DUBLIN--(BUSINESS WIRE)--The "Construction in Australia - Key Trends and Opportunities by State and Territory to 2025 (Q4 2021)" report has been added to ResearchAndMarkets.com's offering.
The construction industry in Australia is now expected to expand by 2.2% in real terms in 2021 - marginally down from the publisher's previous forecast of growth of 2.3%.
This downward revision is attributed to the surge of Coronavirus (COVID-19) cases during Q3 2021, and the re-imposition of lockdowns and tightening of restrictions.
For instance, the Victorian state government tightened restrictions on the construction industry, permitting only 25% of workforce capacity on large construction sites and only five workers on small construction sites between mid-August and early-September 2021.
Further weighing on growth, construction activity was prohibited for two weeks across Melbourne, Ballarat, Geelong, Mitchell Shire and the Surf Coast, between mid-September and early October 2021. These measures are expected to have resulted in daily revenue losses of AUD455 million (US$352.8 million) and wage losses of AUD63 million (US$48.9 million) in the Victorian Building and Construction industry, according to the estimates of the Australian industry body - Master Builders Association of Victoria (MBAV).
The Australian construction industry registered marginal growth of 0.5% year on year (YoY) in the second quarter, offsetting a marginal decline of 0.5% YoY in the previous quarter. As a result, industry growth was relatively muted in the first half of this year, according to the Australian Bureau of Statistics (ABS). In the second half of this year, the industry's output will be supported by strong residential demand, the easing of restrictions and works on Australia's considerable public infrastructure pipelines.
The publisher expects the Australian construction industry to register a real average annual growth of 3.4% between 2022 and 2025, supported by construction works on the considerable pipelines of public infrastructure projects. As part of its fiscal year (FY) 2021/2022 (July 2021-June 2022) Budget, released in May 2021, the Australian government announced an additional investment of AUD15.2 billion (US$11.8 billion) on infrastructure works over the next 10 years.
This increase brings the Australian government's 10-year infrastructure pipeline to a total investment of AUD110 billion (US$74.7 billion). Several state governments have released their budgets in recent months, with significant allocations towards the transport, health, education and housing sectors.
The state government of Victoria announced plans in May 2021 to invest AUD90.2 billion (US$69.9 billion) on infrastructure between FY2021/2022 and FY2024/2025.
Report Highlights
- 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.
Scope
- 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.
- Listings of major projects, in addition to details of leading contractors and consultants
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 COVID-19 Status
3.5 Risk Profile
4 Construction Outlook
4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
5 Construction Outlook - States and Territories
5.1 New South Wales
5.2 Victoria
5.3 Queensland
5.4 South Australia
5.5 Western Australia
5.6 Tasmania
5.7 Northern Territory
5.8 Australian Capital Territory
6 Australia Construction Market Data
7 Key Industry Participants
7.1 Contractors
7.2 Consultants
For more information about this report visit https://www.researchandmarkets.com/r/fgct1s
