The City

Monaco's Construction Industry Continues its Meteoric Rise in 2023

August 01, 2023
Monaco's Construction Industry Continues its Meteoric Rise in 2023

Julien Lanoy Unsplash

In 2022, Monaco's construction sector saw its revenues nearly double over the past decade, solidifying its position as a critical economic driver in the Principality. With a turnover of €2.5 billion and status as the third-largest employer, the industry's upward trajectory shows no signs of slowing down.

Last year, the construction sector's turnover saw a significant rise, reaching a record €2.5 billion. This represents an increase of €300 million compared to 2021, a remarkable 14.5% increase. Even more impressive is the growth over the past decade; since 2013, the sector's turnover has seen an astounding €1.2 billion surge, marking an 83.4% rise. Accounting for 13.1% of Monaco's non-financial and non-insurance business turnover, the construction industry only trails wholesale trade and scientific and technical activities, administrative and support services in economic contributions.

Beyond just financial contributions, the sector is also a major employer in the Principality. It added roughly 470 more jobs than in 2021, an 8.3% increase, and a whopping 42.7% increase over the past decade. As of December 2022, the construction sector boasted 6,133 employees, making up 11% of Monaco's workforce, and standing as the third-largest employer in the region.

Looking within the sector, specialized construction work dominated with 90.9% of the total industry. Building construction (6.5%) and civil engineering (2.6%) followed in the rankings. In terms of company size, unlike the private sector where three-quarters of employers have five or fewer employees, 62.2% of companies in the construction sector had more than five employees.

In the realm of nationality, French workers were the most represented group in the industry, making up over half (51.1%) of the workforce. However, compared to other sectors (where French nationals make up 61.5% of the workforce), this is a relatively smaller portion. Portuguese and Italian workers closely follow at 19.8% and 19.7% respectively, while Monegasque nationals make up only 0.4% of employees in the industry, the lowest rate across all sectors.

In 2022, the construction industry was the most male-dominated sector in the Principality, with men making up 91.5% of the workforce. It was also the sector that relied the most on temporary work. Of the total number of temporary assignments in 2022, the construction industry accounted for 43%, amounting to six million hours of work. In total, the sector registered 17.8 million work hours in 2022, a significant increase of 40% over the past decade.

In conclusion, the industry's impressive performance in 2022 paints a vivid picture of a sector in robust health, set to continue playing a crucial role in Monaco's economy.

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