Forecast: Construction Services Value Added in Australia

The value of construction services in Australia experienced fluctuations from 2013 to 2023, marked by notable increases in 2015, 2016, and 2022. The sector's value in 2023 stood at 80.57 billion AUD. While the industry saw a decline in 2020 due to the pandemic, it quickly rebounded with an 8.73% increase in 2022, before a slight dip of 2.5% in 2023. The CAGR over the past five years was 2.19%, indicating steady albeit modest growth.

The forecast for the coming years suggests a continued positive trend, albeit with slower growth. The market is expected to reach 90.48 billion AUD by 2028, with a forecasted CAGR of 1.84% over the next five years.

Future trends to watch for include:

• Technology Integration: Increased use of AI, machine learning, and automation in construction processes.
• Sustainability: Growing demand for green buildings and eco-friendly construction practices.
• Infrastructure Projects: Government initiatives and investments in large-scale infrastructure projects to boost economic growth.
• Skilled Labor Shortage: Addressing workforce challenges through training and upskilling programs.