Cyprus’ construction industry continued its upward trajectory in 2023, with the sector’s value added rising by 9.4% year-on-year, reaching €1.58 billion, according to the Statistical Service of Cyprus.
The data, released through the Construction and Land Development Survey, shows a significant expansion in the industry. The total production value across the wider construction field reached €6.23 billion, a 12% increase from €5.56 billion in 2022.
Growth Across All Project Types
New construction activity played a major role in this growth, totaling €3.59 billion for 2023—an annual increase of 5.9%. The breakdown by type of project reveals:
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Residential buildings grew by 6.2%
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Non-residential buildings rose by 4.5%
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Civil engineering works (such as infrastructure projects) increased by 6.4%
Employment Also on the Rise
The sector also saw job creation, with employment rising by 4%. By the end of 2023, approximately 38,900 people were employed in construction, up from 37,500 the previous year.
The report highlights the construction industry’s continued role as a vital contributor to Cyprus’ economy, both in terms of investment and employment.
Source: Cyprus Property News