Monaco construction sector posts €1bn revenue fall in 2025
By Zak Jackson, MonacoViews Editorial
New figures from the IMSEE show Monaco's construction sector recorded a sharp decline in turnover and workforce numbers during 2025.
The Institut Monégasque de la Statistique et des Études Économiques (IMSEE) has released its latest sector focus on construction activity in the Principality, revealing a fall of approximately one billion euros in turnover across 2025. The drop marks a significant contraction for one of Monaco's most capital-intensive industries, which has long been sustained by large-scale residential and mixed-use development projects.
Employee numbers within the sector also declined over the same period, though the IMSEE data does not specify whether the reduction reflects completed project cycles, a slowdown in new commissions or broader economic headwinds affecting development pipelines. For property owners and investors tracking the Principality's real estate market, the figures warrant attention: construction activity is a leading indicator of future residential supply, and a sustained dip could affect delivery timelines for new-build schemes already under way.
Monaco's construction industry has historically been shaped by a handful of major public and private projects, from coastal extensions such as Anse du Portier to high-value residential towers in the Carré d'Or and Fontvieille. Whether the 2025 contraction reflects the natural conclusion of a particularly active build cycle or the beginning of a quieter period for new development remains to be seen when the full IMSEE report is published.