Australia Construction Industry Report 2023: Market is Projected to Grow by 4.1% in Real Terms this Year – Market Size, Trend Analysis, Competitive Landscape and Forecasts, 2018-2022 & 2023-2027 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Australia Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast, 2023-2027” report has been added to ResearchAndMarkets.com’s offering.

Australian construction industry is projected to grow by 4.1% in real terms this year, owing to the rise in total construction work done in the country, primarily due to robust engineering work.

According to the ABS, the total value of construction work done in Australia rose by 8.4% in first half of 2023, this was due to a 16.0% YoY rise in civil engineering work and a 2.4% YoY rise in building work done during the period. However, the output of the construction industry is expected to decline by 2.5% in 2024, owing to subdued investor and consumer confidence amid elevated inflation, interest rates, high construction costs, falling building permits, labour shortages and the continued downturn in the residential construction sector.

According to Australian Securities and Investments Commission (ASIC), during the first nine months of 2023 a total 1,796 building companies collapsed, a 36% YoY increase compared to the same period of 2022. For instance, the Australian home-builder Porter Davis Homes – which had 1700 homes under construction across Victoria (1,500) and Queensland (200) – went into liquidation in March 2023.

The industry is however expected to record an average annual growth of 3% from 2025 to 2027, supported by the government’s continued focus on infrastructure development, coupled with investment in the transport, housing, renewable energy, health, education, and manufacturing sector.

In August 2023, the federal government approved the construction of 1.2 million new homes over five years from 2025. To support this target, states and territories will receive incentive payments of up to AUD4.7 billion ($3 billion). Further support for industry growth will be provided by state government initiatives to improve regional connectivity through the development of major transport infrastructure projects.

For instance, the Victorian government announced funding of AUD6.6 billion ($4.6 billion) for works on the state’s road network over the next 10 years, while the state government of Tasmania announced AUD2.2 billion ($1.5 billion) for the development of transport infrastructure over the next four years.

Scope

• Historical (2018-2022) and forecast (2023-2027) 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

Reasons to Buy

• Identify and evaluate market opportunities using the analyst’s standardized valuation and forecasting methodologies.
• Assess market growth potential at a micro-level with over 600 time-series data forecasts.
• Understand the latest industry and market trends.
• Formulate and validate strategy using the analyst’s critical and actionable insight.
• Assess business risks, including cost, regulatory and competitive pressures.
• Evaluate competitive risk and success factors.

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 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 Key Industry Participants

6.1 Contractors

6.2 Consultants

7 Construction Market Data

8 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/w9tr2w

Source: GlobalData

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