Whether the Construction Industry Is the ‘Pillar’ Industry in Hong Kong?
BRE216 ECONOMICS FOR CONSTRUCTION AND REAL ESTATE
Kwan Tsz Him (11168188D) Kwan Cheuk Pui (11055717D) Cheng Ming Xian (11704592D)
Introduction
Although Hong Kong has less land, there are always construction projects happening everywhere in Hong Kong, for example, West Kowloon Cultural District development, Kwun Tong redevelopment project, etc. However, workers and capital involved in the construction industry have been decreasing. In this report, we will discuss whether the construction industry is the ‘pillar’ industry in Hong Kong and we disagree with it.
Focused industries
As proposed by the Government decades ago, there are four ‘pillar’ industries in Hong Kong, namely, financial services, trading and logistics, tourism and producer and professional services. They account for about 60% of GDP and nearly half of the total workforce, in which construction industry is counted in the producer and professional services. In the 21st century, the Government wants to look forward and follow the trend of technological and advanced world, they proposed another six new ‘pillar’ industries, concerning testing and certification, medical services, innovation technology, culture and creative industries, environmental industry and education services, in which construction industry is not counted in any ‘pillar’ industry and no longer treated as important by the Government.
Features of local construction industry
There are several features for local construction industry in Hong Kong, with dangerous working environment being the major one. Without doubt, accidents happen all the time in Hong Kong when you simply flip through the newspaper. Some of the accidents are inevitable while some happened due to carelessness. For example, the workers may not be aware of the safety regulations, accidents always happen while the workers do not obey the safety regulations as well as not to follow the working regulations.
Besides, competition between overseas contractors is
Kwan Tsz Him (11168188D) Kwan Cheuk Pui (11055717D) Cheng Ming Xian (11704592D)
Introduction
Although Hong Kong has less land, there are always construction projects happening everywhere in Hong Kong, for example, West Kowloon Cultural District development, Kwun Tong redevelopment project, etc. However, workers and capital involved in the construction industry have been decreasing. In this report, we will discuss whether the construction industry is the ‘pillar’ industry in Hong Kong and we disagree with it.
Focused industries
As proposed by the Government decades ago, there are four ‘pillar’ industries in Hong Kong, namely, financial services, trading and logistics, tourism and producer and professional services. They account for about 60% of GDP and nearly half of the total workforce, in which construction industry is counted in the producer and professional services. In the 21st century, the Government wants to look forward and follow the trend of technological and advanced world, they proposed another six new ‘pillar’ industries, concerning testing and certification, medical services, innovation technology, culture and creative industries, environmental industry and education services, in which construction industry is not counted in any ‘pillar’ industry and no longer treated as important by the Government.
Features of local construction industry
There are several features for local construction industry in Hong Kong, with dangerous working environment being the major one. Without doubt, accidents happen all the time in Hong Kong when you simply flip through the newspaper. Some of the accidents are inevitable while some happened due to carelessness. For example, the workers may not be aware of the safety regulations, accidents always happen while the workers do not obey the safety regulations as well as not to follow the working regulations.
Besides, competition between overseas contractors is