Construction Market in Australia 2015-2019
About Construction Market in Australia
The construction market in Australia comprises around 200,000 companies, representing 20% of all companies operating in the country. As of May 2013, there were 133,230 people working in the Australian construction industry, of which close to 24,000 people worked on resource industry (mining and energy) infrastructure construction projects. The construction industry in the Australia can be broadly categorized into two: building construction and engineering construction.
Technavio's analysts forecast the construction market in Australia to grow at a CAGR of 6.3 % over the period 2014-2019.
Covered in this Report
This report covers the present scenario and the growth prospects of construction market in Australia for the period 2015-2019. The market size has been calculated based on the contribution of the construction industry to the GDP of Australia. The report presents five key vendors and a detailed analysis of these vendors. Market growth drivers, the challenges faced by vendors and the industry as a whole, as well as key trends emerging in the market are also discussed in the report.
Technavio Announces the Publication of its Research Report – Construction Market in Australia 2015-2019
Technavio recognizes the following companies as the key players in the Construction Market in Australia: ADCO, AV Jennings, BCI, Bechtel and Devine Constructions
Other Prominent Vendors in the market are: BMD Constructions, Brookfield Multiplex, Cardno and Hansen Yuncken
Commenting on the report, an analyst from Technavio’s team said: “Consumers are now inclined toward green buildings for new constructions as well as renovations. A greater focus on both conserving energy and reducing energy costs is leading to high demand for green buildings in Australia. Also, emergence of green bonds is driving the growth of the green buildings market.”
According to the report, first-time home purchasers are expected to increase in the coming years with the increase in income levels, fall in interest rates to 2.25%, and increase in government grant for first-time buyers. According to the ABS, in 2014, close to 94,265 loans were issued to first-time home buyers of which 16% were in the age group of 25-35. In addition, under the Home Buyers Assistance Account, the government provides financial assistance to first-time home buyers on purchase of an established or a partially built home.Further, the report states that lack of training and experience particularly in project management, risk management, and contract administration is hindering development of construction projects in Australia.
ADCO, AV Jennings, BCI, Bechtel, Devine Constructions, BMD Constructions, Brookfield Multiplex, Cardno, Hansen Yuncken
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