Construction thriving in Monaco

The Monegasque Institute for Statistics and Economic Studies (IMSEE – Monaco Statistics) examined the Principality’s statistical data for 2021. Construction has moved up to 3rd place in the strongest industry rankings.

Perched on just 2.02 km² of steep terrain , it is hardly surprising that Monaco relies on construction to grow and accommodate its population. What IS surprising, however, is that the industry has not been hit by the health crisis. All the numbers are up from 2020.

The sector is doing well, reaching a turnover of €2.1 billion in 2021. This represents an increase of 5.3% over 2020 and 171% over the past 10 years. This good health is also reflected in the number of employees. The industry employs just over one in 10 employees in the Principality.

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Consistent salaries

Far from achieving gender equality, 9 out of 10 employees are men. Monegasques shun the profession. Only 0.4% of them are employed in the industry, representing 22 Monegasque employees. The majority of workers come mainly from foreign countries such as France (51.3%), Portugal (20.4%) and Italy (20.2%).

The Wholesale Trade, and Scientific & Technical Activities, however, retain the top two slots among Monaco’s most prosperous sectors.