
New Zealand Construction Market Size, Trends and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2022-2026
Description
New Zealand Construction Market Size, Trends and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2022-2026
Summary
GlobalData has maintained its growth forecast for New construction industry in 2022, with the industry expected to expand by 5.5% in real terms this year, before registering an annual average growth of 3.2% from 2023 to 2026. Growth will be supported by investment in the renewable energy, telecommunication, and manufacturing sectors. The construction industry registered a relatively weak performance in Q1 2022, with construction activity falling by 0.4% year on year (YoY) in Q1 2022, following an expansion of 5.1% in Q4 2021, according to Statistics New Zealand. Downside risks to the industry’s outlook include the impact of high materials and energy prices, along with supply chain disruptions that have been exacerbated by the Russia-Ukraine conflict. Labor shortages are also a factor in driving up overall construction costs, with unemployment at record lows. Investor confidence has been impacted by the uncertainty over how the Russia-Ukraine conflict will unfold, and the Reserve Bank of New Zealand (RBNZ) has aggressively tightened monetary policy in response to accelerating rates of inflation, raising the official cash rate (OCR) to 2.5% in July, from 2% in May 2022.
Over the forecast period, growth will be supported by improving economic conditions and government plans to develop land transport services across the country through the NZD34.6 billion ($24.3 billion) 2021-24 National Land Transport Program (NLTP). In May 2022, Hon. Grant Robertson announced the Wellbeing Budget 2022, which includes NZD496.6 million ($349 million) in capital funding to replace and modernize the country’s rail assets, and NZD1.8 billion ($1.3 billion) to upgrade health infrastructure to support current and future demand. Moreover, the government allocated a total of NZD3 billion ($2.1 billion) for the Climate Emergency Response and NZD2.1 billion ($1.5 billion) for the education sector over the next four years. Construction industry growth will also be supported by New Zealand’s affordable housing development plans, coupled with Green Investment Finance to achieve New Zealand’s 2035 target of 100% renewable electricity consumption. In addition to the significant outlay of public funds, the government hopes to attract private capital to develop telecommunication infrastructure and deploy 5G services, coupled with its target to achieve carbon neutrality by 2050.
The report provides detailed market analysis, information and insights into New Zealand’s construction industry, including -
This report provides a comprehensive analysis of the construction industry in New Zealand. It provides -
Summary
GlobalData has maintained its growth forecast for New construction industry in 2022, with the industry expected to expand by 5.5% in real terms this year, before registering an annual average growth of 3.2% from 2023 to 2026. Growth will be supported by investment in the renewable energy, telecommunication, and manufacturing sectors. The construction industry registered a relatively weak performance in Q1 2022, with construction activity falling by 0.4% year on year (YoY) in Q1 2022, following an expansion of 5.1% in Q4 2021, according to Statistics New Zealand. Downside risks to the industry’s outlook include the impact of high materials and energy prices, along with supply chain disruptions that have been exacerbated by the Russia-Ukraine conflict. Labor shortages are also a factor in driving up overall construction costs, with unemployment at record lows. Investor confidence has been impacted by the uncertainty over how the Russia-Ukraine conflict will unfold, and the Reserve Bank of New Zealand (RBNZ) has aggressively tightened monetary policy in response to accelerating rates of inflation, raising the official cash rate (OCR) to 2.5% in July, from 2% in May 2022.
Over the forecast period, growth will be supported by improving economic conditions and government plans to develop land transport services across the country through the NZD34.6 billion ($24.3 billion) 2021-24 National Land Transport Program (NLTP). In May 2022, Hon. Grant Robertson announced the Wellbeing Budget 2022, which includes NZD496.6 million ($349 million) in capital funding to replace and modernize the country’s rail assets, and NZD1.8 billion ($1.3 billion) to upgrade health infrastructure to support current and future demand. Moreover, the government allocated a total of NZD3 billion ($2.1 billion) for the Climate Emergency Response and NZD2.1 billion ($1.5 billion) for the education sector over the next four years. Construction industry growth will also be supported by New Zealand’s affordable housing development plans, coupled with Green Investment Finance to achieve New Zealand’s 2035 target of 100% renewable electricity consumption. In addition to the significant outlay of public funds, the government hopes to attract private capital to develop telecommunication infrastructure and deploy 5G services, coupled with its target to achieve carbon neutrality by 2050.
The report provides detailed market analysis, information and insights into New Zealand’s construction industry, including -
- New Zealand’s construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in New Zealand’s construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
This report provides a comprehensive analysis of the construction industry in New Zealand. It provides -
- Historical (2017-2021) and forecast (2022-2026) valuations of the construction industry in New Zealand, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
- Identify and evaluate market opportunities using GlobalData's standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using GlobalData's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
Table of Contents
53 Pages
- 1 Executive Summary
- 2 Construction Industry: At-a-Glance
- 3 Context
- 3.1 Economic Performance
- 3.2 Political Environment and Policy
- 3.3 Demographics
- 3.4 COVID-19 Status
- 3.5 Risk Profile
- 4 Construction Outlook
- 4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
- 4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
- 5 Key Industry Participants
- 5.1 Contractors
- 5.2 Consultants
- 6 Construction Market Data
- 7 Appendix
- 7.1 What is this Report About?
- 7.2 Definitions
- 7.3 CRI Methodology
- 7.4 GlobalData Construction
- Contact Us
- List of Tables
- Table 1: Construction Industry Key Data
- Table 2: New Zealand, Key Economic Indicators
- Table 3: New Zealand, Commercial Construction Output by Project Type (Real % Change), 2017-26
- Table 4: New Zealand, Top Commercial Construction Projects by Value
- Table 5: New Zealand, Industrial Construction Output by Project Type (Real % Change), 2017-26
- Table 6: New Zealand, Top Industrial Construction Projects by Value
- Table 7: New Zealand, Infrastructure Construction Output by Project Type (Real % Change), 2017-2026
- Table 8: New Zealand, Top Infrastructure Construction Projects by Value
- Table 9: New Zealand, Energy and Utilities Construction Output by Project Type (Real % Change), 2017-26
- Table 10: New Zealand, Top Energy and Utilities Construction Projects by Value
- Table 11: New Zealand, Institutional Construction Output by Project Type (Real % Change), 2017-26
- Table 12: New Zealand, Top Institutional Construction Projects by Value
- Table 13: New Zealand, Residential Construction Output by Project Type (Real % Change), 2017-26
- Table 14: New Zealand, Top Residential Construction Projects by Value
- Table 15: New Zealand, Key Contractors
- Table 16: New Zealand, Key Consultants
- Table 17: New Zealand, Construction Output Value (Real, $ Million)
- Table 18: New Zealand, Construction Output Value (Nominal, NZD Million)
- Table 19: GlobalData Construction Market Definitions
- Table 20: Risk Dimensions
- Table 21: Ratings, Scores and Definitions
- List of Figures
- Figure 1: Australasia, Construction Output (Real % Change), 2020-26
- Figure 2: New Zealand, Construction Output by Sector (Real % Change), 2020-22 and 2023-26
- Figure 3: New Zealand, COVID-19 Confirmed Cases
- Figure 4: New Zealand, Risk Summary
- Figure 5: New Zealand, Risk Regional Comparison
- Figure 6: New Zealand, Construction Output Value (Real, $ Billion, 2017 Prices and Exchange Rate), 2017-26
- Figure 7: New Zealand, Construction Output Value, by Sector (Real, $ Million), 2017-26
- Figure 8: New Zealand, Construction Value Add, (NZD million, 2009/2010 Chain-Volume Measures)
- Figure 9: New Zealand, Total Value of Building Work Put in Place, % Change YoY
- Figure 10: New Zealand, Gross Fixed Capital Formation, (NZD million, 2009/2010 Chain-Volume Measures)
- Figure 11: New Zealand, Total Value of Building Consents Issued, % Change YoY
- Figure 12: New Zealand, People Employed in Construction, in Thousands
- Figure 13: New Zealand, Construction Projects Momentum Index
- Figure 14: Region, Construction Projects Momentum Index
- Figure 15: New Zealand, Commercial Construction Output by Project Type (Real, $ Million), 2017-26
- Figure 16: New Zealand, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 17: New Zealand, Commercial Buildings Put in Place, NZD Million
- Figure 18: New Zealand, Foreign Tourist Arrivals (in Thousands)
- Figure 19: New Zealand, Retail Sales (NZD Billion)
- Figure 20: New Zealand, Accommodation and Food Services Value Add (NZD Million, 2009/2010 Chain-Volume Measures)
- Figure 21: New Zealand, Retail and Wholesale Trade Value Add, 2009/2010 Chain-Volume Measures, in NZD Billion
- Figure 22: New Zealand, Industrial Construction Output by Project Type (Real, $ Million), 2017-26
- Figure 23: New Zealand, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 24: New Zealand, Manufacturing Value Add (NZD Million, 2009/2010 Chain-Volume Measures)
- Figure 25: New Zealand, Performance of Manufacturing Index, Seasonally Adjusted
- Figure 26: New Zealand, Mining Value Add (NZD million, 2009/2010 Chain-Volume Measures)
- Figure 27: New Zealand, Total Overseas Merchandise Trade, NZD Billion
- Figure 28: New Zealand, Value of Industrial building consents issued, in $ million
- Figure 29: New Zealand, Infrastructure Construction Output by Project Type (Real, $ Million), 2017-26
- Figure 30: New Zealand, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 31: New Zealand, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2017-26
- Figure 32: New Zealand, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 33: New Zealand, Electricity Generation and Consumption, % Change YoY
- Figure 34: New Zealand, Institutional Construction Output by Project Type (Real, $ Million), 2017-26
- Figure 35: New Zealand, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 36: New Zealand, Healthcare and Educational Buildings Put in Place, % Change YoY
- Figure 37: New Zealand, Education Value Add, 2009/2010 Chain-Volume Measures (NZD Million)
- Figure 38: New Zealand, Healthcare Value Add, 2009/2010 Chain-Volume Measures (NZD Million)
- Figure 39: New Zealand, Value of Institutional Building Consents Issued ($ Million)
- Figure 40: New Zealand, Residential Construction Output by Project Type (Real, $ Million), 2017-26
- Figure 41: New Zealand, Residential Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 42: New Zealand, Total Value of Residential Building Work Put in Place, NZD Million
- Figure 43: New Zealand, Total Number of New Dwellings Consented
- Figure 44: New Zealand, House Sales, in Thousands
- Figure 45: New Zealand, Housing Price Index (HPI)
- Figure 46: New Zealand, Headquarters of Key Contractors (% of Total Project Pipeline)
- Figure 47: New Zealand, Headquarters of Key Consultants (% of Total Project Pipeline)
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