Positive Forecast for the Australian Construction Industry

The future of Australian construction looks bright with a positive forecast for the future of the industry. The latest predictions from leading body the Australian Construction Industry Forum (ACIF) have shown that there is a good chance that the sector will flourish in the coming years..

Both residential and non-residential building and engineering should benefit from the positive flow of work, despite a slow decline in the mining sector and the development of the relevant infrastructure. The mining industry has taken a hit as the interest for fossil fuel export to locations such as China and India has declined. Large coal mining projects have been conducted in Queensland, but experts have warned that it seems unlikely that China and India will purchase the amounts initially predicted. 

The reason for the positive outlook is from the recent investment in Australian infrastructure. In New South Wales and Queensland, there are significant projects in the non-residential sector, with new infrastructure being planned and completed. This boom in the creation of new roads and other infrastructure elements such as industrial buildings is responsible for the positive forecast by the Australian Construction Industry Forum.

As well as the increase in industrial and infrastructure construction, there has been an uptick in the residential building sector. New South Wales, Victoria and Queensland are currently engaged in large scale residential building development, which has increased the demand from the construction and engineering industry. 

Though there are several factors that can affect the industry - interest rates, the rate of employment, any inflation, and gross domestic product - the authorities in the matter have reasons to believe that there are positive trends to be seen in the future. Given the surge in development over the past few years, it’s unsurprising that the outlook is largely positive. 

The full forecast details will be released in late July at scheduled events across Sydney, Melborne and Brisbane. These scheduled events - called Forecasts Breakfasts - will include presentations on the likely situation of the Australian construction sector in the next 10 years. The analysis also takes into account the outlook for each territory and any effects the global economy will have on the construction industry.The presentations will be delivered by Kerry Barwise, one of the Australian Construction Industry’s leading industry forecasters.

The construction industry’s leading figures will be watching the events with interest, with hope that the construction and engineering projects currently in progress will follow the positive trends predicted for the future.