractors fell 9% in nominal terms. In real terms, the fall was 5.7%.

Within this total, the gross value of construction work performed at private sector sites fell 23.7% in nominal terms, yet the gross value of construction work performed at public sector sites rose 1.8%.

The gross value of construction work performed by contractors at locations other than construction sites rose 0.1%.

In real terms, the gross value of construction work performed at private sector sites fell 17.7%. For public sector sites, the gross value of construction work rose 5.3%.

The gross value of construction work performed by contractors at locations other than construction sites fell 0.5%.

On a seasonally adjusted basis, the gross value of construction work performed by main contractors fell 10.3% in nominal terms or 9.4% in real terms.