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Demand to grow 8.5% per year through 2017

Construction expenditures in China are expected to increase 8.5 percent per year in real terms through 2017. Ongoing urbanization and industrialization, rising income levels, further population and household growth, and the government’s continuing efforts to expand and upgrade physical infrastructure in the country will support healthy growth in construction spending. However, growth will moderate notably from the 16 percent annual gains during the 2007-2012 period, when gross fixed capital formation was boosted by the government’s stimulus program to counter the global financial crisis in 2009.

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Construction expenditure markets nearly evenly split

Construction expenditures in China are nearly equally split among residential buildings, nonresidential buildings, and nonbuilding structures. Each of these segments accounted for around one-third of the total construction market in 2012. Nonbuilding construction will see the fastest growth (in real terms) through 2017. Increases will benefit from stateled efforts to expand and upgrade the country’s transportation infrastructure, such as the “7918” highways network, subway systems in major cities, and several airports. Utilities construction will also contribute to nonbuilding construction spending gains, particularly in fast growing urban areas, as the government continues to expand and improve access to such infrastructure as water supply, sewage treatment, rubbish disposal, and gas distribution. Further efforts to increase the country’s power generation capacity and improve electricity transmission networks will also drive spending on nonbuilding construction.

Nonresidential buildings to exhibit best annual gains

Inflation-adjusted nonresidential building construction expenditures are forecast to post the best annual gains through 2017. Growth will be led by strong advances in industrial building construction. The manufacturing sector in China will continue to expand quickly, benefiting from robust increases in consumer spending for manufactured goods, accommodative government policies, and foreign direct investment. Spending on residential buildings will be slightly less through 2017, with market gains primarily driven by continuing population migration from rural to urban areas and supported by rising personal income levels. Despite strong gains in housing construction over the last decade, living conditions remain poor for some residents due to uneven distribution of housing ownership in urban areas in China.

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Central-East to remain largest regional market

The Central-East region, home to about one-third of the country’s total population and economic output, supports the largest regional construction market and will account for the majority of total construction spending in China in 2017. Construction expenditures in the Northwest region are expected to enjoy the fastest growth, benefiting from the government’s “Great Western Development” strategy and rising personal incomes, which will result in relatively stronger increases in construction spending on infrastructure and manufacturing facilities and housing.

Additional Information

This study analyzes the construction industry in China. The following types of activities are covered: new building and nonbuilding (bridges, dams, roads, etc.) construction, building additions and alterations, and maintenance and repair construction. Contractor installation of equipment (such as central air conditioning and heating systems, elevators, and sprinkler systems) that forms an integral part of a new or refurbished structure is included here as well.

The Special Administrative Regions of Hong Kong and Macau are excluded from the scope of the study. These regions remain to a great extent economically independent from the rest of China, even though they returned to the People’s Republic of China in the late 1990s. Taiwan, which is economically independent from the rest of China and not under the administration of the central government, is also excluded from the scope of this study.

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Historical data for 2002, 2007, and 2012 and forecasts for 2017 and 2022 are provided for construction expenditures in China by market (residential building, nonresidential building, and nonbuilding construction) in both current yuan (including inflation) and constant 2011 yuan. Statistics are also provided for construction expenditures by region and by type (new, building additions and alterations, and maintenance and repair), for construction industry revenues, and for international trade in construction services, valued in constant 2011 yuan. Data is provided as well for new housing construction (in square meters and units), residential building stock (in square meters and units), average living space for rural and urban residents (in square meters), and nonresidential building stock (in square meters).

The renminbi (or RMB) is the official currency of the People’s Republic of China, and the base unit of the renminbi is the yuan. The term “yuan” is used throughout this report when referring to currency amounts. The overall value of construction expenditures is also provided in US dollars. Generally, the official currency exchange rate is used in each year to convert current yuan to current dollars (with the July 3, 2013 exchange rate being used for 2017 and 2022).

In addition, major construction contractors active in China are identified and profiled, and key competitive variables are discussed. The entire report is framed within the Chinese construction industry’s economic and market environments, and therefore environmental variables affecting construction activity in the country (such as government plans and regulations, inflation and interest rates, manufacturing value added, population trends, and overall economic performance) are emphasized. Construction market share data by enterprise presented in the Industry Structure section are estimated based on consultation with multiple sources. Tabular details may not always add to totals due to rounding.

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Major Points in a Table of Content

IV. Residential Building 56
General 56
New Housing Construction Expenditures 60
New Housing Completions 63
Single Family 66
Multifamily 68
Additions & Alterations 70
Maintenance & Repair 72
Housing Stock 73
Single Family 76
Multifamily 78
Ownership 80
Living Space 81
Urban 84
Rural 85

V. Nonresidential Building 87
General 87
New Construction 90
Additions & Alterations 91
Maintenance & Repairs 92
Structure Types 92
Industrial 95
Office & Commercial 96
Institutional 97
Other 98
Nonresidential Building Stock 99

VI. Nonbuilding 101
General 101
New Construction 104
Maintenance & Repairs 106
Structure Types 106
Roads & Other Transportation Infrastructure 109
Utilities 111
Other 113