Macau Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2029 (H1 2025)
Summary
GlobalData expects growth in Macau’s construction industry to slow from 5.6% in real terms in 2024 to 3.8% in 2025. This is primarily due to a reduction in profit margins from the gaming sector - which is a dominant driver of Macau’s economy. In April 2025, Macau’s finance secretary has warned that the government revenues may fall short of the initial forecasts, in 2025, due to lower-than-expected gross gaming revenue (GGR). According to data from the Gaming Inspection and Coordination Bureau, Macau’s GGR rose just by 0.6% year on year (YoY) in Q1 2025, to MOP57.7 billion ($7.2 billion). Subsequently, the gaming tax revenue rose by just 0.2% YoY in the first quarter of 2025, to MOP22.2 billion ($2.8 billion); this represents 88% of the government’s total revenue. In another setback to the industry’s output, in April 2025, the International Monetary Fund (IMF) revised down Macau’s economic growth projections for 2025, from 7.3% in October 2024 to 3.6%, citing a softer-than-expected gaming recovery.
The construction industry in Macau is estimated to register an average annual growth rate of 4.1% from 2026 to 2029, supported by investments in transport, electricity, and housing infrastructure projects. Macau International Airport Company Limited (CAM) reported a 24% increase in total revenue for 2024, reaching MOP1.5 billion ($185 million). Indeed, the Passenger traffic at Macau International Airport exceeded 7.6 million in 2024, with nearly 60,000 flight movements. This translates to a YoY rise of over 40% compared to 2023. To increase the passenger handling capacity, CAM initiated a major land reclamation project in November 2024 to expand the airport, with completion targeted by 2030
GlobalData’s Construction in Macau - Country Briefing (H1 2025) report provides detailed market analysis, information, and insights into Macau’s construction industry, including -
- Macau’s construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in Macau’s construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
This report provides a comprehensive analysis of the construction industry in Macau. It provides -
- Historical (2020-2024) and forecast (2025-2029) valuations of the construction industry in Macau, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
- Identify and evaluate market opportunities using our standardized valuation and forecasting methodologies
- Assess market growth potential at a micro-level with over 600 time-series data forecasts
- Understand the latest industry and market trends
- Formulate and validate business strategies using GlobalData's critical and actionable insight
- Assess business risks, including cost, regulatory and competitive pressures
- Evaluate competitive risk and success factors
- 1 Executive Summary
- 2 Construction Industry: At-a-Glance
- 3 Latest news and developments
- 4 Project analytics
- 5 Construction Market Data
- 6 Risk Profile
- 7 Appendix
- 7.1 Definitions
- 7.2 CRI Methodology
- 7.3 About GlobalData
- 8 Contact Us
- List of Tables
- Table 1: Construction Industry Key Data
- Table 2: Macau, Top Construction Projects by Value
- Table 3: Macau, Construction Output Value (Real, $ Million)
- Table 4: Macau, Construction Output Value (Nominal, MOP Million)
- Table 5: GlobalData Construction Market Definitions
- Table 6: Risk Dimensions
- Table 7: Ratings, Scores and Definitions
- List of Figures
- Figure 1: Macau, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2020–29
- Figure 2: Macau, Construction Output Value, by Sector (Real, $ Million), 2020–29
- Figure 3: North-East Asia, Construction Output (Real % Change), 2023–29
- Figure 4: Macau, Construction Output by Sector (Real % Change), 2023–25 and 2026–29
- Figure 5: Macau, Gross Fixed Capital Formation (Chained 2022 Prices, % Change YoY)
- Figure 6: Macau, Domestic Loans to the Private Sector for Construction and Public Works (MOP Million)
- Figure 7: Macau, Number of People Employed in the Construction Industry
- Figure 8: Macau, Total Number of Inbound Tourist Arrivals and Overall Visitor Arrivals, in Thousands
- Figure 9: Macau, Value and Volume Indices of Retail Sales, 04/2015 - 03/2016 = 100
- Figure 10: Macau, Industrial and Manufacturing Production Indices, 2008=100, % Change YoY
- Figure 11: Macau, Merchandise exports (MOP Million)
- Figure 12: Macau, Electricity Consumption (Million KWh)
- Figure 13: Macau, Water Consumption (thousand m3)
- Figure 14: Macau, Total Floor Area of Residential Building Permits, in m2
- Figure 15: Macau, Residential Property Price Index (RPPI), 2011=100
- Figure 16: Macau, Number and Value of Residential Real Estate Transactions, % Change YoY
- Figure 17: Macau, Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 18: Macau, Risk Summary
- Figure 19: Macau, Risk Regional Comparison
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