Under Construction: IMSEE zeros in on Monaco’s Booming Sector

According to a new publication by the Monegasque Institute of Statistics and Economic Studies (IMSEE), the Construction Sector continued to grow in 2022, employing nearly 470 more people than in 2021 and reaching almost 2.5 billion euros in turnover. With more than 11% of workers, it’s the 3rd largest employer in the Principality. 

“Specialized construction”

After ten more construction operatives were created in 2022, construction now has 510 entities in Monaco. Nearly one hundred establishments are dedicated to the construction of entire structures: 82 in building construction (including property development) and 14 in civil engineering.

The 414 entities under “Specialized Construction Works” focus on only part of the construction process. Entities in operation have an average seniority of 17.3 years (compared to  an average of 13.1 years for all in the Principality).

2.5 billion euros in turnover

In 2022, Construction turnover reached nearly 2.5 billion euros, an increase of more than 300 million euros (+14.5%) compared to 2021. This Sector represents 13.1% of turnover in the Principality, excluding financial and insurance activities, in third position behind Wholesale trade and Scientific and technical activities, administrative and support services.

Ten years ago, in 2013, Construction turnover was 1.3 billion euros, meaning that turnover has almost doubled, while overall turnover in the Principality (excluding Financial and insurance activities) has increased by 30.2%.

In 2022, the turnover of Building construction, which contributed to 27.7% of the sector, increased slightly (+4.1%) to reach €685.5 million. Civil engineering, which represented only 4.0%, fell by 37.1%. Specialized construction, which includes preparation, structural work, finishing work (electricity and plumbing) and finishing (painting and glazing) contributed to 68.3% of Construction revenue. General masonry work and structural building work grew rapidly (+30.7%) to exceed one billion euros.

Third largest employer in Monaco

Construction employed nearly 470 more people than in 2021, an increase of 8.3%, to reach 6,133 employees on 31 December 2022. In 2022, the Specialized Construction Works workforce, which employs 9 of the sector’s employees out of 10, gained more than 480 workers, while Building Construction and Civil Engineering lost 9 and 4 respectively.

9 out of 10 employees are men

With 91.5% men, Construction is the most masculine sector in the Principality. The proportion of French people is lower than in all sectors (51.1% versus 61.5%). Portuguese and Italian employees are both at around 1,200 employees each (or 20%). More than 6 million hours were clocked by temporary workers in the construction industry in 2022.

Construction also employs the fewest Monegasques (23 employees). Workers live further away than the overall average: only 4.1% live in Monaco and 18.6% in neighbouring municipalities, while 60.2% live in the rest of the Alpes-Maritimes and 16.1% in Italy.