Cyprus construction sector production value rose to €5.56 billion in 2022

The added value of Cyprus’ construction sector at current prices increased by 8.9 per cent in 2022, reaching €1.44 billion, up from €1.32 billion in 2021, according to the findings of the Construction and Land Development Survey.

In addition, the survey findings revealed that several key indicators in the construction sector recorded positive growth rates in 2022 compared to 2021.

The total production value in the broader construction sector rose by 10.3 per cent in 2022, reaching €5.56 billion, up from €5.04 billion in 2021.

New construction works reached €3.39 billion in 2022, marking a 15.6 per cent increase compared to 2021.

Specifically, residential buildings saw a 21.3 per cent rise compared to 2021, non-residential buildings decreased by 1.8 per cent, and civil engineering projects increased by 18.4 per cent.

Finally, employment in the construction sector increased by 3.0 per cent in 2022 to 37,500 from 36,400 individuals in 2021.