DUBLIN–(BUSINESS WIRE)–The “Australia Construction Industry Databook Series – Market Size & Forecast by Value and Volume (area and units) across 40+ Market Segments in Residential, Commercial, Industrial, Institutional and Infrastructure Construction, Q1 2022 Update” report has been added to ResearchAndMarkets.com’s offering.
According to the Q4 2021 Global Construction Survey, the construction industry in Australia is expected to grow by 10.6% to reach AUD 163,797 million in 2022.
Despite near-term challenges in certain construction sectors, medium to long term growth story in Australia remains intact. The construction industry in Australia is expected to grow steadily over the next four quarters. The growth momentum is expected to continue over the forecast period, recording a CAGR of 6.1% during 2022-2026. The construction output in the country is expected to reach AUD 207,720.0 million by 2026.
Construction activities in Victoria leads the industry through lockdowns in Australia
In Victoria, more than AUD15 billion worth of construction has been completed from July to September 2021. The growing construction activities in Victoria have supported the industry in Australia while shrugging off the Melbourne lockdown impact.
During the Q3 2021, Victoria recorded a growth of 5.8% in the construction sector as opposed to a sharp fall recorded in NSW and ACT. According to the Australian Bureau of Statistics, NSW recorded an 8% decline to AUD14.9 billion, whereas the output in ACT declined 15.5% to AUD778 million because of the global pandemic-induced lockdown restrictions.
Construction activities growth in Victoria were largely driven by the infrastructure sector, which recorded a growth of 12% to over AUD5 billion during the September quarter. With lockdown restrictions easing in Melbourne and infrastructure construction activities gaining further momentum, the publisher expects the state to record further growth in the construction sector over the next four to eight quarters.
Notably, Victoria, along with NSW, has a very strong pipeline of infrastructure projects. In October 2021, the Victorian Government awarded an AUD11.1 billion contract for the North East Link Project, which will connect the M80 Ring Road to an upgraded Eastern Freeway. This infrastructure construction project will subsequently keep assisting the growth of the overall industry over the next four to eight quarters.
Apart from the infrastructure sector, construction activities in the residential sector, including renovations and conversions, are also expected to offer support for the growth of the industry over the short to medium-term perspective in Australia.
Global construction firms are bringing innovation to the Australian construction market
With more than AUD200 billion worth of transport projects in the pipeline, global construction companies are bringing innovation to the Australian market to support the growing infrastructure need of the country. For instance:
In October 2021, South Korean construction firm, GS Engineering and Construction (GS E&C), announced that the firm had strategically decided to enter the construction market in Australia. The firm entered the market on the back of the huge pipeline of mega-infrastructure projects coming online.
In February 2021, Infrastructure Australia (IA) added 44 new infrastructure projects to its infrastructure priority list. With several projects in the pipeline, the publisher expects more global firms to operate in Australia, either through a strategic partnership with local construction companies or independently, over the next four to eight quarters. This will subsequently drive the growth of the overall construction industry in Australia.
Growing investment in South Australia is expected to further push the growth of the construction industry in Australia
A number of infrastructure projects have been planned and are in the pipeline for South Australia. The Department of Infrastructure and Transport (DIT) is focusing on bringing these projects to shovel-ready status as soon as possible. Consequently, investment in the construction sector is expected to grow over the next four to eight quarters.
For instance, over the next four years, investment is expected to reach close to AUD18 billion, with approximately AUD9 billion projected to be spent on road and transportation infrastructure.
The North-South Corridor upgrade is one of the major infrastructure projects expected to start in early 2022. This will keep supporting the growth of the construction industry in Australia over the next few quarters. Some of the other notable projects include New Women’s and Children’s Hospital (AUD1.95 billion), Riverbank Arena (AUD662 million), and Hahndorf Township Improvements Access Upgrade (AUD250 million). Consequently, the publisher expects the construction industry to record robust growth from the short to medium-term perspective in Australia.
Report Coverage
This report provides data and trend analyses on construction industry in Australia, with over 100 KPIs. This is a data-centric report and it provides trend analyses with over 140+ charts and 110+ tables. It details market size & forecast, emerging trends, market opportunities, and investment risks in over 40 segments in residential, commercial, industrial, institutional, and infrastructure construction sectors.
It provides a comprehensive understanding of construction industry sectors in both value and volume (both by activity and units) terms. The report focuses on combining industry dynamics with macro-economic scenario and changing consumer behavior to offer a 360-degree view of the opportunities and risks.
Scope
This report provides market size and forecast across 40+ construction segments for a period of 10 years from 2016-2025 in Australia. KPIs covered include the following:
Australia Residential Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by:
Australia Residential Green Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by:
Australia Commercial Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by:
Australia Commercial Green Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by:
Australia Institutional Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by:
Australia Institutional Green Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by:
Australia Infrastructure Construction Sectors: 10- year market size & forecast in value terms by:
Reasons to buy
For more information about this report visit https://www.researchandmarkets.com/r/erfbiu
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