AUSTRALIA CONSTRUCTION MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2023 - 2028)

 Currently valued at USD 389.9 billion, the Australia Construction Market is expected to grow at a CAGR of more than 5% over the coming years. The market is being driven by the massive investment going into the sector. Additionally, the business is being driven by the demand for prefabricated buildings and technical advancement.

Investment prospects are still promising. For at least the upcoming year, construction activity is anticipated to be supported by a sizable pipeline of residential and non-residential projects. However, the most current data and information from the Bank's liaison programme show that capacity restrictions have become more severe in several sectors, which will slow the growth of the building industry for a while. Recently, more private non-residential building work has been added to the pipeline, representing more commercial developments. The outlook for real estate investment, in contrast, has been lowered. Because of the continued drop in established property values and high construction costs, demand for new detached homes is anticipated to be weak. 

The skylines are changing due to the quick emergence of new structures. Prefabricated building systems, which make technology feasible to produce large components off-site, ship them to the construction site, and assemble them more quickly than would be possible with conventional bricklaying or other techniques, have contributed to the development of these new structures. Because most prefabricated structures are produced off-site in a strictly regulated setting, prefabrication mixes manufacturing and construction to produce a solution that offers the benefits of lower labour costs with high-quality output. By lowering the cost of labour, materials, and site hours, prefabrication may have a trickle-down effect that lowers mortgages, increases the number of homeowners, and lowers rentals.

Major Players: Laing O’Rourke, Hutchinson Builders, CPB Contractors, Lendlease Corporation, CIMIC Group

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