BUILDING & CONSTRUCTION
The Building and Construction Industry is a significant growth industry. It was recently valued at $36.6 billion and made a profit of $2.1 billion in the last financial year. It has shown consistent growth over the last 10 years and is predicted to continue to gradually increase in value until 2023. Queensland is home to 19.7% of all enterprises in this sector, following behind New South Wales (31.8%) and Victoria (28.4%).
While the demand for industrial building construction has declined in recent years, there has been a strong demand for commercial building construction. Current projects are primarily major hotel developments and transport terminals, and over the next five years revenue is expected to grow 4.1% to reach a value of $39.6 billion by 2023.
The main forms of predicted future projects include the construction of transport buildings and retail stores, as well as prime office developments in major cities. Solid trends in stable economic growth and labour force size are predicted to stimulate demand for new office construction, while an increasing household consumption expenditure means a larger demand for the redevelopment and upgrade of shopping centres. In relation to industrial construction, the main forms of expansion will include railway stations and bus depots, meaning there is ample opportunity to enter the market now and take part in the large projects that are to come.