The overall resources construction sector continued to decline through to year-end 2019, but is poised for an upturn cycle beginning in 2020. Total resources construction has been weighed down by persistent falls in oil & gas investment for the past five years, the decline in this sector will continue until mid-2021. Meanwhile, outside the gas sector, recovery in construction is actually well underway. Total resources construction, excluding oil & gas, increased solidly in FY2019 and should increase again in FY2020. This growth is underpinned by upturns in iron ore and coking coal, which have been accelerated by stronger than expected growth in world steelmaking.
But the upturn has a limited time frame and the outlook is highly variable by commodity type.
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