DUBLIN, October 22, 2021--(BUSINESS WIRE)--The "Australia Construction Industry Databook Series - Market Size & Forecast (2016 - 2025) by Value and Volume (area and units) across 40+ Market Segments in Residential, Commercial, Industrial, Institutional and Infrastructure Construction - Q1 2021 Update" report has been added to ResearchAndMarkets.com's offering.
In comparison to the rest of the Australian construction industry, residential construction has been more impacted due to coronavirus outbreak. According to the Global Construction Survey Q4 2020, housing sales declined by over 27% in 2020. Overall growth in residential construction is expected to remain subdued in 2021.
To boost the demand and growth of residential construction, the treasury announced the Homebuilder program on June 4, 2020. Under the program, the government will be providing eligible owner-occupiers a grant of AUD 25,000. Even first home buyers are eligible for the grant, which is provided to support the growth of residential construction in Australia.
Boosting the growth of residential construction will also positively impact workers and other related industries in Australia such as designers, architects, and furniture retailers. Moreover, with low-interest rates for loans, it is expected that many Australians will opt for renovations.
Commercial and retail construction sector is estimated to have declined by over 31% in 2020. The value of the commercial activity is expected to decline in 2021, before stabilizing in 2022-23. Increasing government spending will is required to lift the commercial construction activity, especially when private investment is extremely low in Australia.
Construction activity in office, hospitality, and education sectors are all expected to contract significantly. While health and retail have favorable projections, it will not be enough to overcome the slowdown in the commercial sector.
According to the budget, the government is investing heavily in the infrastructure construction sector in Australia. Overall, US$14 billion will be invested in hard infrastructure projects. This includes US$7.5 billion of spending on road and rail projects, US$2 billion for road safety upgrades, and US$1 billion for upgrading local roads and footpaths. Moreover, the government is also offering funding for accelerating the implementation of the 5G network in the country.
The coronavirus outbreak has had a significant impact on the Australian economy and the construction industry. The construction industry in Australia is expected to contract up to 12% in 2020. The outlook for the sector remains positive in 2021. The construction sector is expected to grow steadily in 2021.
According to the Q4 2020 Global Construction Survey, the construction industry in Australia is expected to grow by 6.4% to reach US$ 169758.6 million in 2021. Despite near-term challenges in certain construction sectors, medium to long term growth story in Australia remains intact. The construction industry in Australia is expected to grow steadily over the next four quarters. The growth momentum is expected to continue over the forecast period, recording a CAGR of 3.8% during 2021-2025. The construction output in the country is expected to reach US$ 196868.9 million by 2025.
This report provides data and trend analyses on construction industry in Australia, with over 100 KPIs. This is a data-centric report and it provides trend analyses with over 140+ charts and 110+ tables. It details market size & forecast, emerging trends, market opportunities, and investment risks in over 40 segments in residential, commercial, industrial, institutional, and infrastructure construction sectors.
It provides a comprehensive understanding of construction industry sectors in both value and volume (both by activity and units) terms. The report focuses on combining industry dynamics with macro-economic scenario and changing consumer behavior to offer a 360-degree view of the opportunities and risks.
Key Topics Covered:
Australia Construction Industry Dynamics and Growth Prospects
Australia Residential Construction Industry Market Size and Forecast
Analysis by Residential Construction Markets Outlook by Construction type
Analysis by Residential Construction Markets Outlook by Key Cities
Analysis by Residential Construction Markets Outlook by Price Point
Australia Commercial Construction Industry Market Size and Forecast
Office Building Construction Outlook
Retail Building Construction Outlook
Hospitality Building Construction Outlook
Restaurant Building Construction Outlook
Sports Facility Building Construction Outlook
Other Commercial Building Construction Outlook
Australia Institutional Construction Industry Market Size and Forecast
Outlook and Growth Dynamics by Institutional Building Construction Sectors
Australia Industrial Construction Industry Market Size and Forecast
Outlook and Growth Dynamics by Industrial Building Construction Sectors
Infrastructure Construction Outlook
Australia Marine and Inland Water Infrastructure Construction Industry Market Size and Forecast
Australia Utility System Infrastructure Construction Industry Market Size and Forecast
Australia Transport Infrastructure Construction Industry Market Size and Forecast
For more information about this report visit https://www.researchandmarkets.com/r/3ky1mp
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