The Construction Innovation and Technology Fund (CITF): An Investment in the Future of Hong Kong Construction
The Hong Kong government last year announced the Construction Innovation and Technology Fund, a bold new initiative that seeks to revolutionise the local construction economy and safeguard the future of the industry.
The Construction Industry Council (CIC) was commissioned to be the implementation partner for the Fund. Construction volume is expected to exceed HK$250 billion per year in the near future, and the Fund has been established to address skilled labour shortages and expedite digital transformation across Hong Kong.
Chairperson of the CITF Management Committee Ir Chan Chi-chiu is confident that the Fund will invigorate the local construction industry going forward.
“The CITF was established to support our industry stakeholders to embark on this transformation journey and to inspire our builders to stretch beyond limits. Our ultimate aims are to promote productivity, uplift build quality, improve site safety and enhance environmental performance for the betterment of our home, Hong Kong.”
CostX® was recently ‘pre-approved’ for software subsidy applications under the CITF. For our latest blog post, we have detailed the potential of the Fund for construction businesses moving toward digitisation.
Scope of the CITF
The Hong Kong Government introduced the HK$1 billion fund for two primary reasons. The first aim is wider adoption of new technologies, including machinery, equipment, software and other innovations such as Building Information Modelling. A full list of eligible professionals can be found at the previous link.
The second aim of the CITF is workforce development, with existing practitioners and new trainees able to participate in courses and events on advanced construction technologies. Enrichment courses for students, non-local training options and other collaborative courses are available under the Fund.
The full application procedure for the CITF can be found here, and a full list of terms and conditions is also available. Levy-paying contractors, registered subcontractors, consultants and students looking to build their technical knowledge all stand to benefit from the CITF.
Hong Kong has been promoting the implementation of new construction technologies in recent years, such as the use of prefabricated reinforcement components, Modular Integrated Construction and BIM. The introduction of the CITF demonstrates confidence in these new technologies and a willingness to invest in better long-term solutions.
CostX® Available on the Pre-Approved BIM Software List
As of February this year, CostX® has been pre-approved for BIM software applications under the CITF. This does not guarantee that applicants will receive a subsidy, although it will streamline the overall application process. All applications will be reviewed by the CITF Vetting Sub-Committee on an individual basis. Up to 70 per cent of a CostX® licence purchase can be subsidised according to the fund.
The CITF represents a significant opportunity for eligible Hong Kong professionals looking to enhance their processes with our leading construction takeoff software. It will allow smaller enterprises to take advantage of the efficiency benefits on offer with a fully integrated 5D BIM solution, where previously a purchase may not have been feasible.
There are also pre-approval lists for BIM training courses, as well as new construction technologies that professionals may wish to invest in. Items such as automated wireless sensors, laser scanning, 3D reality simulation and data management programs have been approved by the CIC.
Reach out to Our Hong Kong Team to Start Your Application Process
If you have considered CostX® in the past but not acquired our product, now is the ideal time to reassess. Our estimating software for construction is consistently updated to suit the changing needs of our worldwide client base, with our latest version (CostX® 6.8) released in January.
To get in touch with our Hong Kong team for a CostX demonstration, or to learn more about the CITF application process, don’t hesitate to give us a call on +852 5804 4622. Exactal’s Hong Kong office can also be reached via email at email@example.com.