The total gross value of construction work by main contractors fell 6.6% last year over 2003 to $92.5 billion. The gross value of residential building construction projects accounted for the largest share at $19.9 billion, a slump of 30.4% over 2003.

According to the preliminary results of a construction output quarterly survey released today, total gross value of construction work dipped 6% in real terms after discounting price changes.

Analysed by type of construction work, the gross value of construction work at private sector sites fell 21.1% to $27.8 billion and dropped 17.5% in real terms. The decline was mainly due to completion of work at some large residential building sites.

The gross value of construction work at public sector sites amounted to $28.2 billion, down 13% on 2003 and declining 12.7% in real terms. The fall was mainly due to completion of work on some public service building projects.

Other locations rise

However, the gross value of construction work by contractors at locations other than construction sites amounted to $36.5 billion, a surge of 16.1% over 2003 and up 14.2% in real terms.

In terms of end-use, residential building projects accounted for the largest share, with a gross value of $19.9 billion, a slide of 30.4% over 2003. This was followed by transport projects, with a gross value of $12.3 billion, representing a drop of 12.7% over 2003.

Industrial, storage and service building projects represented the third largest category. The gross value went down 13.2% to $8.9 billion.

Comparing last year's fourth quarter with the fourth quarter of 2003, the gross value of construction work dipped 1.8% and fell 2.5% in real terms. Within this total, the gross value of construction work at private sector sites went down 11.9% while those at public sector sites decreased 14.8%. The gross value of construction work by contractors at locations other than construction sites went up 20.4%.

In real terms, the gross value of construction work at private sector sites dropped 10.3% while those at public sector sites fell 15.6%. The gross value of construction work by contractors at locations other than construction sites surged 18.5%.

On a seasonally adjusted basis, the gross value of construction work by main contractors dipped 1.7% in nominal terms or 2.4% in real terms in last year's fourth quarter when compared with the third quarter.