Value added in the Chinese construction industry 2008-2023
In 2023, the construction industry in China generated an added value of approximately 8.6 trillion yuan.
China's leadership in global construction market
With total construction spending amounting to 1.78 trillion U.S. dollars in 2013, China was by far the largest construction market worldwide. The world’s six largest construction companies in 2023 were all from China. The largest construction company in the world, the China State Construction Engineering Corporation (CSCEC), had generated revenues of exceeding two trillion yuan in 2022.
How important is construction in China?
The success of China’s construction industry is closely linked to domestic urbanization efforts and economic development. Thus, it is not surprising that eastern coastal provinces such as Jiangsu or Zhejiang had been among the regions with the highest construction industry revenue in China.The construction industry account for a large proportion of China’s GDP and hence plays an essential role in domestic economy. Added value from the construction industry in China has been increasing by at least 3.5 percent annually in the recent decade, ranging above the average level of China’s GDP growth during the same period. Another significant sector, residential real estate development has been seen as a main driver of China’s economy in the recent decade. Around 693 million square meters of floor space had been built in 2023.
