CONSTRUCTION INDUSTRY IN AUSTRALIA SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 

Australia Construction Market Analysis:

The Australian Construction Market is anticipated to experience a significant growth trajectory, with a projected increase from USD 163.34 billion in 2023 to USD 213.31 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 5.48% during the forecast period (2023-2028).

This growth is primarily attributed to the substantial investment inflow in the industry, coupled with technological advancements and the rising demand for prefabricated buildings.

The investment outlook remains positive, with a substantial pipeline of residential and non-residential projects expected to sustain construction activity for at least the next year. However, recent data and information from the Bank's liaison program indicate that capacity constraints have intensified in some sectors, which may limit the pace of growth in construction activity for some time.

The pipeline of private non-residential construction work yet to be done has increased recently, reflecting additional commercial projects. Conversely, the outlook for dwelling investment has been downgraded, with demand for new detached dwellings expected to be soft due to a further decline in established housing prices and high construction costs, reducing the incentive to build new dwellings. However, prospects for higher-density residential projects are brighter, as rental vacancy rates in Sydney and Melbourne have declined, and population growth is expected to recover following the reopening of the international border.

The Australian construction industry generates nearly 360 billion in revenue, accounting for 9% of the country's Gross Domestic Product (GDP), with a projected annual growth rate of 2.4%. As of November 2021, the industry employed approximately 1,143,600 people, constituting 8.7% of the total workforce. Employment in the industry increased by 7.3% over the five years to November 2021, according to construction industry statistics. Although employment declined in 2020 and 2021, projections indicate that it will reach 1,263,900 by 2025, as stated by the Australian Industry and Skills Committee.

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