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.