In 2023, the construction industry in China generated an output of over 31 trillion yuan, representing an increase of almost 100 percent from a decade ago.
Stimulus from the real estate sector and government-funded projects
With the liberalization of the housing market in the late 1990s, China's real estate industry enjoyed a 20-year boom since the early 2000s. Amidst the surge in housing prices, local governments across China received considerable non-tax revenue from land leases and in turn, invested the funds in infrastructure development projects. This led to the continuous prosperity of the country’s construction industry.
A vital segment of China’s economy
Thanks to the stimulus from housing developments and infrastructure projects, the construction industry is now one of the pillar industries of China's economy, accounting for around seven percent of the country's GDP. However, with the recent difficulties experienced by many major real estate enterprises, and the stagnation in infrastructure construction owing to local governments' debt situation, China's construction sector faces a somewhat uncertain future.
Construction output value in China from 2000 to 2023
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Output value in trillion yuan
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One yuan equals approximately 0.14 U.S. dollars and 0.13 euros (as of March 2024).
Values have been rounded to provide a better understanding of the statistic.
The source does not provide a publication date. The date of release stated here is the date of access.
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National Bureau of Statistics of China. (March 18, 2024). Construction output value in China from 2000 to 2023 (in trillion yuan) [Graph]. In Statista. Retrieved August 25, 2024, from https://www.statista.com/statistics/279244/construction-output-value-in-china/
National Bureau of Statistics of China. "Construction output value in China from 2000 to 2023 (in trillion yuan)." Chart. March 18, 2024. Statista. Accessed August 25, 2024. https://www.statista.com/statistics/279244/construction-output-value-in-china/
National Bureau of Statistics of China. (2024). Construction output value in China from 2000 to 2023 (in trillion yuan). Statista. Statista Inc.. Accessed: August 25, 2024. https://www.statista.com/statistics/279244/construction-output-value-in-china/
National Bureau of Statistics of China. "Construction Output Value in China from 2000 to 2023 (in Trillion Yuan)." Statista, Statista Inc., 18 Mar 2024, https://www.statista.com/statistics/279244/construction-output-value-in-china/
National Bureau of Statistics of China, Construction output value in China from 2000 to 2023 (in trillion yuan) Statista, https://www.statista.com/statistics/279244/construction-output-value-in-china/ (last visited August 25, 2024)
Construction output value in China from 2000 to 2023 (in trillion yuan) [Graph], National Bureau of Statistics of China, March 18, 2024. [Online]. Available: https://www.statista.com/statistics/279244/construction-output-value-in-china/