A recent survey by Master Builders Australia (MBA) indicates the recovery of the commercial construction sector back to the highest level since the Global Financial Crisis (GFC).
According to Master Builders Chief Economist Peter Jones, the National Survey of Building and Construction shows commercial building has moved into positive territory for the first time in five years since the GFC.
Observing that the survey showed improvement in the current business conditions of commercial builders for the second consecutive quarter, he said the index measuring expectations of future activity also rose sharply. A major driver for the recovery is increased confidence in the prospects for commercial construction with the evolving upturn in residential building.
MBA’s latest national survey of the building and construction industry shows the transition to non-mining related investment in the economy is gaining traction; however, the recovery in building activity needs to broaden across all states and territories for the industry to sustainably underpin increased GDP and jobs growth.