The country’s building and construction activity will be underpinned by growth in transport infrastructure for the immediate future.
That’s come out of Master Builders Australia’s (MBA) latest Building and Construction Industry Forecast.
Government investment into major transport infrastructure projects is forecast to outpace private investment into resources related projects by a ratio of almost 2:1 over the next four years, said MBA National Manager of Economics and Housing Matthew Pollock.
“In terms of the value of work done, major public infrastructure projects are forecast to support growth in transport related construction of 25.2 per cent this year and rise to 33 per cent in 2018,” Mr Pollock said.
“This surge in transport infrastructure construction couldn’t come at a better time, with a forecast moderation in residential building activity predicted to commence in early 2018.
“However, new housing commencements this year are still expected to top 200,000, the third year in a row and, looking forward, new housing starts are forecast to average over 180,000 each year for the next four years.”
That showed despite some strong cyclical movements in some sectors of the industry, overall building and construction activity remained resilient Mr Pollock said.
The value of work done was forecast to reach $190 billion in 2017 he said.
“As a result of this industry outlook the demand for skilled labour is forecast to create 120,000 new skilled jobs by 2020.”