The Australian construction industry is seeing activity lift across many states with Tasmania in the lead, tailed closely by Victoria, the Northern Territory, and NSW.
Australian Construction Insights released the results in its most recent Construction Monitor Report. Various measures of construction activity were compared to long-run averages to rank the economic performance of all states and construction sectors across the country.
The results show that Tasmania has recovered well after experiencing many years of lack-lustre construction activity. A recent upsurge in projects has catapulted the state into the lead, enjoying the most robust construction activity out of all others.
Tasmania is especially doing well when it comes to its commercial and civil building sector. The results show it is outperforming the rest in construction activity corresponding to long-term trends when it comes to:
This swell in activity has been aided by a healthy supply of projects including:
Australian Construction Insights economist, Geordan Murray believes the report points out growth areas.
“There is a strong pipeline of work evident for the aged care sector and also for religion buildings, while the short term outlook is reasonably healthy for the sectors of agricultural and aquaculture buildings, health, entertainment and recreation, and short term accommodation,” he said.
Hot on Tasmania’s heels is Victoria which is performing strongest in the areas of:
Next up comes the Northern Territory, this state is seeing very high levels of activity in:
Australian Construction Insights results are given more weight due to a recent National Australia Bank [NAB] report which also concludes Tasmania’s economic activity is back on its feet and going strong.
“The [NAB] report highlights that in key areas like jobs, business confidence and the building and construction sector, Tasmania is finally heading in the right direction,” pointed out Tasmanian Liberal Treasurer Peter Gutwein.