DUBLIN--(BUSINESS WIRE)--The "Construction in Australia - Key Trends and Opportunities by State and Territory to 2025 (Q2 2021)" report has been added to ResearchAndMarkets.com's offering.
The Australian construction industry is expected to grow by 2.2% in real terms in 2021 - up from a decline of 2.1% in 2020.
The downturn in 2020 was due to the impact of the Coronavirus (COVID-19) pandemic on consumer and investor confidence, coupled with plummeting oil prices and a weak residential sector.
Although the construction industry was designated as an essential service and exempted from lockdown restrictions, construction work was affected due to limitations on labor availability at worksites, social distancing restrictions and supply chain disruptions. As a result, the total value of construction work completed declined by 2.1% year on year (YoY) in 2020, according to the Australian Bureau of Statistics (ABS). This is attributed to a fall in building construction activities (-4.2%), which was 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 infrastructure investment to revive the pandemic-hit economy. In mid-June 2020, the government announced that 15 infrastructure projects worth AUD72 billion (US$49.1 billion) will be fast-tracked, supporting over 60,000 direct and indirect jobs.
Moreover, the federal, state and territory governments have reached an agreement to cut approval time for infrastructure projects by half. In the fiscal year (FY) 2020/2021 (July to June) Budget, announced in early October 2020, the government announced plans to invest AUD7.5 billion (US$5.4 billion) on transport infrastructure projects across Australia, bringing the federal government's total commitment to infrastructure projects since the onset of the pandemic to AUD14 billion (US$9.5 billion) over the next four years.
Over the remaining years of the forecast period, The publisher expects the industry to gain further momentum and register an annual average growth of 3.2% between 2022-2025, supported by the government's investments on road and rail infrastructure projects, the First Home Loan Deposit Scheme, the HomeBuilder program and the upgrade to the National Broadband Network.
In April 2021, the government announced that it had received 121,000 HomeBuilder applications, expected to support residential construction projects worth AUD30 billion (US$18.4 billion). The residential sector's output over the forecast period will also be supported by the RBA's likely commitment to maintain a low official cash rate, coupled with improving economic activity and falling unemployment.
In another positive development, most state governments have released their long-delayed budgets for FY2020/2021, with significant funding allocated towards transport, residential, health and educational infrastructure projects. Over the long term, the industry's growth will be supported by an investment of AUD110 billion (US$74.7 billion) on transport infrastructure project over the next 10 years through the rolling infrastructure plan, starting from FY2020/2021.
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
- 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
3.1 Economic Performance
3.2 Political Environment and Policy
3.4 COVID-19 Status
4. Construction Outlook
4.1 All Construction
- Latest news and developments
- Construction Projects Momentum Index
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
5.4 South Australia
5.5 Western Australia
5.7 Northern Territory
5.8 Australian Capital Territory
6. Australia Construction Market Data
7. Key Industry Participants
For more information about this report visit https://www.researchandmarkets.com/r/ox8vq9