From whichever direction you approach Monaco, one of the first things you notice are the cranes. There's always something being built.

Although there was some consternation when Prince Albert announced the suspension of the planned land reclamation into the sea, that certainly didn't apply to other construction work. Quai Kennedy, the new luxury apartment building overlooking the F1 circuit and the port is completed, and next door, the Yacht Club work will start afresh after the Grand Prix race ends.

In other areas of town, old buildings are being demolished to make way for new. On the Rock, the Ecole du Rocher primary school was cleared in March ready for a more modern parliamentary building for the Conseil National.

Over the years, land freed up from the railway line has steadily been built on, and the area around the old station is now practically unrecognizable. The final phase of work in this neighbourhood is about to start, with the demolition of the Hotel Terminus Tulip Inn, and the state housing on rue de la Colle. These will make way for the new Lycee Technique et Hotelier, and eventually the College Charles III, public library complex and more modern state housing. Work is planned to be completed by the beginning of 2013. Moving the schools to the western part of town will free up land in the Annonciade district where we recently reported Monaco's skyscraper, the Tour Odeon, will be built.

In terms of renovation, we've seen the Fairmont Hotel spend 42 milliion euros over the winter improving its rooftop terrace, and we expect the Condamine Market work to start in autumn.

It looks like the construction industry will continue to provide work for several years to come. Good news for the 8% of salaried workers who are employed in the sector.