The resources construction sector experienced modest growth in both 2020/21 and 2021/22 (estimated). Outside the gas sector, recovery in construction has actually been underway for five years now. But from here, expansions and development of new gas facilities will join the upturn, driving activity significantly higher over the next few years.
Resources construction, excluding oil & gas, doubled between 2017 and 2021. Strong increases in iron ore, along with some selected other minerals, was initially the main contributor. The better than expected rebound in the world economy, post COVID, drove demand for minerals, lifted commodity prices and stimulated new construction.
The outlook for some key segments, such as iron ore and coal, is now quite weak however. But this weakness will be offset by large increases in segments such as LNG and critical minerals, such that overall resources construction will rise solidly, reaching peak levels in 2025.
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