Ningbo construction industry records robust growth

The output value of the construction sector in Ningbo, East China's Zhejiang province amounted to 1.977 trillion yuan ($304.15 billion) in the 13th Five-year Plan (2016-2020) period, up 28.7 percent over the 12th Five-Year Plan (2011-15) period, according to official data.

As of the end of the third quarter of 2020, the cumulative added value of the city's construction industry stood at 256.4 billion yuan, an increase of 60.1 billion yuan compared with the previous five-year period, accounting for 5.2 percent of the city's GDP on an annual average basis.

The sector created an average of 1.185 million new jobs per year during the period, and its tax payment expanded 12.3 percent to 39.3 billion yuan.

In 2020, the city was home to one construction enterprise with a total output value of more than 20 billion yuan, 5 enterprises with a total output value of more than 10 billion yuan and 51 enterprises with a total output value of more than 1 billion yuan.

To date, the number of top-graded construction enterprises in the city has reached 16, an increase of 10 over the 12th Five-Year Plan period.

A total of 23 local enterprises have provincial technical centers in the construction sector and seven have gone public.

Great strides have also been made in reform and innovation efforts. In 2017, the city was designated a national demonstration city for prefabricated buildings. In 2018, it was listed as a provincial model city for construction industrialization.

The strong results can be partly attributed to efforts made by the local authorities to relieve financial burdens of enterprises.

A total of 26 billion yuan in cash deposits were given back to more than 2,500 construction enterprises in the city during the 13th Five-year Plan (2016-2020) period, helping them save 1.5 billion yuan.