Dublin, Sept. 10, 2024 (GLOBE NEWSWIRE) -- The "Australia Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (Q2 2024)" report has been added to ResearchAndMarkets.com's offering.
Following annual growth of 9.1% in 2023, the Australian construction industry's growth is expected to slow to 2% in real terms in 2024, owing to an increase in the number of insolvencies, coupled with labour shortages, material supply constraints, and high construction costs.
According to the Australian Securities and Investments Commission (ASIC), companies filling for insolvency within the construction industry rose by 39.5% year on year (YoY) in the first five months of 2024, following a sharp annual growth of 91.6% in 2023. Additionally, in November 2023, the government reviewed 82 government owned infrastructure projects worth AUD120 billion ($78.6 billion), of which AUD33 billion ($21.6 billion) worth projects were found cost overruns.
The construction industry is expected to record an average annual growth of 2.8% from 2025 to 2028, supported by investment in transport infrastructure, housing, renewable energy, health, education, and the manufacturing sector. The growth in the transport infrastructure will be supported by the government's focus on its AUD120 billion ($78.1 billion) 10-year infrastructure investment pipeline of nationally significant projects, with the latest budget providing AUD16.5 billion ($10.7 billion) over 10 years, from its Financial Year (FY) 2024-25, for priority road and rail infrastructure projects.
A total of AUD4.1 billion ($2.7 billion) will be spent over the seven years from FY2024-25 for 65 new priority infrastructure projects and AUD10.1 billion ($6.6 billion) on ensuring the completion of ongoing projects within 10 years from FY2023-24. However, labor and skill shortages, and elevated material costs may constrain progress on the pipeline in the short term, with a review of the pipeline in November 2023 finding cost overruns of AUD33 billion ($21.6 billion), resulting in funding for 50 projects being cut.
Scope
- Historical (2019-2023) and forecast (2024-2028) 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/19pkjr
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