The last three years saw the completion of many major construction projects in the Principality, which explains the sector’s drop in revenue, according to a recent report by the Monegasque Institute of Statistics and Economic Studies (IMSEE).
In 2025, revenue in Monaco’s construction sector fell by nearly one billion euros (-36.1%). This decline accounted for the biggest drop in Monaco’s total revenue (excluding Financial and insurance activities), which amounted to €1.6 billion (-7.6%) total.
Last year’s Construction turnover was €1.7 billion, about the same as it was back in 2021. Despite the drop, the sector has almost doubled over the past decade. All divisions within the sector declined, including residential and non-residential buildings, and civil engineering.
450 projects underway…
Eighteen projects were begun and fifteen were completed, meaning active projects increased by three, reaching 450. Specialized construction activities accounted for 70.4% of these projects (i.e. 317), mainly in the fields of specialized trade and finishing work. The Construction of residential and non-residential buildings accounted for 122 (or 27.1%).
One in ten employees work in Construction
With 6,245 employees in 2025, the Construction workforce declined by 288 people (-4.4%). This decrease was more pronounced than the decline in the Principality’s total workforce (-1.2%). The sector remained the third-largest employer: more than one in ten private-sector employees work in Construction, not including temporary workers.
Male-dominated
With 5,735 men and 510 women, Construction is by far the most male-dominated sector in the Principality. Over 90% of its workforce are men, compared with 61.1% in the private sector as a whole. More than half of its employees are aged between 35 and 54, and the mean age is slightly higher than the national average: 43.8 years compared with 42.5 years.
Half of construction workers are French (51.0%), compared with 61.6% of workers overall. Monegasques remain a very small minority, accounting for just 0.3% of the workforce, or around twenty employees. Over 80% of workers in Construction live in France, with 79.6% based in the Alpes-Maritimes, including neighbouring municipalities. Only 3.2% live in Monaco. Residents of Italy account for 15.7% of the workforce, compared with 8.8% for the private sector as a whole.
