Cyprus's construction industry's 2022 output value increased to €5.56 billion

Cyprus' construction industry experienced a significant increase in value in 2022, reaching €5.56 billion. This growth was brought about by an 8.9% increase in added value, which increased to €1.44 billion from €1.32 billion the year before. The most recent Construction and Land Development Survey provided this data.

In the construction sector, important indicators of performance demonstrated significant advancements in 2022 as compared to 2021. The entire output value of the industry increased by 10.3%, from €5.04 billion to €5.56 billion.

The amount allocated to new building projects increased significantly, to €3.39 billion, a 15.6% rise over the previous year. To further analyse this:

• Projects for residential construction increased by 21.3%.
• Building projects that are not residential had a 1.8% decrease.
• Projects related to civil engineering increased by 18.4%.

With a 3.0% increase in employment, the construction industry employed 37,500 people overall in 2022 compared to 36,400 in 2021.