The latest building activity data from ABS shows that 2018 is shaping up to be the best year in a decade for commercial construction.
According to the data, 2017 ended strongly with building and construction contributing more than $28 billion to the national economy.
The value of work for new residential construction fell by 5.4 percent in the last quarter of 2017, suggesting a moderate year for new residential construction in 2018. However, this fall was offset by a surge in the non-residential sector which saw new commercial construction activity grow by 14.8 percent in the same quarter.
“This very positive result for non-residential construction supports [the] outlook for a boom in non-residential building activity for the next 12 months,” says Denita Wawn, CEO of Master Builders Australia.
“2018 is shaping up to be the best year for commercial builders in more than a decade. Total construction activity is expected to contribute $42 billion to the economy in 2017-18, with the sector expected to grow by 14.6 percent.
“The timing couldn’t be better with the expected moderation in the value of residential construction work and another year of consolidation in the engineering sector. Better yet, the new commercial construction projects driving the upswing create new jobs and opportunities for workers whose work on major high density residential projects may be finishing over the next 12 months or so.”