Increase in Value Added of the Construction Sector by 10.7%
According to the results of the Construction and Land Development Survey, the main figures in the construction sector in 2024 recorded a positive growth rate compared to 2023.
Specifically, the production value in the wider construction sector increased in 2024 by 7.4% and reached €6,696.5 million compared to €6,232.6 million in 2023. Value added at current prices increased by 10.7% to €1,747.5 million in 2024 from €1,578.7 million in 2023.
New construction in 2024 reached €3,823.8 million, recording an increase of 6.4% compared to 2023. In particular, residential buildings increased by 8.6%, non-residential buildings by 2.6% and civil works by 2.0%, compared to 2023.
Employment in the construction sector increased in 2024 by 1.9% to 39.7 thousand from 38.9 thousand people in 2023.
| Table | |||||
| Main Indicators | 2024 | 2023 | Percentage Change (%) | ||
| Production Value (€m) | 6.696,5 | 6.232,6 | 7,4 | ||
| Value Added at Current Prices (€ml) | 1.747,5 | 1.578,7 | 10,7 | ||
| Employment | 39.686 | 38.937 | 1,9 | ||
| New Constructions (€million) | 3.823,8 | 3.592,6 | 6,4 | ||
| Residential buildings (€m) | 2.576,2 | 2.373,1 | 8,6 | ||
| Non-residential buildings (€m) | 711,2 | 693,4 | 2,6 | ||
| Civil engineering projects (€m) | 536,4 | 526,1 | 2,0 | ||
Methodological Information
Definitions
Production Value – Obtained after adding to the turnover other revenues and any changes in the value of stocks at the end of the year and deducting the value of goods as well as real estate purchased for resale.
Value Added at Current Prices – It is obtained after deducting from the production value the total expenses in production costs, administrative costs and rents paid for buildings and machinery.
Employment – The average of the total number of employees and self-employed during the year, in full-time equivalence.
Coverage and Data Collection
The Land Construction and Development Survey covers a sample of approximately 1,400 enterprises whose main activity falls under Sector F of the NACE Rev. 2 of the European Union. Sectors 41 (building construction), 42 (civil engineering) and 43 (specialised construction activities) are included.
The collection of data by the Statistical Service is done by e-mail, using administrative sources, personal interviews with businesses and telephone interviews.
For more information, interested parties can visit the Statistical Service Portal, under Constructions, Predefined Tables (Excel), Methodological Information or contact Ms. Panagiota Christodoulou by phone at 22602172 or by e-mail at pchristodoulou@cystat.mof.gov.cy.
