DUBLIN--(BUSINESS WIRE)--The "Construction in Australia - Key Trends and Opportunities by State and Territory to 2025 (Q3 2021)" report has been added to ResearchAndMarkets.com's offering.
The Australian construction industry is expected to register an annual growth of 2.3% in real terms in 2021 - up from a contraction of 2.3% in 2020. The sector's output this year will be supported by residential construction activity, while non-residential construction, which supported growth last year, is likely to lag.
In the short term, a downside risk to the industry's output arises from the temporary halt on construction activities in Greater Sydney, from the 19th to the 30th July 2021, owing to the rising cases of the delta variant of the coronavirus, and the subsequent lockdown measures to contain the spread.
On a positive note, however, the government is focusing on its infrastructure-led economic recovery plan, and as part of its fiscal year (FY) 2021/2022 (July 2021-June 2022) Budget released in May 2021, announced an additional investment of AUD15.2 billion (US$11.8 billion) for infrastructure works over the next 10 years. In its latest budget, the government also extended the First Home Loan Deposit and the New Home Guarantee schemes and introduced the Family Home Guarantee scheme. The three schemes are expected to support the construction industry over the short and medium terms, highlighted by the strong growth in dwelling permits this year. According to the Australian Bureau of Statistics (ABS), the total value of residential buildings approved in the country rose by 40.7% year -on year (YoY) in the first five months of 2021.
Over the remainder of the forecast period, the publisher expects the industry to gain further momentum and register a real annual average growth of 3.4% between 2022-2025, supported by the investments on transport, housing, mining, energy, and Liquefied Natural Gas (LNG) projects. In April 2021, the government announced that it had received 121,000 HomeBuilder applications, which are expected to have generated residential construction works worth AUD30 billion (US$18.4 billion). The residential sector's output over the forecast period will also be supported by the RBA's likely commitment to maintain a low official cash rate, coupled with improving economic activity and falling unemployment. In another positive development, most state governments have released their budgets for FY2021/2022, with significant funding allocated towards transport, residential, health and educational infrastructure projects. Over the long term, the industry's growth will be supported by an investment of AUD110 billion (US$74.7 billion) on transport infrastructure over the next 10 years under the rolling infrastructure plan.
This report provides detailed market analysis, information, and insights into the Australian construction industry, including:
- The Australian construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Australian construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
This report provides a comprehensive analysis of the construction industry in Australia. It provides:
- Historical (2016-2020) and forecast (2021-2025) valuations of the construction industry in Australia, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
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Listings of major projects, in addition to details of leading contractors and consultants
For more information about this report visit https://www.researchandmarkets.com/r/wzmnie
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