DUBLIN--(BUSINESS WIRE)--The "Australia Construction Market Size, Trends and Forecasts by State, Territory and Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2022-2026" report has been added to ResearchAndMarkets.com's offering.
The publisher has revised upwards its growth projection for the Australian construction industry in 2021, with the industry now expected to have expanded by 2.2% in real terms last year - up from its previous forecast of a 1.8% growth. This upward revision is due to the better-than-expected growth in the Victorian construction industry, despite the tightened restrictions and workforce capacity constraints witnessed in the state in Q3 2021 amid the outbreak of the Delta variant of the Coronavirus (COVID-19) pandemic. According to the Australian Bureau of Statistics (ABS), the total value of construction work done in Australia rose by 3.6% year on year (YoY) in Q3 2021, supported by an improvement in both civil engineering activities (4.3% YoY) and building construction works (3.2% YoY). Cumulatively, value rose by 1.5% YoY in the first three quarters of 2021
The industry is expected to expand by 4.7% this year, surpassing its pre-pandemic output levels. Australian construction output in 2022 will be supported in part by expenditure, which was delayed during the second half of last year, due to lockdown restrictions. Encouraging growth in leading indicators lends further support to the industry's positive outlook, with building permits recording double-digit growth through the first nine months of 2021.
According to the ABS, the total value of buildings approved in the country rose by 24.5% YoY in the first three quarters of last year, supported by a rise in both residential and non-residential building permits. The Australian construction industry is expected to register an annual average growth of 3% from 2023 to 2026, supported by investments on housing, transport, renewable energy, mining and Liquefied Natural Gas (LNG) 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 ($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 ($74.7 billion). To continue supporting jobs and the economic recovery, the federal government announced an additional funding of AUD2.3 billion ($1.8 billion) for new and existing infrastructure projects through the FY2021/2022 Mid-Year Economic and Fiscal Outlook (MYEFO) released in December 2021.
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 (2017-2021) and forecast (2022-2026) 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
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
4.2 Commercial Construction
4.3 Industrial Construction
4.4 Infrastructure Construction
4.5 Energy and Utilities Construction
4.6 Institutional Construction
4.7 Residential Construction
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 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/qj56do
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