Dublin, May 10, 2023 (GLOBE NEWSWIRE) -- The "Australia Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027" report has been added to ResearchAndMarkets.com's offering.
The construction industry in Australia is expected to contract by 2.6% in real terms this year, following a marginal annual growth of 0.6% in 2022.
The country had 423 resource and energy projects in the pipeline, as of 31st October 2022. This includes 118 projects worth AUD224-267.3 billion ($155.1-185.1 billion) in the publicly announced stage, 192 projects worth AUD251.5-340.8 billion ($174.2-236 billion) in the feasibility stage, and 83 projects worth AUD83.1 billion ($57.6 billion) in the committed stage.
The industry's growth in 2023 will be affected by elevated inflation, rising interest rates, soaring construction costs, and a sustained fall in new building permits. According to the Australian Bureau of Statistics (ABS), the total value of buildings approved in the country, in real seasonally adjusted terms, declined by 10.1% in 2022.
Supply chain disruptions, labor shortages and the continued weakness in the country's residential construction sector will also impact the construction industry's growth in 2023. These headwinds are expected to affect the functioning of several construction companies in Australia, thereby leaving certain projects in jeopardy.
In early March 2023, the Australian Securities & Investments Commission (ASIC) reported that 1,236 companies in the construction sector have gone into liquidation, receivership, or administration, since July 2022. This compares to a total of 1,284 companies in overall Financial Year (FY) 2021-22 (July 2021 to June 2022).
The industry is however expected to record an average annual growth of 3.1% from 2024 to 2027, supported by the government's continued focus on infrastructure development. The Albanese government released its federal budget for FY2022-23 in late October 2022.
The budget includes an allocation of AUD9.6 billion ($6.6 billion) for vital infrastructure projects across the country, over the next four years, with over AUD120 billion ($83.1 billion) allocated for transport infrastructure projects over the next 10 years. In another positive development, the Department of Industry, Science, Energy and Resources unveiled its 'Resources and Energy Major Projects - 2022' report in December 2022.
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 publisher'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 publisher'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/xp2r7i
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