Turnover in Monaco’s construction sector fell by more than a third in 2025, a decline of close to €1 billion, as the major projects that had powered three exceptional years drew to a close, according to the latest report from the Principality’s statistics institute, IMSEE.

The sector’s revenue dropped 36.1% to €1.75 billion, a fall that accounted for more than half of the €1.6 billion (7.6%) decline in Monaco’s total revenue for the year, excluding financial and insurance activities. Even after the contraction, construction turnover remained slightly above its 2021 level and has almost doubled over the past decade, having peaked at €2.7 billion in 2024.

A near-billion-euro fall in turnover

Every part of the sector lost ground. Residential and non-residential building construction, its largest component, fell back below the €1 billion mark with a drop of €771.7 million, or 45.5%. Specialised construction works, covering the second-fix and finishing trades, declined by €157.2 million, or 16.8%, while civil engineering contracted by €57.7 million, more than halving at 55.1%.

The retreat has reshaped the sector. Building construction, which had climbed to 64.9% of turnover in 2022, now accounts for 52.8%, closely followed by specialised works on 44.5%, or €778.0 million.

Still one of Monaco’s biggest employers

Despite the downturn, construction remains one of the Principality’s largest employers. It counted 6,245 salaried staff at the end of 2025, down 288, or 4.4% — a sharper fall than the 1.2% recorded across Monaco’s private sector as a whole — yet it stayed the third-biggest employer, accounting for more than one private-sector worker in ten before temporary staff are counted. The number of employers slipped to 347, seventeen fewer than in 2024.

The count of businesses held steadier. Eighteen were created and fifteen struck off during the year, leaving 450 active establishments, a net gain of three. Specialised construction firms make up just over 70% of them.

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Photo by Cassandra Tanti