Construction Industry in Australia is growing at an enviable rate. The growth rate is one of the highest in the Aussie economy. The demand for construction-related services such as civil engineering, construction engineering technology, plumbing, electrical and petroleum engineering, and related services, are increasing in leaps and bounds in Australia. The demand for skilled trades like carpenters, plumbers, painters, welders, stone masons, bricklayers, roofers, and carpenters is also on the increase. It is projected that the number of construction-related jobs in Australia will continue to grow at a rapid rate throughout the coming decade.
With the increase in the demand for construction-related services, the need for skilled trades in Australia has grown tremendously. Engineering construction, civil engineering, and other related sectors are expected to grow by 6.5% in 2021, supported by a robust upturn in the national value of non-mine infrastructure construction work (up 12.2% in 2021). These sectors include construction engineering, civil engineering, environmental engineering, and mechanical engineering. Other major construction activities include petroleum refining and chemical processing, and civil engineering.
The construction industry in Australia is anticipated to experience strong growth through to the next ten years, driven by demand from domestic and international clients. The forecast does not take into account the impact of the global economic and financial conditions, which could result in a slowdown in building activity in Australia infrastructure construction sectors. The current outlook is positive, with strong growth prospects expected in all sectors over the next five years. With this said, the outlook is tempered by the slowing down of residential home building in Australia, the slowing down of commercial building activity, and the higher interest rates impacting on the financing and lending conditions.
This report provides an analysis of the key drivers, trends and drivers behind the predicted growth in the construction industry in Australia. It provides a discussion of the projected demand, the supply, the growth potential and the policy frameworks. It discusses the key drivers and aspects that are influencing the market. It also gives the state of play in the various elements of the market, with particular focus on the following key areas:
Australia is a major exporter of oil and gas, providing substantial resource base for domestic and international oil and gas exploration and development. The petroleum and gas sector accounts for about a quarter of the total Australian economy, employing around two hundred thousand people. Geologists are engaged in the research and development of new supplies and varieties of oil and gas, as well as exploring for, extracting and refining the existing supplies. The gas and oil sector is one of the strongest economic sectors in Australia, providing a range of jobs in production and support industries such as petrochemical plants, railway companies, power generation, manufacturing and research and development.
Building and construction industry in Australia is primarily based on the development of structures to be used for housing, accommodation, growing infrastructure, manufacturing and other related activities. The main sectors in the construction industry in Australia are the construction supply chain, building and construction machinery operators / sub-contractors, construction marketing and sales, building and construction equipment makers and suppliers, construction general contractors and related industries. As far as the demand is concerned, it is anticipated that the demand will continue to grow at a higher rate, resulting in a significant increase in the supply of labor, materials and other resources. In addition, the growth phase in construction industry in Australia is expected to provide an increased source of revenue for the government, which is likely to help in financing investments in infrastructure and projects.
This report provides an in-depth analysis of the major projects in the Australian construction industry, with focus on its growth and future direction. The report includes the description of the major projects currently underway and on schedule and outlines the current outlook for the sector. It also identifies four future directions for the sector, including technology adoption, offshore operation, small/medium enterprises (SME) expansion and hybrid markets.
The analysis is undertaken by an independent engineering consultancy that has years of experience in delivering customized and comprehensive reports on the construction industry in Australia. The firm conducts in-depth research and interviews in order to produce in-depth reports that accurately represent the industry, economy and market dynamics. The company also performs financial and market surveys in order to gauge potential risks and opportunities facing the sector and provides recommendations and solutions. The company has formed a partnership with IDS Strategic Consulting to further enhance its reports and provide clients with the latest construction and engineering consultancy data and information.