Construction Industry in Australia Soars to New Heights with Record Crane Activity
Australia’s construction industry is on an exhilarating journey marked by a remarkable…
26 February 2021
Over the next five years civil construction is expected to go to be a $100 billion per year plus sector, the latest report suggests.
In its most recent forecast, Oxford Economics says activity over the near term will be driven by an increase in mining investment along with a massive pipeline of road and rail projects.
On mining, it says activity will be driven by continued work on large iron ore projects in Western Australia.
In transport, work will ramp up following a relatively slow period over the past two years.
This will be driven by projects such as Sydney Metro City & Southwest (rail), Melbourne Metro Rail, Stage 3b of Sydney’s WestConnex road project, Melbourne’s West Gate Tunnel project and the Cross River Rail project in Brisbane.
Longer term, Oxford says activity will be driven by continued momentum in public infrastructure along with a rebound in work on oil and gas projects.
According to Oxford, NSW and Victoria will be the biggest winners from the boom in road and rail work. Strong growth is expected in NSW whilst activity in Victoria will remain stable at elevated levels.
A rebound in mining activity will support growth in the value of work done in Queensland, Western Australia and the Northern Territory.