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ANALYSIS: Construction Survey For March Quarter

ANALYSIS: Construction Survey For March Quarter
August 08
09:18 2015

The quarterly construction survey covers work carried out by registered private building and civil works contractors.

The value of construction work put in place during the March quarter of 2015 was worth an estimated $110.5 million.

Compared to the previous quarter, the amount is $4.4 million or 4.2 per cent higher and $8.5 million or 8.4 per cent higher than the same period for the previous year.

For the private sector, the value of work carried out was worth $64.3 million and the remaining $46.2 million was for the General Government.

 

New Buildings and Capital Repairs

The value of work put in place for New Buildings and Capital Repairs was $39.9 million, an increase of $3.6 million or 9.8 per cent compared to the December quarter of 2014.

This was a $0.2 million or 0.5 per cent increase over the March quarter of 2014.

The value of work put in place for non-residential buildings and residential buildings were $31.0 million and $8.9 million respectively.

These were mainly for construction work on commercial buildings, shops, religious and educational institutions.

 

Current Repairs and  Maintenance

The value of work put in place for current repairs and maintenance was $11.5 million in which 14.9 per cent were for residential buildings and 85.1 per cent were for non-residential buildings.

95.0 per cent of the value of work done was for the Private Sector and only 5.0 per cent was for the General Government.

 

Civil Engineering Works

The value of work put in place for civil engineering works was $59.1 million whereby 25.8 per cent were for earthmoving works, 69.0 per cent were for work on roads and bridges and 5.2 per cent were for other types of work.

23.3 per cent of the value of work done was for the Private Sector and 76.7 per cent for the General Government.

 

Overview

The construction sector is an important sector of the economy and all evidence suggest that the sector is performing well above trend or historical average.

Partial indicators such as domestic cement product and sales is growing by double digit.

Secondly, lending by financial institutions for construction purposes is also growing rapidly.

The boom in the construction industry is a reflection of strong confidence.

RBF surveys applications for building permits as well as feedback from various stakeholders reveal that the industry is expected to continue with the growth momentum seen in the past few years.

Finally, Government’s capital expenditure to improve infrastructure development has also contributed to the strong growth in the construction industry.

– This is an informative publication, sponsored by The Fiji Sun, Fiji Bureau of Statistics and HFC Bank. All views expressed or implied are purely of the Treasurer at the HFC Bank, Peter Fuata.

 

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