Monaco’s construction boom! Construction sector experienced exceptionally strong growth in 2024, according to recently published statistics. Despite the Principality’s limited area of just 2.02 km², the sector saw a significant economic recovery, primarily driven by high demand for luxury real estate.
Key figures and revenue surge
A total of 514 construction companies were registered, and the sector’s revenues reached an impressive 3.0 billion euros, representing a 14.2% increase compared to the previous period. The number of permanent employees also rose by 6.1%, reaching 386.
Decade of continuous growth
This upward trend in construction revenues has been ongoing for ten years, with revenues increasing by as much as 130% since 2015. Reaching 3.0 billion euros in 2024 underscores Monaco’s strategic focus on high-value real estate, as confirmed by the 2024 IMSEE report. This growth is further fueled by increasing interest from international investors.
Reliance on temporary workforce
It’s interesting to note that the sector heavily relies on temporary workers, with a total of 6,613 days worked (a 6.1% increase). This highlights a flexible work model adapted to fluctuating project demands. According to a 2023 Monaco Statistics study, the construction sector accounts for as much as two-thirds of all temporary workdays in the Principality.
Conclusion
Overall, the data clearly indicates Monaco’s construction boom – a robust and dynamic construction market in Monaco, successfully capitalizing on its exclusivity and limited space, thereby attracting significant investments and ensuring continuous economic growth.
