The construction industry is on the verge of another upturn, following three years of decline. We expect a 12% rise (in real terms) in total construction work done over the next two years (FY2022 and FY2023). Total activity should then remain similar, or edge slightly higher, through to FY2025, prior to the next decline.
A house building boom is currently leading the upturn, a multi-year surge in road and rail infrastructure will begin in FY2022, another wave of renewable energy construction is set to begin, this time including a large investment in battery storage, and the resources sector is also expected to rise solidly as the world rebounds from COVID-19.
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.