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Construction in Australia - Key Trends and Opportunities to 2017

Australia construction market: 3.8% CAGR growth witnessed between 2008-12


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2014-03-28 23:06:02 - Construction in Australia - Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com

The Australian construction industry registered a CAGR of 3.86% during the review period (2008–2012). Growth was largely driven by infrastructure programs such as the Nation Building Program and National Broadband Network to develop transport and communication networks in the country. Growth in other markets was subdued due to the impact of the 2009 financial crisis.

The industry is anticipated to expand at a CAGR of 5.31% over the forecast period (2013–2017), driven by growth in the infrastructure market in line with government measures to enhance transport infrastructure. Industry expansion will also be driven by an increase in the population, government initiatives to support the growth of high value add industries, and an expected revival in investor confidence among businesses and individuals.

Australia´s

 

 

economy grew by 3.6% in 2012. There are clear signs of improvement in consumption and investment, with the latter contributing 2.3 percentage points to growth. The mining industry, which attracts over 60% of the total capital investment, remains a key driver of growth.

The government´s target of achieving a budget surplus during 2012–2013 is unlikely to be realized as tax receipts remain weak. Weak asset prices, low consumer confidence, low profitability and high levels of investment-related tax deductions within the mining industry have limited revenue growth.

In 2012, the construction industry contributed 9.8% to the economy´s gross value add, increasing from AUD92.1 billion (US$95.1 billion) in 2011 to AUD99.5 billion (US$103 billion) in 2012. The industry´s contribution was the fourth-largest after mining (13.1%), professional, scientific and technical services (10.2%), and manufacturing (10.1%).

The country´s rising population and increase in vehicle use have resulted in traffic congestion in a number of cities, including Sydney, Melbourne and Adelaide, necessitating the need for the upgrade of urban transport infrastructure.

Despite high levels of household debt, slowing income growth, subdued consumer confidence and a downturn in recent sales figures, the outlook for the Australian retail sector is positive. Low interest rates are expected to support the sector and a gradual improvement is expected over 2014. Large fashion retailers such as Zara, H&M, J-Crew, Banana Republic and Abercrombie & Fitch are expanding operations in the country´s central business districts (CBDs). Outside of the CBDs, expansion is focused on popular regional centers. These developments will benefit the commercial construction market.

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