Shanghai construction sector hits new high in output value

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Last updated at: (Beijing Time) Tuesday, January 13, 2004

Shanghai construction sector hits new high in output value

Construction industry in Shanghai municipality, east China, registered a record 105.59 billion yuan (some 12.65 billion US dollars) in output value in 2003, a 28.4 percent rise from a year earlier.

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Construction industry in Shanghai municipality, east China, registered a record 105.59 billion yuan (some 12.65 billion US dollars) in output value in 2003, a 28.4 percent rise from a year earlier.

Figures released Tuesday by the local statistical bureau show the total included 87.74 billion yuan (10.56 billion dollars) generated by home-building and civil engineering companies, the bureau noted.

Fixed assets investments are estimated to reach 245 billion yuan (29.5 billion dollars), creating a good environment for the growth of the construction sector.

Construction work covered 85.47 million square meters of Shanghai last year, including projects begun in 2003 on 39.38 million square meters.

Local construction companies worked on projects valued at 208.17 billion yuan (25.1 billion dollars), up 54.2 percent year-on-year.

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