Construction in Australia – Key Trends and Opportunities by State and Territory to 2024

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The outlook for construction in Australia remains gloomy, having contracted by 6.6% in real terms in 2019, with the industry expected to fall further in 2020, by 4%, given the impact of the Coronavirus (COVID-19) pandemic on consumer and investor confidence, coupled with plummeting oil prices and weakness in the residential sector. The construction industry was designated as an essential service, and was exempted from the lockdown restrictions, and as a result, it fared slightly better than expected in the second quarter of 2020. The total value of construction work completed, measured at seasonally-adjusted chain volume, declined by 2.2% year-on-year (y-o-y) in Q2 2020 – a slight improvement from a decline of 4.4% y-o-y in the previous quarter, according to the Australian Bureau of Statistics (ABS).

The Australian government is focusing on an infrastructure-led economic revival, through new and accelerated infrastructure spending. In mid-June 2020, the government announced that 15 infrastructure projects worth AUD72 billion (US$49.1 billion) will be fast-tracked, thereby supporting over 60,000 direct and indirect jobs. Moreover, the federal, state and territory governments have reached an agreement to cut approval time for infrastructure projects by half. In the fiscal year (FY) 2020/2021 (July to June) budget, announced in early October 2020, the government announced a plan to invest AUD7.5 billion (US$5.4 billion) on transport infrastructure projects across the country; this brings the federal government’s total commitment to infrastructure projects since the onset of the pandemic to AUD14 billion (US$9.5 billion) over the next four years. Although this will provide the required boost to the Australian construction industry this year, a downside risk could arise from the plummeting oil prices and subdued demand for oil and gas, which has led to deferred investments on various energy projects.

Over the remaining part of the forecast period, the industry is expected to record an annual average growth of 3.4% between 2021-2024, supported by the government’s investments on road and rail infrastructure projects, First Home Loan Deposit Scheme, Home Builder program and the upgrade to the National Broadband Network. The government plans to invest AUD110 billion (US$74.7 billion) on transport infrastructure project over the next ten years through its rolling infrastructure plan, starting from FY2020/2021; this will support the long-term growth in the industry.

This report provides detailed market analysis, information, and insights into the Australian construction industry, including –
– The Australian construction industry's growth prospects by market, project type and construction activity
– Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Australian construction industry.
– Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Scope

This report provides a comprehensive analysis of the construction industry in Australia. It provides –

– Historical (2015-2019) and forecast (2020-2024) 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 GlobalData'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 GlobalData's critical and actionable insight.

– Assess business risks, including cost, regulatory and competitive pressures.

– Evaluate competitive risk and success factors.

Table of Contents

Table of Contents

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 COVID-19 Status

4 Construction Outlook

4.1 All Construction

4.2 Commercial Construction

4.3 Industrial Construction

4.4 Infrastructure Construction

4.5 Energy and Utilities Construction

4.6 Institutional Construction

4.7 Residential Construction

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 Australia Construction Market Data

7 Key Industry Participants

7.1 Contractors

7.2 Consultants

8 Appendix

8.1 What is this Report About?

8.2 Definitions

8.3 GlobalData Construction

Table

List of Tables

Table 1: Construction Industry Key Data

Table 2: Australia, Key Economic Indicators

Table 3: Australia, Commercial Construction Output by Project Type (Real % Change), 2015-2024

Table 4: Australia, Top Commercial Construction Projects by Value

Table 5: Australia, Industrial Construction Output by Project Type (Real % Change), 2015-2024

Table 6: Australia, Top Commercial Construction Projects by Value

Table 7: Australia, Infrastructure Construction Output by Project Type (Real % Change), 2015-2024

Table 8: Australia, Top Infrastructure Construction Projects by Value

Table 9: Australia, Energy and Utilities Construction Output by Project Type (Real % Change), 2015-2024

Table 10: Australia, Top Energy and Utilities Construction Projects by Value

Table 11: Australia, Institutional Construction Output by Project Type (Real % Change), 2015-2024

Table 12: Australia, Top Institutional Construction Projects by Value

Table 13: Australia, Residential Construction Output by Project Type (Real % Change), 2015-2024

Table 14: Australia, Top Residential Construction Projects by Value

Table 15: Australia, Construction Output Value (Real, US$ Million)

Table 16: Australia, Construction Output Value (Nominal, AUD Million)

Table 17: New South Wales, Construction Output Value (Real, US$ Million)

Table 18: New South Wales, Construction Output Value (Nominal, AUD Million)

Table 19: Victoria, Construction Output Value (Real, US$ Million)

Table 20: Victoria, Construction Output Value (Nominal, AUD Million)

Table 21: Queensland, Construction Output Value (Real, US$ Million)

Table 22: Queensland, Construction Output Value (Nominal, AUD Million)

Table 23: South Australia, Construction Output Value (Real, US$ Million)

Table 24: South Australia, Construction Output Value (Nominal, AUD Million)

Table 25: Western Australia, Construction Output Value (Real, US$ Million)

Table 26: Western Australia, Construction Output Value (Nominal, AUD Million)

Table 27: Tasmania, Construction Output Value (Real, US$ Million)

Table 28: Tasmania, Construction Output Value (Nominal, AUD Million)

Table 29: Northern Territory, Construction Output Value (Real, US$ Million)

Table 30: Northern Territory, Construction Output Value (Nominal, AUD Million)

Table 31: Australian Capital Territory, Construction Output Value (Real, US$ Million)

Table 32: Australian Capital Territory, Construction Output Value (Nominal, AUD Million)

Table 33: Australia, Key Contractors

Table 34: Australia, Key Consultants

Table 35: GlobalData Construction Market Definitions

Figures

List of Figures

Figure 1: Asia-Pacific, Construction Output (Real % Change), 2020

Figure 2: Australia, Construction Projects Pipeline by Sector (US$ Billion)

Figure 3: Australia, COVID-19 Confirmed Cases

Figure 4: Australia, Construction Output Value (Real, US$ Billion, 2017 Prices and Exchange Rate), 2015-2024

Figure 5: Australia, Construction Output Value, by Sector (Real, US$ Million), 2015-2024

Figure 6: Australia, Total Value of Construction Work Done (Seasonally Adjusted Chain Volume Measures, % Change y-o-y)

Figure 7: Australia, Total Value of Building Construction Works Done (Seasonally Adjusted Chain Volume Measures, % Change y-o-y)

Figure 8: Australia, Private Gross Fixed Capital Formation (Seasonally Adjusted Chain Volume Measures, % Change y-o-y)

Figure 9: Australia, Total Value of Buildings Approved (Seasonally Adjusted Terms, % Change y-o-y)

Figure 10: Australia, Construction Projects Momentum Index

Figure 11: Australia, Commercial Construction Output by Project Type (Real, US$ Million), 2015-2024

Figure 12: Australia, Commercial Construction Projects Pipeline, Value by Stage (US$ Million)

Figure 13: Australia, Short-term Visitor Arrivals (in Thousands)

Figure 14: Australia, Total Number of Jobs in the Tourism Sector (in Thousands)

Figure 15: Australia, Retail Trade Turnover (in AUD Billion), Seasonally Adjusted

Figure 16: Australia, Industrial Construction Output by Project Type (Real, US$ Million), 2015-2024

Figure 17: Australia, Industrial Construction Projects Pipeline, Value by Stage (US$ Million)

Figure 18: Australia, Total Value of Mineral Exploration (in AUD Million)

Figure 19: Australia, Total Merchandise Exports (in AUD Billion)

Figure 20: Australia, Infrastructure Construction Output by Project Type (Real, US$ Million), 2015-2024

Figure 21: Australia, Infrastructure Construction Projects Pipeline, Value by Stage (US$ Million)

Figure 22: Australia, Energy and Utilities Construction Output by Project Type (Real, US$ Million), 2015-2024

Figure 23: Australia, Energy and Utilities Construction Projects Pipeline, Value by Stage (US$ Million)

Figure 24: Australia, Total Value of Petroleum Exploration (in AUD Million)

Figure 25: Australia, Institutional Construction Output by Project Type (Real, US$ Million), 2015-2024

Figure 26: Australia, Institutional Construction Projects Pipeline, Value by Stage (US$ Million)

Figure 27: Australia, Residential Construction Output by Project Type (Real, US$ Million), 2015-2024

Figure 28: Australia, Residential Construction Projects Pipeline, Value by Stage (US$ Million)

Figure 29: Australia, Total Number of Dwelling Units Approved

Figure 30: Australia, Weighted Average Residential Property Price Index of Eight Capital Cities

Figure 31: Australia, Number and Value of Owner Occupier First Home Buyer Loan Commitments (Seasonally Adjusted, % Change y-o-y)

Figure 32: Australia, Headquarters of Key Contractors (% of Total Project Pipeline)

Figure 33: Australia, Headquarters of Key Consultants (% of Total Project Pipeline)

Table 34: Australia, Key Consultants

Table 35: GlobalData Construction Market Definitions

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