The outlook for building and construction activity has now come full circle, to a point where the total value of construction work over 2020, and the next few years, is expected to be very similar to what we expected it to be back in January 2020, before all the disruption of the COIVD pandemic.
In the near term, the Homebuilder scheme, along with other incentives in the various states, has provided a temporary lift to detached house building. And over the next few years, we will also see the positive effects of a major phase of fiscal stimulus spending, centred around public infrastructure construction.
On the negative side, private sector investment in non-residential buildings is still running much lower than pre-COVID expectations. And resources sector investment has also been negatively impacted by the pandemic.
This report provides a concise explanation of the outlook for the various segments of building and construction. It provides a fully revised set of forecasts for all segments of building and construction looking ahead ten years.