the “Construction in Australia – Key Trends and Opportunities by State and Territory to 2025 (Q2 2021)” the report was added to ResearchAndMarkets.com from offer.
Australia’s construction industry is expected to grow 2.2% in real terms in 2021, compared to a decline of 2.1% in 2020.
The 2020 slowdown was due to the impact of the coronavirus pandemic (COVID-19) on consumer and investor confidence, coupled with falling oil prices and a weak residential sector.
Although the construction sector has been designated as an essential service and exempt from lockdown restrictions, construction work has been affected due to limited availability of labor on construction sites, social distancing restrictions and supply chain disruptions. As a result, the total value of completed construction fell 2.1% year on year (year-on-year) in 2020, according to the Australian Bureau of Statistics (ABS). This is explained by a decrease in building construction activities (-4.2%), slightly offset by a marginal increase in civil engineering works (0.9%).
In 2021, the industry’s output will be supported by the government’s focus on investments in infrastructure to revive the economy affected by the pandemic. In mid-June 2020, the government announced that 15 infrastructure projects worth AUD 72 billion (USD 49.1 billion) would be accelerated, supporting more than 60,000 direct and indirect jobs.
In addition, the federal, state and territorial governments have reached an agreement to cut approval times for infrastructure projects in half. In fiscal year 2020/2021 (July to June), announced in early October 2020, the government announced its intention to invest AUD 7.5 billion (USD 5.4 billion) in transport infrastructure projects. across Australia, bringing the federal government’s total commitment to infrastructure projects since the start of the pandemic to AUD 14 billion ($ 9.5 billion) over the next four years.
In the remaining years of the forecast period, the publisher expects the sector to gain momentum and register an average annual growth of 3.2% between 2022-2025, supported by government investments in road and rail infrastructure projects, the First Home Loan Deposit Scheme. , the HomeBuilder program, and the National Broadband Network upgrade.
In April 2021, the government announced that it had received 121,000 HomeBuilder applications, which were supposed to support residential construction projects worth AUD 30 billion (USD 18.4 billion). Residential sector output over the forecast period will also be supported by the likely commitment of the RBA to keep the official cash rate low, coupled with improved economic activity and lower unemployment.
In another positive development, most state governments have released their long delayed budgets for the 2020/2021 fiscal year, with significant funding allocated to transport, residential, health and education infrastructure projects. In the long term, the industry’s growth will be supported by an investment of AUD 110 billion (USD 74.7 billion) in a transport infrastructure project over the next 10 years via the rolling infrastructure plan, at from FY2020 / 2021.
This report provides detailed market analysis, insight, and insight into the Australian construction industry including:
Growth prospects of the Australian construction industry by market, type of project and construction activity
A critical overview of 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 megaprojects pipeline, focusing on development stages and participants, in addition to lists of major ongoing projects
Historical (2016-2020) and forecast (2021-2025) assessments of the construction industry in Australia, with details on key growth drivers
Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
Analysis of megaprojects portfolio, including breakdowns by stage of development across all sectors, and forecast spending on projects in the existing pipeline
List of major projects, in addition to details of major contractors and consultants
Main topics covered:
2. Construction industry: overview
3.1 Economic performance
3.2 Political and political environment
3.4 COVID-19 Status
4. Construction prospects
4.1 All construction
4.2 Commercial construction
4.3 Industrial construction
4.4 Construction of infrastructure
4.5 Construction of energy and utilities
4.6 Institutional construction
4.7 Residential construction
5. Construction Outlook – States and Territories
5.1 New South Wales
5.4 South Australia
5.5 Western Australia
5.7 Northern Territory
5.8 Australian Capital Territory
6. Australian construction market data
7. Major Industry Participants
For more information on this report, visit https://www.researchandmarkets.com/r/ox8vq9
See the source version on businesswire.com: https://www.businesswire.com/news/home/20210526005970/en/
Laura Wood, Senior Press Officer
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