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Non-Residential Building - Surge in government work to offset significant drop in private sector work
New Non-Residential Building report now available
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Non-residential building activity is set to plateau over the next two years, at the tail-end of the strong upturn of the past few years. The current growth is supported by economic stimulus by governments, structural changes in logistics and industrial sectors and a post-COVID recovery in some segments.
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Macromonitor has just published a new edition of its major report, Australian Construction Outlook - Non-Residential Building. This report contains detailed forecasts and project lists for all non-residential building segments (retail, transport, offices, other commercial, factories, warehouses, agriculture & aquaculture, other industrial, education, aged care, health, entertainment & recreation, accommodation, religion and other) - in each state and territory.
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Work done is expected to be fairly stable over the next two years, edging down very slightly, but staying high, above $55bn per year to 2025/26. A downturn in private sector work, driven by high interest rates and slower economic growth, will be offset by a large rise in government work, largely focused on hospitals.
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We then forecast a renewed upturn through to a new peak in 2027/28, driven by continued investment in health, and by entertainment and recreation projects in Queensland relating to the Brisbane Olympics in 2032. Importantly, we expect a rebound in private sector building investment from 2026/27, to coincide with the start of an easing in government work as governments face increasing budgetary pressures.
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If your organisation requires help with construction cost escalation forecasting, or construction activity forecasts, please get in touch at info@macromonitor.com.au.
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Our most recent reports:
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Australian Construction Cost Trends
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This report examines the outlook for construction costs, in detail be sector and type of input.
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Australian Construction Projects Database
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This latest list of projects corresponds with our fully revised set of forecasts published in November 2023.
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Australian Regional Construction Outlook
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Our latest regional forecasts for residential building and construction have just been released.
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Australian Construction Materials Forecasts
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Our latest forecasts assess the implications for construction materials demand of the current outlook for building and construction.
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Australian Road and Bridge Works
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This report examines the strength and composition of the current upturn, and determines the likely timing of the peak, and subsequent decline.
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